Starting a business can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.

Conduct market research

Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.

Write a business plan

At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.

Select your location

If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.

Find funding

Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.

Choose a business structure

Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.

Select your businesses name

This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.

Register your business name

Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.

Get federal and state tax IDs

Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.

Apply for licenses and permits

Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.

Open a business bank account

No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.

Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.

We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.

Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.

Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.

As the end of the year approaches, it is time to compile a checklist of items that need to be in order before December 31^st.  While it might seem easier to push a few things off until next year, or bundle them with the New Year’s Resolutions, organization of your financial life can give you a head start in 2018.  Here are a few items to add to your end of the year checklist:

Check beneficiaries – It is a best practice to check your beneficiaries on an annual basis.  Beneficiaries are people who have been designated to receive a benefit from a policy or account in the case of death.  Possible reasons to change a beneficiary could include their death, marriage, divorce, name change or minor becoming an adult.  Making this part of the year end checklist will make it easy to remember.

Empty flexible spending accounts – Flexible spending accounts are usually tied to health insurance.  Most accounts expire at the end of the calendar year, although some could roll over or have a grace period.  Check with your insurance provider or employer for exact details for the plan.  If the account does expire at the end of the year, spend the remaining allotment on approved medical expenditures.

Max out retirement contributions – You are allowed to contribute a certain amount of money into a 401K or Individual Retirement Account (IRA) during a calendar year.   The contribution could be used as a tax deduction in the case of an IRA or pre-tax income in the case of a 401k.

Donate to charity – Charitable donations are an excellent way to earn additional tax advantages, while contributing to your local community or favorite charity.  If your donations are in tangible items, as opposed to monetary, ask for a receipt from the charity for evidence of the donation.  It is also a good idea to take a picture and keep it with your records.

Set up a meeting with your personal banker – It is a good idea to set up a meeting with your personal banker on an annual basis.  Bank products change on a regular basis, as do interest rates and it is possible to get a better product than you currently use.

Start thinking about next year – Here are a few questions to consider:

• Will you have a significant life change such as a birth or marriage?
• Will any of your children begin their journey for higher education?
• Are you looking to purchase a new home?
• Are you within 5 years of retirement?
• Is there a likelihood that you could come into an inheritance?
• Will you be in a position to pay off debt?

If you answer “yes” to any of these questions, it is a good idea to discuss with a banker or financial planner.

If you have any questions regarding end of the year planning, you can contact us by clicking here or call us at 662-247-1454.

An e statement, or electronic statement, is an electronic version of the paper statement that is customarily sent via mail.  The statement usually comes once per month and has a listing of each transaction that occurred within the account.  The primary difference, other than delivery, is that the electronic statement can be accessed at any point in time and aggregate transactions.  Here are a few benefits of using an E-Statement:

Information is at your fingertips – E statements add a level of convenience to your banking relationship that lets you control your finances on your schedule.

• Receive an e mail from Guaranty Bank when your statement is ready.
• View our statements 24 hours a day, 365 days a year from anywhere with internet access.
• Download and save your statements for print or e mail. You are able to produce your statements for third parties such as an accountant or attorney.
• Merge your statement into software such as Quicken or other Personal Financial Management software.

Safer than paper statements –  E statements cannot be taken from your mailbox, delivered to the wrong address, misplaced in a filing system, or taken from your trash.  When you log into the E-Statement portal on GBTonline.com, your connection is encrypted and secure against any unwanted threats.

Good for the environment – When you use E Statements, you are doing your part to extend the life of our precious natural resources.  Studies show that a paperless office uses only 30% of their paper based counterparts.  United states office consumption is upwards of 12.1 trillion tons of paper per year.  Every little bit helps!

In order to sign up for E-Statements from Guaranty Bank, do the following:

1. Sign into your Online Banking Account and complete the following steps:
   1. Hover over the “Administration” tab
   2. Click “Change Statement Deliver Method” link
   3. Change your Statement Delivery method from paper to “online”.
2. Call your local branch to get signed up.

If you have questions about E-Statements click here or call us at 662-247-1454.

Mobile banking usage has tripled since 2009 to over 111 million users nationally (source: Statista).  At the current growth rate, mobile banking could replace internet banking by total users within the next 7 years.  Although mobile banking offers you the freedom to monitor your account, communicate with the bank and a host of other features, the convenience opens the opportunity for fraudulent activity.  Although mobile banking is one of the safest digital tools, best practices must be used to ensure safety.

