A credit score is a three-digit score between 300 and 850 that summarizes a consumers creditworthiness based on their credit history. The scores are typically used by potential lenders to determine a consumer’s creditworthiness. The score is calculated based on several factors including a consumer’s number of open accounts, total levels of debt, repayment history. Depending on the company analyzing one’s credit, each factor may carry a different weight when determining the score.

Typically, credit scores from 580 to 669 are considered fair, 670 to 739 are considered good, 740 to 799 are considered very good, and 800 and up are considered excellent, though the ranges can vary depending on the credit scoring model being used.

There are three credit reporting bureaus in the United States, Equifax, Experian, and TransUnion and you can access your credit report by visiting AnnualCreditReport.com.

There is also a different type of credit score called a FICO® score. FICO refers to Fair, Isaac and Company. FICO uses a slightly different scoring model, but it is still based on a scale from 300 to 850.

Maintaining a high credit score is important because it can impact your ability to get a loan in the future. You may need a loan for things like a new car, boat, motorcycle, RV, house, home equity loan or line of credit or even a personal loan (like for college tuition). Credit scores can also be influential for landlords when deciding who they will rent their apartments out to. The higher the credit score you have, the more you are considered trustworthy when it comes to paying the money you owe. Higher credit scores are more appealing to lenders and they’re more likely to trust you with a higher loan amount. If you have a higher credit score, you may also be eligible for lower rates, which can save you a lot of money in the long run.

There are several ways to build your credit score

• Pay your bills on time. This is one of the most important parts of maintain your credit score. Lenders want to know that you are reliable, and therefore a late payment can hurt your score.
• Only use about 30% of your credit card’s limit. If you use too much of your available credit, it can impact your score.
• Use your credit accounts and cards regularly. Inactivity with a credit account also looks bad to lenders. A key part of building credit is regularly using and paying off your credit.
• Pay your balance off in full every month. If you can afford to, it is best to pay your bill in its entirety every month. Carrying a balance can hurt your score, especially if it’s a large balance.
• Avoid closing accounts. Closing accounts can also hurt your score, because any good credit you have built up with a certain account will be removed with a closed account.

If you’re interested in trying to improve your credit score, here are a few things you can do:

• Put your accounts on auto pay so you never miss a payment deadline. With many bills, this can be done through Bill Pay in Online or Mobile Banking.
• Set due dates for non-automated bills so you never forget to send in a payment.
• Limit your requests for new credit streams. It may be tempting to chase good credit card offers, but if you frequently open new accounts, it can adversely affect your credit score.
• Check your credit report for errors. Make sure to carefully review your credit reports to ensure all of the information is accurate. If you see any incorrect information, you can dispute it by contacting the credit reporting agency who generated the report and your credit lender.
• Use a credit monitoring service. Credit monitoring can help you track how your credit score changes over time. They can tell you things like when an account is paid off, monitor for changes in your report, or alert you when a new account has been opened. This is especially helpful when trying to prevent identity theft because you will be notified right away if someone tries to open an account in your name.
• If you are unable to pay your bills, contact your lenders to discuss your options. You may be able to negotiate a lower rate or defer your payment. Speaking up early about the situation is always better than missing a payment.

Building credit or fixing a bad credit score can take time. It is important to be patient and try a few different tactics to improve your score over time. With a few changes, it should be easy to get your score to where you want it to be.

When springtime arrives, there is a shift in the air that makes people eager to spruce up their surroundings. With warmer temperatures, many open their windows and begin swapping out the old winter air in their home for a new spring breeze. Weekends are spent deep cleaning and refreshing one’s home in order to welcome the new season. Whether you eagerly await spring cleaning, or you tolerate it as a necessary evil, we want to encourage you to add one more area to your list – your finances!

That’s right – many people don’t think of their financials as an area that needs “cleaning” but with the following tips, you’ll be glad you spent some time and elbow grease to set yourself up for financial success all year long.

Refresh your budget

Whether you are a seasoned budget pro, or you’ve never used one before, now is a good time to take a look at the one you have or create one for the first time. Take a look at what you make and what you spend, save and give. Try using a budgeting app, or worksheet to track and review your monthly money management. After a month of tracking, make adjustments where necessary.

