Holidays. That time of the year when families reunite, lunches and mortarboards are carefully prepared, and gifts are exchanged. As the days go by and everybody returns to their busy lives, it’s time to sit at your desk and open the January bank statement. You immediately notice how many times the credit card has been swiped over the last few weeks, among all the toys, holiday nibbles, and last-minute gift purchases.

While this may not be the best post-holiday activity, it’s important to come to terms with your financial goals, find ways to get your money back on track, and avoid any further debt.

Read on to discover how to work out your financial situation after the holidays and to help keep your wallet full throughout the year.

Assess Your Current Finances

Once the wrapping paper has been thrown out it’s time to start assessing all expenses. have a look at your holiday one-time purchases, and by how much you went overboard during your shopping frenzy. Take a closer look at where you stood before the holiday season:

• What was your savings balance? By how much did it decrease, if so?
• By how much did your expenses increase during the holidays?
• What should your essential monthly spending look like?
• What immediate solutions should I take to cover all necessities?

Answering these questions will give you an initial idea of where your finances are standing and how to overcome any potential loss – retrieving your pre-holiday bank statements will come very helpful.

You may realize that cutting back on your spending for a while will be the best solution, at least until you regain control of your money outflows. Make sure you are prioritizing regular expenses such as a mortgage, rent, food, transportation, and utilities and that you are meeting your minimum card payment requirements or pay outstanding balances in full if you can.

After close examination, the faster you can eradicate your post-holiday debt, the sooner you’ll find yourself in better control of your finances.

Take Advantage of Returns and Unexpired Coupons

Few people are aware that holiday shopping can very well pay off. If you realized some of the items you bought are best to be returned or exchanged, you may still be on time to do so – don’t forget to bring the original receipt!

This is a good way to put some money back in your pocket and to get rid of gifts you don’t intend to keep. Watch out for the return window to avoid ending up with unwanted items that you cannot take back.

If you shop with a cash-back card, this is a good time to redeem any points or rewards you accumulated. You may end up with gift cards to use for your necessary spending.

Lastly, don’t forget to take advantage of coupon clipping – whether at grocery stores or retail shops. Saving money is very important at this stage, as it will help gain control of your expenses and refill your savings account.

Set Up a Fixed Allowance

Just because you are trying to save money after a big holiday shopping spree, it doesn’t mean you should entirely eliminate all spending. While this would be unrealistic, putting a cap on your purchases is completely within your power. Be mindful about the amount you do spend by setting up fixed amounts for each of your necessary expenses.

Much like traditional budgeting, this allowance will help you stay on track with essentials such as bills, rent, and food. To avoid further overspending, make sure you don’t go beyond these amounts, drawing only from the predetermined “allowance.” This will allow you to only use the money you can actually spend and see if you can indulge in small discretionary purchases on the next holiday season.

Limit Your Expenses

If you are in the process of paying off any extra debt you have accumulated during the holidays, it is wise to limit your expenses to a minimum. In other words, new credit card payments should be close to none. Instead, opt for carrying cash, at least until you’re back on your main financial plan. Paying through cash will help you “visually” see how much money is being spent, preventing you from making unnecessary purchases.

Try to restrict impulse post-holiday shopping, at least for a while. It’s easy to fall into the trap of some retailers, who will sell what’s left from the holiday period at much lower prices, making them more attractive to buyers.

In addition to the mental burden of managing debt, adding to your credit card balance will do you more harm than good. For instance, increasing your credit utilization rate or carrying an outstanding credit balance are all factors that will affect your credit score, so you want to try your best to minimize the damage.

Outline a Clear Plan

While this may sound obvious, creating a solid plan is crucial at this stage of money management. Make sure to outline your main goals, whether it be buying a home, a family holiday, retirement, and so on. This will help you focus on overcoming out-of-the-ordinary challenges like overspending on holiday shopping. Write down what you need to do to achieve those goals: saving more money? paying off outstanding debt? Ideally, you should try to stick with the 50/30/20 budget rule: use 50% of your monthly income to needs, 30% for discretionary purchases, and 20% for savings and debt repayment.

As you work on your plan, it would be wise to start preparing for next year’s holiday season as well. You may create a separate “holiday account” where you can deposit a few extra dollars each month. Once the holidays approach, start shopping in advance, taking advantage of seasonal sales (Black Friday and Cyber Monday) and free shipping offers to buy your gifts. Starting will also prevent last-minute purchases that may eventually add to the overall cost of holiday gifting.

Having a financially rough holiday season is normal and should not be a reason for panic. However, it’s important to get back on track as soon as possible to avoid the same situation the following year. Keeping an eye on credit card statements or holding off on post-holiday purchases is a great way to start re-focusing on your goals and future financial success.

The holiday season is a daunting time for trying to save your money. There are many exciting events during the season, and you don’t want to miss out on anything. You’ve also got plenty of obligations to consider, from your year-end taxes to getting gifts for family members.

You can keep your money under control during the holiday season by using a few points for your holiday saving needs. These include many tips to help you keep your funds in check during a time that is stressful.

