When deciding on how to fund a home improvement project, pay for higher education, purchase a car or start your own business, there are many financing options available.  There are financing types specific to the spend, as well as general short term options such as a credit card or personal loan.  Regardless of the reason, a home equity line of credit could be a viable financing option that provides additional long term benefits.

Here are a few things to consider:

Rates are better than other forms of finance – When looking at financing options, the natural train of thought is to get a loan for the specific product you are going to purchase.  For instance, if you are looking to finance education you would look for student loans, or if you were looking to purchase a car you might try and secure a conventional auto loan.  While these forms of financing are available, if you have equity in your house you will probably be able to get a lower rate for that loan.  In cases of short term financing most people will turn to their credit card for immediate financing for smaller amounts of money.  An example would be for a home improvement project, which may be as simple as new carpet and paint or as complex as a new addition.   In either case, the interest rate on the credit card over the course of 6 months to a year would significantly increase the cost of the project.

Best option for emergencies-  Sound financial planning suggests that you should plan for the unexpected.   Life insurance and disability insurance is a safety net for you and your family should anything unexpected happen.  A home equity line of credit is another safety net when emergency funds are necessary.  Typically, the line of credit is larger than you can get with a credit card and the interest rate and payback is much more forgiving.  Just because the line is open, it does not have to be used, but can simply be used as a safety net when life happens.

Accrued interest is typically tax deductible – Typically, credit card interest, auto, personal, or store lines of credit are considered a personal interest expense and are not tax deductible.  This means that any additional cost incurred through interest will be out of pocket and considered part of the overall cost of the project.  When using a home equity line of credit, the interest that you pay as part of the loan is tax deductible.  This will help to reduce your overall taxable income and could result in long term savings on the overall cost of the project.

If you are interested in learning more about how a home equity line of credit could work for you please click here or call us at 662·247·1454

Things you can do to protect your bank card from being compromised.

Thieves have improved their skills over time and have quickly learned that we all like the easy access of our bank cards.  They’ve also figured out that most of us are so busy in our lives that we don’t pay attention to the areas around us.

When you use your bank card at a gas station pump or movie kiosk, make sure to look at the machine and trust your instincts.  If it doesn’t feel right, stop, look and pay attention.  Here are some things to look for on the card slot to ensure your card information remains confidential.

Skimming machines are typically put on gas pumps that are far away from the store or in a location that isn’t really well lit (also, a movie kiosk in the parking lot).

• Inspect the machine—if the machine looks different from the previous time you used it, has additional signs of tape or scratches, it may have been compromised.  Choose a different machine!
• Give the card reader a good pull or shake.  Typically, skimming devices are only glued or taped on.
• Always choose the credit card option when using your card.  Then you won’t need to worry about anyone seeing or getting access to your PIN number.
• If you are dining in a restaurant, pay at the cash register or watch the employee run your card.  Employees in restaurants can easily swipe your card thru a skimming machine as they are running your card.
• If you didn’t see the restaurant employee run your card, take the time to monitor or reconcile your bank account the following day.  Make sure the transactions make sense and that you know exactly what is happening with your account.
• Ask your bank to limit the access of your bank card.  If you are usually within the state, limit your transaction access.  Just remember to ask them to expand the usage area if you are going to leave that area.
• If you don’t typically make large transactions, set a reasonable limit amount on your card.  Then if someone tries to charge a larger amount, you’ll be notified.

Here’s what Guaranty Bank is doing to help you!

If we suspect any unusual activity associated with your debit card, we will provide you a real-time, two-way SMS text for quicker fraud identification and prevention.  If we do not receive a response from you by SMS text within 30 minutes, you will receive an interactive voice phone call.  We will call your cell phone number first then your home number.  An email notification will be our last attempt to reach you before we block your debit card.  Please respond to one of these communications to verify the transaction.

Add our Fraud Department as a contact in your phone:  SMS text is 32874.

Here’s an example of what our communication would say:

• Guaranty Bank Fraud Department: Suspicious action on account 1111: $201.99 WALMART.  If authorized reply YES, otherwise reply NO.  To opt out reply STOP.
• If you reply YES, the case will be closed as not fraud and you will receive the following message:
  • Guaranty Bank Fraud Department: Thank you for confirming this activity.  Your account is safe for continued use.
• If you reply NO, an automated call system will generate a call to you and you will receive the following message:
  • Guaranty Bank Fraud Department: Thank you.  We will call you or you can call us anytime at 800-369-4887.

It is important that we have current phone numbers for you.  If you have a new cell or home number or new email address, please take a minute and give us a call to verify that we have your most up-to-date information.  It is for your protection that we contact you as soon as possible if we suspect anything unusual on your account.

Visit our Fraud Alert Management Service if you have questions.