 Set up bill-pay

Pay recurring or one-time bills securely through Bill Pay with Online and Mobile Banking. Bill Pay saves you time, envelopes and stamps, plus it helps you pay on time.

Make a plan to pay off debt

If you are in pursuit of a debt free life, take a look at your budget to see where you can adjust your money flow to go towards debt repayment. There are several strategies you can use. Some prefer to put money toward the smallest debt first regardless of interest rate and some prefer to focus on the debt with the highest interest rate no matter how high it is. Either way, make sure to continue to pay all the minimum payments on all of your outstanding debt, and put any extra cash into the debt you’re trying to pay off.

 Review insurance policies

It’s a good practice to review your insurance policies to see if you need more or less coverage as your life and goals change. Contact your insurance providers and ask if it’s possible to get a lower rate on auto, life, or home insurance. Ask if there are any ways to lower your bill. Sometimes paying the whole sum upfront, or contributing to a certain charity will get them to knock off a percentage off your fee.

 Sign up for eStatements (and shred old financial documents)

If you don’t already use eStatements, now is a great time to start! eStatements help you stay organized while protecting your privacy. You can access your statements in Online Banking any time. Clear clutter this spring by shredding your old financial documents. Plus, in the future you’ll use less paper!

Check your credit report

Pull your credit report for free at www.annualcreditreport.com or by contacting one of the three major credit bureaus, Equifax, Experian, and TransUnion. Review the report to see if there is any suspicious activity. If you notice anything out of the ordinary, report it to the credit bureaus right away.

 Pick a smart destination for your tax refund

Taxes are due in the spring and many people enjoy the benefit of receiving a refund. Rather than look at the extra cash as a bonus to spend right away, consider where it could have the most impact. For example, use it to pay off debt, or toward building an emergency fund.

 High-rate savings accounts

Utilizing a high-rate savings account can help you earn more in interest on your cash, while still making sure it is accessible when you need it. At Guaranty Bank, we offer money market accounts, and the Guaranty Prime Account to help you earn a higher interest rate on your cash.

 Evaluate your big savings goals

You may be saving money for a big goal, like retirement, a down payment on a house, or a college education. If you have already started saving for these goals, take a peek at them to see how you’re doing. Are you on track to meet your goals? Is there anything you could do to save more to reach your goal faster?

 Review your will

Last but not least, now may be a good time (or as good as any) to take a look at your will. It’s never a fun thing to do, but it’s important to figure out how your assets will be allocated when you pass on. Evaluate anything that may have changed and make adjustments accordingly. If you don’t already have a will, now may be a good time to set one up.

Spring cleaning is a chore, but it always makes you feel better after it’s done. We hope a financial deep clean will help put you on the path to financial success for the rest of the year.

Guaranty Bank has been locally owned and operated since 1943. Our mission has always been to deliver top-notch service and the best in banking products to our customers and local communities. Over the years, we have grown to offer a comprehensive range of products and services to serve neighbors, businesses and organizations in Tennessee and Mississippi.

As a local financial institution, we strive to help local charities and organizations who work to serve the communities where we work and live. We offer support both through financial compensation and through the involvement of our employees.

Our values: Integrity. Honesty. Commitment. Equality.

We have a set of core values that drive everything we do. From day-to-day banking activities, all the way up to the way our leadership team makes decisions for the future, we work hard to make sure our values are baked into everything we do.

Always do what we say – We strive to be a trusted partner for neighbors, businesses and organizations. Our word is our promise. If we make a commitment, we do everything in our power to see it through.

Exceed expectations – We strive to deliver our best and then some. As people who live and work in the same communities that we serve, we want to go above and beyond for our neighbors.

Commit to community development – We are uniquely positioned to serve the communities we’re in. We will always do everything in our power to assist where we can both by giving money, but also by volunteering and partnering with local organizations.

Express gratitude to our customers – We are genuinely grateful for the chance to serve our customers, that’s why we practice gratitude every time we have the opportunity to help a neighbor or move a project forward.

Strive for strong communications – Good communication helps us work smarter and reach our goals faster. We strive to offer open and honest lines of communication for both our employees and our customers so we can work toward our common goals together.