Password Protect Your Mobile Device – Keeping passwords on your device is the first line of defense against fraudulent activity.  Lock the device when it is not in use and require a password to access.  Do not use sequential passwords (1234) or passwords that have your information (address, your name, street).  Consider using a pattern, fingerprint, or other authentication for access to your device.  If you use Mobile Banking with Guaranty Bank, you have the ability to use a fingerprint sign on (if your phone is capable).  Also, when using mobile banking, do not use public WIFI, but rather a secure access point that blocks others you do not know.

Do not expose sign on passwords – When logging into mobile banking, keep the password information masked so it is not sitting within the log in box.  Also, always log out after use and do not use autofill for the password when logging in.  These settings will help reduce risk if your device were ever in someone else’s hands.

Update your phone –  Updates to your phone usually include bug fixes and patches.  A patch is a piece of code that has been built specifically after a vulnerability has been detected.  Do not delay updating a device when something has been released.

Delete bank text messages – Delete text messages from the bank after you have read them.  Although there is no information within the text, it is still a best practice to not leave them on your device.  As a reminder, your bank will never ask you for your account number, PIN, or any other personal information via text message.

If you lose your phone – If your phone is lost or you change your number, contact the bank immediately and have your mobile account put on hold.  You will need to download the service again with your new device and go through the registration process.

Do not modify your device – If you have modified your device in any way from its original performance specifications, it is not wise to use mobile banking on the device.  This includes phones or tablets that have been altered to improve performance, download third party software, change root files or enabling features that void warranties.

If you would like more information on mobile banking click here or call your local branch.

If you have established credit, there is a high probability that you were affected by the data breach at Equifax.  According to Equifax, which is one of the country’s three credit reporting bureaus, the breach lasted from mid-May through July and affected 143 million consumers.  Although some of the records were from the UK and Canada, there is still a good chance that you were affected.  The hackers accessed people’s names, Social Security numbers, birth dates, addresses and driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people.

How can I find out if I was affected?

Equifax has created a portal on their website to help consumers find out if their records were compromised.  You can get to the website by clicking here.   Once you complete the inquiry, the site will prompt you to register for TrustedID.  Because Equifax was compromised, the safe best is to not put any unnecessary information back into their site.  You do not need to complete this action, regardless of the outcome of the test.  Guaranty Bank offers a monitoring system that will provide protection for the future through its Freedom Checking account.

What to do next?

Enroll in Fraud Alert– A fraud alert program is a system that is tied to your account that will notify you when suspicious activity occurs.  Whether it is your bank account, your credit card, or other banking account, a fraud alert or monitoring system should be activated.  Settings can be turned up or down based upon your own preferences.  Contact your financial institution for information.

Con artists may contact you – Historically, fraudsters will take advantage of customer awareness during a large breach and pose as your bank to gain information.  If someone does call you, ask to call them back at the number for your local branch.  You can also tell them you would be happy to sit down and talk to them face-to-face and ask to make an appointment.  Guaranty Bank will never ask you for your account number, your PIN, or your social security number on a phone call.  The only information Guaranty Bank will request is a valid e mail or phone number.

Check your credit reports – You can access your credit report through a number of different sources, including Guaranty Bank.  At Guaranty Bank, you can sign up for IDProtect, which will monitor your Equifax, Experian and TransUnion credit files daily, and automatically alert you if key changes occur.  It is also possible to obtain your credit report and look for suspicious activity.  If you suspect activity, contact your financial institution immediately.

Place a freeze on your credit – If you are not planning on making any major purchases within the next 6-12 months, it is a good idea to put a freeze on your credit.  This simply means that no one will be able to apply for new credit using your information (this includes you).  To activate the “freeze”, you will need to call each of the three credit reporting bureaus to make the request.

Monitor your bank accounts – Read your monthly statements or log into online banking to check recent activity on a fairly frequent basis. If you suspect fraudulent activity on your bank accounts, you may want to request all new credit and debit cards, as well as changing all of your passwords and PINs.

Watch your insurance – Because the hackers were able to obtain social security numbers as well as drivers license numbers, it is possible to steal your medical identity.  Signs of medical ID theft include:

• a bill for medical services you didn’t receive
• a call from a debt collector about a medical debt you don’t owe
• medical collection notices on your credit report that you don’t recognize
• a notice from your health plan saying you reached your benefit limit
• a denial of insurance because your medical records show a condition you don’t have

If you have any questions please call your local branch or contact Guaranty Bank at 662-247-1452.