As a small business owner, there are many issues that hit your radar screen on a daily basis.  Some of these issues can be easily solved with systems or technology that is at your fingertips.  Every day there are opportunities for your business to become more efficient or perhaps give you more insight into your business.  Here are a few services that could be available from your business bank and how they could help your business.

Remote deposit capture – a system that allows a business to scan checks from your place of business and transmit them to the bank via an encrypted and secure channel.

Account alerts – The ability for a business owner or bookkeeper to set up automatic notifications within the account.  An example would be an alert when the balance gets below a certain point.

Payroll services – A system that allows a business owner to set up direct deposit and payroll directly out of their business account.  This process saves time and money versus issuing paper checks.

View check images and deposit slips – The ability for someone at the business to view any check or deposit that has come to the bank through that account.  This can be beneficial for businesses that have a high transaction volume and make any deposits.

Multiple user platform – A system setting that allows a business owner to set different permissions for different users.  An example is a setting that allows someone to view certain financials but cannot transact.  Another setting could allow a certain user to pay bills electronically with certain limits.

Credit card processing – A system that will process credit card transactions for your business.

Account integration to accounting software – Many small businesses use software products such as Quicken or Quickbooks to assist with accounting.  Integration systems allow a business owner to link the information from their business bank account directly into their accounting software.  This cuts down on human error from typos and omissions.

Local decision making – The ability for your business banker to make decisions around your account.  For instance, if you are looking to purchase a new piece of land that would require a loan, the bank would have to decide on that loan.  Local decision making would mean that your banker could gain answers from people within the local market.

If you would like more information on business banking from Guaranty Bank call your local branch or click here for more information.

Your business started with an idea.  Perhaps you were sitting at your desk thinking of a more efficient way to work or you were on a long drive planning out your dream.  Once the idea is put to paper, a plan is born and from that plan you are starting to get closer to the day when your idea becomes a business.  As the business starts to take shape, there are many questions that will arise that were not thought about on the idea or planning phase.  A common question that will arise, regardless of the size of your business, is where will you find a banking partner.  Here are a few things to consider when choosing a bank for your business relationship.

Know your needs – As you are looking at the business plan, look for opportunities to make it work more efficiently with banking products.  For instance, do you need real-time account information, direct deposit for payroll, integrating your accounting software, wire transfers, or remote deposit.  As the business starts to get rolling, your time becomes precious and working with a banking partner that can offer services to automate processes are vital.

Can your banker make a decision?  At some point in every entrepreneur’s career you will have a need that a bank will help you solve.  Perhaps you need a loan for a piece of equipment or to expand the business.  When these needs arise, it is important to work with a partner that is able to make a decision.  In many cases, it is important that your banker be local, understand your market and your business.  Something that may not make immediate sense on paper can perhaps make sense with local knowledge of a market.  Not only is it important that your banker know and understand your business and your market, but that they have the ability to make a decision.  In most cases, it is important that your banker have a relationship with their manager, or perhaps the President or owner of the bank so that they can discuss needs you may have.  If the CEO of the bank is willing to get to know you and your business through your local banker that is even better!

Think now and later – In most cases an entrepreneur does not take the leap to start their own business to keep it as a hobby.  Most are looking to grow their businesses to provide for their families and perhaps generations to come.  It is important to find a bank that will be able to grow with you.  When you start to search for your banking partner, it’s important that they can meet your immediate needs, but also can support you into the future.  Can they handle things such as payroll or are they able to collect your deposits on site or can they help to finance your new office building?  When you sit down to discuss your business and needs with your banker talk about what the first year may look like, but also what your new business could look like in three years.

If you would like more information on business banking from Guaranty Bank, call your local branch or click here for more information.

Guaranty Bank & Trust Company is pleased to announce Year 2 of its Small Business Development Program.  GB&T SEED (Simply Effective Entrepreneur Development) Loan program is designed for new or start-up businesses, including those that have been in operations for less than one year.

We will begin by conducting a business development class starting Thursday, September 22, at the North Delta Planning and Development District, 220 Power Dr., Batesville MS.  Registration will begin at 5:30 and will also be available during the second week of classes.  During our first year, 95% of the participants completed the six week course.  This year the Mississippi Development Authority will take an active role in the class development and course work.

The classes will run for six weeks, one night per week, for approximately 2.5 hours.  Topics taught will include:

• Business Description
• Marketing Plan
• Product/Operations Plan
• Management Plan
• Financial Plan

The class is open to any startup business that have been officially open for less than one year, and unlicensed businesses with no limitation on the time in business.  We also encourage those with a desire to start a small business or those that may benefit from a small business development class to enroll.

For more information on the SEED Loan Program or the Guaranty Bank & Trust Small Business development program contact Clifton Williams 662-247-5238 or Clifton.williams@gbtonline.com.  There is also information at your local Guaranty Bank branch.  Please click here to find the branch near you.

You can also click here to download an application.