Financial Education

One of the first steps toward financial success is financial education. We believe there is no shame in not knowing where to begin with managing your money. We’re here to help you get started. We offer a Financial Boot Camp to anyone who is interested in learning more about the following financial elements:

•   How to increase your credit score
•   Learn how to budget
•   Start saving
•   Start investing
•   Prepare for home ownership
•   Open and manage a small business
•   Other wealth building opportunities

Each course is a five (5) week standardized curriculum program to help you get your finances on track, reduce your debt, start saving, learn how to establish or re-establish credit, learn strategies to help you change behaviors that hinder you from achieving your goals, identify financial tools, and community resources.

There’s no shame in not knowing how to manage your money. We can help you with the fundamentals and members of our team are always standing by to help you navigate financial decisions.

Additional advantages to banking locally

Affordable financing

When it comes to financing a car, a house, or even a small business, members of our team are prepared to assist you quickly with local decision making so you can access the funds you need in a timely manner. We are committed to offering competitive rates, and terms that work for you and your needs.

 Services

Customers at Guaranty Bank are able to access convenient services that help you save time and money such as Online and Mobile Banking, eStatements, a network of local ATMs, a debit card, SecurLOCK Equip, Zelle, and more.

 Checking

We offer several different types of checking accounts to suit your unique needs. We have accounts for students who are learning to manage their money independently, accounts that earn interest, and accounts that come with additional benefits like ID theft protection and cell phone insurance. All of our accounts come with free access to Online and Mobile banking.

 Savings

Whether your savings goals are short term, like for a vacation or a car, or long term like for a college education or retirement, we have accounts that will help your money grow securely.

Giving Back

Every year we give back to our communities through giving money, sponsoring events, encouraging our employees to volunteer at local events and with local organizations, and by offering financial education to members of our community.

We know you have a lot of choices when it comes to selecting a banking partner. We hope you see the value of choosing a local bank who knows the area where you work and live as well as you do and invests in local businesses, organizations and people. We look forward to partnering with you to help you reach your financial goals.

BELZONI –Guaranty Bank & Trust Company President Hue Townsend, today announced four bank employees have earned promotions. Carew Ferguson has been named Vice President and Relationship Banker while John L. Graeber, IV has been promoted to Assistant Vice President/Commercial Lender; Kristy Hood is now an Assistant Vice President/Credit Specialist and Sherry Watts named Assistant Vice President/BSA Specialist.

Ferguson serves in the bank’s Memphis Clark Tower Office. He worked as a Credit Analyst at First Alliance Bank prior to its acquisition by Guaranty Bank, and then became AVP/Relationship Banker.  He is a graduate of Mississippi State University where he earned two bachelor’s degrees as well as his master’s degree in Business Administration. He and his wife, Chandler, are members of Redeemer Presbyterian Church.

Graeber also works in the Memphis Office where he has served as Branch Manager of the Clark Tower location.  He joined Guaranty Bank in June 2016 in the Management Trainee program and worked as a Personal Banker in Southaven from June 2017 through December 2019. He is a graduate of the University of Mississippi and is currently enrolled as a second-year student at the Mississippi School of Banking conducted at Ole Miss.  He counts among his interests playing golf, hunting, and following Ole Miss athletic teams.

Mrs. Hood is a graduate of Corinth High School and attended Southwestern Illinois College. She joined Guaranty Bank in 2012 and has been in numerous positions throughout the bank. She is located in the bank’s Central Credit Administration Office in Belzoni.

Mrs. Hood and her husband, Matthew, have a son and daughter, Grayson and Krislyn, and are members of First Presbyterian Church. In her free time, she enjoys redecorating and restoring furniture, cooking, and spending time with her family. In past years, she has helped foster animals with the Belzoni Animal Rescue Kennel.

As a BSA Specialist, Mrs. Watts works out of the Batesville office.  She served the bank as Head Teller at its Hernando location from 2008 until 2017 and has more than 23 years of banking experience. A native of Lepanto, Arkansas, she is a 1992 graduate of East Poinsett County High School.  Mrs. Watts is also involved with the local animal shelter as a volunteer and enjoys spending time with her family, her dogs, reading, baking and crappie fishing. She is married to Jeff Watts.