Wire fraud grew almost 400% in 2016, according to FBI statistics.  An increase in digital payments and wire transfers have given fraudsters new ways to compromise your accounts.  When you or your business are conducting wire transfers, consider the following topics to avoid becoming a victim of wire fraud:

How Did You Receive Payment Instructions?  For typical transactions, payment instructions will be specific.  For instance, the receiving party will provide all of the required information on an official form or document.  Phone numbers, e-mail addresses and websites can be reproduced by fraudsters, but public search can be used to verify. Here are a few signs to look for when receiving payment instructions:

• Does the company have a website?
• Does their digital presence seem to match what they sell?
• When the company is “Googled” do they show as a scam?
• Can you call a publicly available number to confirm, such as the bank customer line?

Do You Know The Recipient Of The Payment?  Many fraudulent transactions are executed by a person or small group of people who try to gain access to your information by posing as a potential customer.  Even if they are known to you, call and confirm the name and email address of the person on the other end.  If they are unknown to you, look for these common themes used by fraudsters:

• They are from a foreign country or out of your typical market.
• They are representing either the United States Government or a foreign government.
• They will not meet with you in person.
• All of your interaction has been over e-mail.

Does The Transaction Seem Normal?  You have executed thousands of legitimate transactions over the course of your professional career.  It is a rare occasion where one of those transactions is done differently than all of the others.   Here are a few transaction types that might raise a red flag:

• You have won something for which you did not register.
• You are asked to send money as part of a job application.
• You are asked to pay for a good or service by paying a third unrelated party.
• You are asked to receive payment (in the case of selling a car) via a P2P site.
• You are asked to provide information for a “refund.”
• The offer seems “too good to be true.”

Execute Best Practices For IT Security – The first line of defense against fraud for any business is to execute best practices when it comes to IT security.  Adhering to simple rules can drastically reduce your risk of fraud.  Here are a few best practices that you should consider:

• Change passwords every 60 days.
• Use complex passwords, include letters, numbers and symbols with no meaning.
• Check credit card statements monthly.
• Keep card information secure.
• Keep firewalls and malware defense up to date.

If you have any questions about wire fraud, please call your 662-247-1454 or click here for more information.

When is the right time to purchase a new home?  Perhaps it is when the market conditions are just right or you have experienced a life change which will require a new purchase.  Regardless of the situation, there are a number of things to consider when thinking about purchasing a new home.

Do you have money for a down payment?  Most lenders will require a 20% down payment in order to qualify for a conventional mortgage.  That money can be from personal savings or from the sale of another property or asset.  If you are able to pay a larger amount down, you will save a significant amount of money over the life of the loan as well as cut down on your monthly payment.  There are loan types for some buyers which require a smaller down payment or down payment assistance.  As part of the prequalification process, consult with your mortgage banker on the down payment options that will work best for you.

Is your credit score as high as it can be?  While total loan amount and terms are key drivers in determining your loan type, credit score can also be a major factor.  If you considering purchasing a home and have not established credit, it is important to begin well before you start shopping for a home.  If you have a lower credit score, it will improve your overall monthly payment if you work towards raising your credit score before looking for a new home.  Once you start the mortgage process, you will want to keep your credit as is until the loan is complete.  Anything that you do to establish or improve credit should be done well in advance of the mortgage process.

Can you afford your monthly payment?  The three factors which will determine your monthly payment are the amount of the loan (including home price and down payment), length of the loan and the interest rate.  Negotiating a better price or bigger down payment can reduce the amount of the loan, thus bringing a lower monthly payment.  If a borrower can improve their credit score or qualify for specific loan types, they can reduce the interest rate which will result in a lower monthly payment.  If a term is longer, such as 30 years, it will result in a lower monthly payment than a 15-year mortgage.  It is important to note that a lower monthly payment due to a longer term will result in more payments over the life of the loan and more interest paid on the loan.  Other factors to consider in your monthly payment include Home Owners Association dues, taxes and insurance.

What are the market conditions?  It is important to understand the overall market conditions when looking to purchase a new home.  The easiest piece of data to find is inventory.  If there are more buyers than sellers it will be easier to sell your current home but you may pay a premium price for your new home.  On the contrary, if there is more inventory than there are buyers, you may have to be patient when selling your home.  However, you could be poised to get a better deal on your new home.  The market can change quickly based on interest rates.

If you have any questions or would like more information on the mortgage process click here or call 662-449-1296.

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.

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!