Many people are interested in investing but most are not sure where to start or who to talk to.  You are never too young or too old to start your investment journey. Investing comes with risks but the sooner you educate yourself on investments and processes the sooner you can dive into the market.

Discovering your goals and outlining a clear road map of what you want to gain with your investment are the first steps to take before beginning your investment journey.  Some investments fulfill short-term goals while others are set up to benefit you long-term.  After you establish your goals with investing, it will become clearer on what types of stocks or companies are right for you to invest in.

Opening and putting money into a savings account is just one simple way of learning to save money and can be a good first step.  Investing in your savings is an option if you want access to your money whenever you want, but in general, interest rates are rather low. This can be a good way of teaching teens to start saving early and generating a little interest while still in high school.  Age is an important factor to consider when deciding how much risk you should take while investing.  The younger you are when you start, the more risk you can take because you have less to loose so it may be smart to look into something more risky than just a simple savings account.

An individual retirement account (IRA) is another account that many people put money in to save for a later date by allowing tax deferred savings for retirement.  An IRA account is not an actual investment but it is a good place to start accumulating more money for later in life.  You can access your money early but you will face an early withdrawal penalty fee.  Putting money into an IRA account can help you have a bit of a money cushion when you reach retirement age.

Investments are one of the only ways to keep up with inflation and one of the best ways to see growth on your money.  It is important to remember that investments are always tied to a risk.  You may win money and you may lose.  There are no guarantees.  When you purchase stocks you are purchasing a small piece of a company and stocks often come with the greatest rewards and loses.  One positive factor of buying stocks is you can actually track the stock market and see how your investments are doing.  You don’t need to check the markets all of the time though.  When you decide to purchase a bond you are essentially loaning money to an entity and you will be paid back plus interest after a fixed period of time.  Spreading out your investments, or diversification, is suggested because if you place all of your money in a particular investment and it fails, then you are left with nothing.

When it comes to investments, start young, do your research, and find out what the greatest return is for your individual goals.  It is never too late to start your investment journey.

For more information on savings accounts please visit us at www.gbtonline.com or click here to find the address and telephone number of your local branch.

GRENADA – Hue Townsend, President and Chief Executive Officer of Guaranty Bank & Trust Company, today announced the bank’s newest location in Grenada located at 131 First Street is now approved and operating as a full-service branch.  The Belzoni-based bank will move to 1324 Sunset Drive, Suite C upon its completion early autumn.

Townsend also announced the addition of three relationship bankers to the Grenada staff including Senior Vice President Lee Murphy; Assistant Vice President Misty Carson; and Assistant Vice President Beth James. The trio will join existing Guaranty Bank President Brad Branscome and Senior Vice President Hudson “Chuck” Williams.

Murphy, a graduate of Delta State University, is a CPA and CGMA and was most recently affiliated with Pinnacle Agricultural Holdings, LLC as Director of Financial Compliance. Prior to Pinnacle, Murphy was the Vice-President of Finance with Jimmy Sanders, Inc., and spent 20 years in public accounting, primarily with Horne, LLP, where she was a Partner. She is a member of the American Institute of CPAs and the Mississippi Society of CPAs where she has served as Treasurer, as well as a member of Board of Governors. She is also a member and past President of the Delta Chapter of CPAs and has served on the Peer Review Oversight Committee of the Mississippi Board of Public Accountancy.

Murphy is an active member of Emmanuel Baptist Church and a past President, and Treasurer of the Jr. Auxiliary of Grenada, where she is a Life Member. Murphy is also a past President of the Grenada Area Chamber of Commerce and also served as a member of the initial Grenada Economic Development District Board.  She has been named to the Top 50 Business Women in the Mississippi Business Journal and received the Outstanding Accounting Alumni award from Delta State University. Murphy and her husband Rodney have two children: Matthew and Sara.

Mrs. James, a Grenada native, earned her Bachelor’s degree in Family and Consumer Science from the University of Georgia. She was previously affiliated with Regions Bank for 11 years.  Beth is married to Josh James, a native of Gore Springs. He is a partner of Moore Farms of Oakland, Mississippi, farming some 4000 acres in Tallahatchie County. The James have four children: Cody, Mary Elise, and twins Ross and Skylar.

Mrs. Carson is a graduate of Grenada High School and attended Holmes Community College. For 18 years, she was affiliated with Union Planters Bank and subsequently Regions Bank, most recently focusing on serving as a Financial Service Specialist and Assistant Branch Manager.  She is married to Chad Carson and they have four sons, Darren, Cody, Rylan and Conner. The Carsons attend Emmanuel Baptist Church.

Hue Townsend said, “Our commitment to Grenada is certainly affirmed with the conversion of a Loan Production Office to a full-service branch along with completing construction of a local office.  Our Grenada personnel are comprised of professionals who are long-time investors of the Grenada community,” Townsend added. “I am confident that our customers will be well-served by their experience.  We invite friends and customers to visit them at our downtown Grenada Branch today.”