“It is always a pleasure to recognize the outstanding work of employees by way of promotions,” Townsend said. “I am pleased to announce these promotions to four dedicated employees knowing our customers will benefit from their continued exceptional work.”

Press Contact:
Diedre Barret
Chief Retail Officer
Guaranty Bank & Trust Company
Office: 662.247.5134
dbarret@gbtonline.com

Customer service is important to us, and that’s why we are excited to offer a socially distanced solution for your banking needs. Interactive Teller Machines or ITMs are a contactless way to do your banking with a live teller through video chat. The ITMs have all of the functions of an ATM, with the added benefit of getting your questions answered by a real person in real time.

To use an ITM, simply pull up in the drive through lane.  The ITM Live Teller hours are currently 8:00 a.m. – 5:00 p.m., but when the live portion is not in use, you can simply use the machine as an ATM 24 hours a day.  We currently have ITMs in Southaven and Greenwood but will be expanding this service to other locations in 2021.

To get started, simply touch the screen to talk to a live teller. The machine also has an accessible text function for those who are hearing impaired, or to provide additional privacy.

With the ITMs, you can still do all of the same banking functions that you could with a teller inside the bank, like manage your bank account, deposit or withdraw money, request a balance inquiry, get a new debit card, or ask about account information.

Using an ITM is just as safe as going to a teller in the lobby. Simply exercise the same level of caution you would when using an ATM, like being aware of your surroundings, and making sure to grab your card, cash or receipt at the end of a transaction.

ITMs can also handle business deposits and other transactions.

We hope you enjoy the new technology.

STARKVILLE – Guaranty Bank & Trust Company CEO and President, Hue Townsend, today announced that John Harmon and Denise Mabry have joined the professional staff at the bank’s new Calhoun County Loan Production Office (LPO). The branch is applying for full-service status in the near future.

Harmon will serve as Vice President and Commercial Banker. He has more than 37 years of banking experience. A native of Vardaman, he is a graduate of Calhoun Academy and earned his bachelor’s degree from the University of Mississippi. He has also completed studies at the Mississippi School of Banking, held at Ole Miss.

Harmon is a member of the Calhoun City Rotary Club, having served as President, and is a current member of the Board of Directors. He is also on the Board of the Calhoun County Chapter of the National Wild Turkey Federation. He counts among his hobbies hunting, fishing, and golf.
Harmon is married to the former Amy Howard and they have two sons: Jonathan and Hunter (wife, Anna Grace). The Harmons are active members of the Midway Baptist Church in Vardaman.

Ms. Mabry will serve as Assistant Vice President and Relationship Banker. She joins the team with 36 years of banking experience. She is a 1976 graduate of Grenada High School and began her banking career at Grenada Bank. Ms. Mabry volunteers for the St. Nicholas Treasure Chest and has been married to her husband, Ricky, for 44 years. They have two daughters: Leigh Ann Beck and Crystal Flautt. Leigh Ann and her husband Adam have one daughter, Carley while Crystal and husband, Andrew have four children: Allyn, Adison, Richard, and Alex. The Mabry’s are members of Lighthouse Church of God.

“I am pleased to welcome John and Denise to the Guaranty Bank family,” Townsend said. “As we move forward in Calhoun County, we are doing so with experienced, local bankers who will serve our customers well.”

Press Contact:
Diedre Barret
Chief Retail Officer
Guaranty Bank & Trust Company
Office: 662.247.5134
dbarret@gbtonline.com

STARKVILLE – Guaranty Bank & Trust Company CEO and President, Hue Townsend, today announced that John C. (Jay) Willis and Crystal Collier have both joined the bank and will serve in its new Starkville Loan Production Office (LPO). The branch is applying for full-service status in the near future. Willis will serve as Vice President and Branch Manager while Ms. Collier will be an Assistant Vice President and Relationship Banker.

Willis brings more than 25 years of banking experience, the last 18 of which were with Regions Bank as Branch Manager in Starkville, Kosciusko, and Louisville. A native of Hollandale, he is a graduate of Washington School in Greenville and earned his Bachelor of Business Administration in Finance from Mississippi State University.