If you love what you do you will never work a day in your life.  Most of us have heard of this popular saying but very few actually chose a career based off of interests and likes.  The idea of turning your hobby into a business can allow you to do something you love while making an income running your own small business.  If you think you may have a hobby that can turn into something more it is important to weigh your options before jumping in with both feet.

Many people are interested in a particular hobby because they simply enjoy doing it but it is important to ask yourself if you would still enjoy it if it came with schedules, financial goals, and meeting the expectations of others.  If the joy of the hobby could be taken away by one of these pressures then it is best to keep your hobby as something fun rather than turning it into a business.  However, if there is a market for your product/hobby and you have a passion and commitment for what you do, it may be time to develop a business plan and execute your new venture.

Turning your hobby into an income requires you to treat it like a business.  This means creating a separate business bank account, credit card, and potentially formalizing your business into an LLC (limited liability company).  By formalizing your organization, it allows you personal protection liability, tax deductions, and a more trusted consumer base.  Formalizing your business also helps present your organization as more permanent than just an individual.  This provides more credibility to a lender when you are ready to consider a small business loan.  A small business loan might be beneficial to expand on your hobby and create a more serious business venture by taking your business to the next level of success.

Whatever your goals are with your hobby, if you see a potential to create income by doing something you love you should consider doing so.  If you have questions, please contact your local Guaranty Bank Branch.

Making the decision to become an entrepreneur and start your very own small business is an exciting time.  Before beginning your journey there are some financial items to consider in order to set your small business up for success.  Many business owners overestimate the profit and under estimate the expenses.  This is a mistake that can drive many new businesses into the ground.  One rule to follow to set your small business up for success is to double how much everything costs, double how long it will take to set up and halve how much income you think you will make.  This will help you financially prepare to get your business up and running long term.

One of the first steps for many small business owners is to figure out a financial backing for the business.  Many options are available but a small business loan can be beneficial in a variety of ways.  It is important to decide if a business loan is right for you and your business venture.  Small business loans are usually short term and require some type of collateral.  It is important as a startup business to have a solid marketing and business plan when applying for a loan as well as prior experience in the field.  The lender needs to see your confidence and planning for your future profits in order to repay the business loan.

Another important factor to consider when launching your small business is a business checking account.  Perhaps one of the highest points of opening a business checking account is allowing your customers to not only use cash and check but also use credit and debit cards to make purchases.  The more ways a customer can pay the more they are willing to spend.  A business checking account can also help lessen tax headaches and liabilities, give more of your trusted employees signing privileges to lessen personal workload, and help you capitalize on your relationship with your trusted banking service early on.

There are many financial decisions to make when setting your business plan in motion.  Don’t hesitate to contact your local branch  or click here for any questions or for additional help.

We are right in the heart of summer and that means summer vacation plans are in full swing.  You may have your map laid out, tickets booked, and swimsuits packed but are you taking the necessary steps to make sure your identity stays safe during your travels?  Summer is one of the most common seasons for identity hackers to capitalize on your vulnerability while traveling.  In order to make your summer vacations as enjoyable as you have planned there are a few steps you should follow to prevent identity theft this summer.

1. Don’t share your travel plans on social media.  With social media being so prevalent in today’s society, it is hard to resist bragging about that week long beach vacation you are about to depart on.  Once you do however, you let hackers know that you will have an empty household for an entire week, which leaves your home and accounts more easily accessible.  Let a trusted neighbor know you are gone so they can look after your house and wait until you get back to start sharing your photos.
2. It is important to not use an unsecure Internet connection.  Free and public Wi-Fi is easy to hack, putting your personal information and passwords at risk.  If you need to access online banking, user names or password-protected accounts use your cellular data when available to ensure you are not putting your secure information at risk to identity thieves.
3. Leave important documents at home.  Take only what is absolutely necessary and leave the additional credit cards or documents such as your social security card at home.  This also helps protect you from losing only minimal information just in case your wallet is compromised.  If your wallet is lost or stolen, make sure to contact your credit card company as soon as possible to alert them of fraud and identify theft.
4. Book your travel with a credit card not with your debit card.  Credit card companies are on the lookout daily for fraudulent charges and are better equip to handle hackers and identify theft than your local bank.  Make sure you alert your credit card company of your travel plans so they don’t mistakenly freeze your account during your stay.
5. Make sure your electronics such as your phone, computer, and tablet are all password-protected and have privacy screens intact.   This will help reduce the chance of identity theft when using your devices in public areas or in case they become lost or misplaced during your summer travels.

Taking simple steps to ensure your personal information is protected will allow you to enjoy time spent with family and friends and not worry about identity theft and fraud this summer.  Happy travels!