Willis is a member of the Starkville Rotary Club and a past President of the Louisville Rotary Club, past President of Louisville Country Club, past Board member of Winston Academy and the Winston/Louisville Chamber of Commerce. He is also a Deacon at Poplar Flat Baptist Church in Louisville.  He and his wife, the former Natalie McClure of Louisville, have two sons: Collin and Evan. He enjoys golf and hunting in his free time.

Ms. Collier is a native of Fredericktown, Missouri, where she graduated from Fredericktown High School.  She has three children: Alexis, Adler, and Keegan, and she enjoys MSU football during the season.

“As we grow our presence in and around Starkville, I am pleased that Jay and Crystal will be at the helm of our branch there,” Townsend said. “Our customers will be well-served by their experience and commitment to our brand of banking.”

Press Contact:
Diedre Barret
Chief Retail Officer
Guaranty Bank & Trust Company
Office: 662.247.5134
dbarret@gbtonline.com

It is time to gather all of your important tax documents and information and file your taxes with the Internal Revenue Service (IRS). In addition to gathering your tax details from your employer, your health insurance, etc. you should also consider any tax deductions you may qualify for.

2020 was an unprecedented year for many reasons, so it is important to start thinking about any changes that may have occurred that will affect your taxes. Changes may include a change in employment status, change in housing or childcare, and more.

Here are a few key things to know about the current tax season:

• Taxes are due on Thursday, April 15, 2021.
• The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly.
• Income tax brackets increased in 2020 to account for inflation.

When preparing to file your taxes, you should consider any credits or deductions you might qualify for. Deductions and credits help keep money in your pocket. A few deductions to consider are:

Charitable Deductions
The CARES Act allows you to deduct up to 100% of your adjusted gross income (AGI), which is your total income minus other deductions you have already taken. The CARES Act also allows a new deduction for people who take the standard deduction that allows you to write off up to $300 of charitable contributions that were made in cash.

Medical Deductions
If you or someone in your family had any medical issue, or spent time in the hospital this year, you may qualify for a medical deduction. You can deduct medical expenses above 7.5% of your adjusted gross income, which is your total income minus other deductions you may have already taken. In order to receive these deductions, you will have to itemize your deductions.

Business Deductions
People who are self-employed can claim several deductions on their tax return including travel expenses, a home office, and more. Unfortunately however, people who have been working remotely for an outside company will not qualify for the home office deduction.

Earned Income Tax Credits
An earned income tax credit helps low- and -middle-income families. You may qualify depending on your income, your filing status and how many children you have.

Child Tax Credit
Families can claim up to $2,000 per qualified child, however there are income limits.

COVID-19 and Taxes
The stimulus checks you received as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act will not count as taxable income.

Paycheck Protection Program (PPP) Loans
Small business owners who received a loan as part of the Paycheck Protection Program (PPP) will be able to deduct eligible expenses paid with the money from the PPP loan. Eligible business expenses include payroll, rent or interest on mortgage payments, utilities and more.

Unemployment Benefits
As COVID-19 swept the country, many Americans were left unemployed as many businesses downsized or shut down all together. People who received unemployment benefits will have to pay income taxes on that money.

Educational Expenses: 529 Plans and ESAs
If you received a refund from your financial institution on money from an Educational Savings Account (ESA) because of a change to the academic year (like remote learning) you have 60 days to put the money back in the account or use it to cover other educational expenses. If you don’t, there could be a withdrawal penalty and you may need to pay income taxes on it.

Retirement Plans: 401(k)s, IRAs and More
Retirement plans also experienced some changes due to the CARES Act. For example, it allowed people under the age of 59.5 to take up to $100,000 out of their 401(k)s and IRAs until the end of 2020. If you took money out, it will be taxed as ordinary income.

If you have a traditional IRA, it is required that you take money out of your account once you reach a certain age. The withdrawals are called required minimum distributions (RMDs). The SECURE act pushed back the age for RMDs from traditional IRAs from 70.5 to 72. The CARES Act allows seniors to skip RMDs altogether in 2020 with no penalty.

The SECURE Act also allows people with traditional IRAs to continue contributing money to their accounts beyond the age of 70.5 starting in 2020.

For more information on tax preparation, contact a tax advisor.

STARKVILLE –Guaranty Bank & Trust Company CEO and President Hue Townsend today announced that veteran banker Sammy Slaughter has been named Northeast Mississippi President and will serve in the Starkville Office currently a Loan Production Office pending approval to expand into a full-service branch.

Slaughter brings to Guaranty Bank more than 37 years of banking experience. A lifelong resident of Starkville, he is a 1978 graduate of Starkville Academy. In 1983, he completed studies at Mississippi State University, earning his bachelor’s degree in Business Administration and a BPA in Accounting. He has since completed several consumer and commercial courses and has experience in audit, loan review, consumer, and commercial lending.

Slaughter is active in a host of civic organizations and endeavors. He has served on the boards of Junior Achievement, the Greater Starkville Development Partnership, the Oktibbeha Educational Foundation, United Way, Starkville County Club, Ducks Unlimited, Mississippi Young Bankers and Leadership Mississippi. He currently serves as Treasurer for the Catch A Dream Foundation.

Slaughter and his wife, Beverly, reside in Starkville and have three sons: Sam (Dallas, Texas), Zach (Starkville, Mississippi; and wife Tiffany, expecting their first child) and Blake (Memphis, Tennessee).  In his free time, Slaughter enjoys playing golf, hunting, and attending MSU sporting events.

“We are fortunate to have Sammy Slaughter join the Guaranty Bank family,”

Townsend said. “As we continue our growth in the Starkville and Calhoun County markets, it’s important that we are represented by professionals who are well-acquainted with and dedicated to these communities.”

Press Contact:
Diedre Barret
Chief Retail Officer
Guaranty Bank & Trust Company
Office:  662.247.5134
dbarret@gbtonline.com

Act now to increase your tax breaks we approach the end of 2020.
Tax season is right around the corner.  It is the perfect time to re-evaluate your finances for 2020 and see what tax breaks you can still take advantage of.  There are quite few ways to save on taxes and we have listed a few that you might be able to take advantage of before the end of the year.

Retirement Accounts
Contributing to a tax deferred retirement plan is a great way to lower your taxable income.  There are several plans that you can contribute to that fall in this category.

• 401(k)
• 403(b)
• Deductible IRA
• SIMPLE IRA
• SEP

For 2020 you can make contributions to 401(k)s and 403(b)s until December 31. IRAs and some other plans will allow contributions until April 16, 2021.

Flexible Spending
If you don’t use all of the money in your flexible spending account, you will lose it.  Here are some ideas on what you can use the remainder of your funds on, if you still have money available.

• New prescription glasses or contact lenses
• Hearing Aids
• Medications for 2021
• Yearly appointments (if done by December 31)

Check with your plan administrator for a complete list approved expenses for this plan.  Some plans also allow you an extra 2-1/2 months after the end of the year to use the money from the previous year.

Charitable Contributions
The Tax Cuts and Jobs Act of 2017 close to doubled the standard deduction to $12,400 for single taxpayers and $24,800 for married couples filing jointly.  This act also capped state and location deductions at $10,000 and eliminated miscellaneous deductions.

This can make it challenging to itemize deductions unless one had a notable amount of charitable donations.  Bunching two years of contributions into a single year is an option that would allow someone to declare an itemized deduction every other year.  If you think you are close to being able to itemize deductions for the year, donate to a charity by December 31.  Do not forget to get a receipt.

Capital Losses
You can deduct up to $3,000 on federal taxes if you have sold stocks at a loss during the year. This can either be applied to regular income tax or be used to negate other stocks.

Be aware of the wash-sale rule, which could exclude you from receiving the deduction.  This rule does not allow the investor to take the deduction if they purchase the same or similar stock within 30 days (before or after the sale date) of the stock that they sold at a loss.

There is still plenty of time to take advantage of tax savings for 2020.  Whether it be starting a new IRA, contributing more to your 401(k), using up the funds in your Flexible Spending Account or selling some stocks at a loss.  Just make a plan and follow through.  Contact your tax advisor if you have questions on what might be right for you.