Prepare a Budget

Start your holiday saving plans by looking at your budget for the season. Look at how much you’re going to spend on various expenses surrounding the season. These include budgeting expenses for:

• Gifts
• Foods for the season
• Travel for events
• Anything you will send out to people, including cards
• Decorations and other items for around the house

Look at what you’ll plan for the season and stick with the budget. Be realistic with the budget, as you don’t want anything that might be too lofty. You can also add a small bit of extra money to the budget for unplanned expenses, but try to keep those points to a minimum when possible.

Pay With Cash When Possible

It’s easy to go overboard with your credit card spending during the holiday season. But it is also tough to keep tabs on how much you’re spending with your card. You could spend more than necessary because you’re so interested in things during the season.

Paying for items with cash when you can is one of the best holiday saving ideas you can consider. Avoid using your credit card too often, as using it more than necessary could create a bill higher than you anticipate. You don’t want to spend money on interest payments, late fees, and other charges associated with struggling to handle your credit card bills.

Watch When You Buy Things

You could find great deals on different items you want to purchase throughout the season. It’s often easy to find discounts on products as you get a little closer to Christmas.

You might find some outstanding discounts on Black Friday or Cyber Monday right after the Thanksgiving season. Amazon users have also found the Amazon Prime Day promotion to be very exciting. But you should check on prices at varying times, especially as you get closer to Christmas. Sometimes you might find a better discount when a retailer is willing to sell something right away.

Review Your Credit

You should request an annual credit report every year to ensure your credit situation is under control. An annual report from each of the major credit reporting bureaus will help you identify if there are any concerns with your expenses or savings. You can also find potential errors and have these removed from your report if possible, helping you boost your score if you can correct something.

You may qualify for better rates on loans and other investments if you have a higher credit rating. You could also renegotiate a mortgage loan or another loan-term expense if you can provide details on a higher rating. This effort could help you save a little extra money during the holidays, as you won’t spend as much on long-term expenses here.

Review Your Current Savings

Check on your savings and checking accounts and other savings investments you have right now. Look at how well they are performing and if they are growing in value. You can review things like:

• How much interest you are getting out of your savings and checking accounts
• Whether your checking account is getting close to zero
• How the stocks or other investments you have are working
• Your 401k, IRA, or another retirement fund
• Any retirement benefits you are getting from your employer
• How much you reach from your employer, including if you saw a raise this past year

Your savings is essential to your life, as you’ll need enough to support your retirement years and any sudden expenses you might come across right now. Be sure when checking your funds that you know what you’re entering into and that you can tell you are saving enough money.

Manage Your Bills

You might have various bills to bear throughout the year. From utility bills to mortgage payments and even car loan payments, you might have many expenses of note.

You can use these points when getting your bills under control for the holiday season:

• See if you can make extra payments on your long-term expenses if possible. You may qualify for reduced monthly bills for some of these expenses, as the principal is smaller and the interest totals may drop.
• Plan how you can automatically pay off debts with a checking account to prevent late fees and other risks. Your bank may support a system that lets you pay these debts through your checking account, but be sure you have enough money in there first. Watch for how much you’d spend at this point.
• Review the due dates for all your bills. Plan a schedule for when you’re going to pay off these bills so you can keep tabs on your work and avoid risking possible extra expenses.

Plan Your Shopping Ahead of Time

You don’t want to get into lots of situations where you buy something at the last minute. You can plan your shopping efforts ahead of time to where you will buy things at the right moments. Last-minute or unexpected shopping efforts might lead you to spend more money than necessary. Sometimes you might spend on things that you don’t actually need, but you think you might want it anyway.

Look At What Works

You will be impressed with how well you can keep your money under control for the holiday season when you look at what works. Your budgeting plans should be managed well without risking possible threats. You’ll have an easier time enjoying your holidays when you know what you’re doing when spending your money.

The term “capital” is broad and can describe anything of value to its owner. Without capital, a business cannot function, whether it is a small family business, a major corporation, or a country’s economy. Think of capital as a way of measuring of wealth. Accountants look at capital in budgeting as cash flow.

Some examples of capital are:

Financial assets – money, stocks and bonds, and bank accounts.

Intellectual assets – patents, software, and brand names.

Physical assets – machinery, equipment, cars, printers, office chairs, computers.

Capital for individuals and capital for business?

Companies use structures that include capital as debt, equity, and daily operations and expenditures. In contrast, an individual holds capital to contribute to their net worth.

Money and capital

Capital is another way of saying “money.” Remember, capital comes with a cost. If the capital is debt, then interest is the cost. If the capital is equity, the cost is distributions the shareholders receive. In the financial world, capital is viewed through the lens of current operations and future investments.

Types of capital:

Working capital

Working capital is answered with this question: Can a company’s liquid assets cover daily obligations?

To calculate this, try two assessments.

-Subtract the current liabilities from the current assets

-Subtract the accounts payable from the accounts receivable and inventory.

Liquidity is another way to view capital. Working capital is a good barometer for a company’s short-term liquidity.

Debt

Borrowing is one way a business can gain capital, and the most common way of borrowing is through bank, bonds, or other financial institution. For small businesses, loans from friends, family, online lenders, or federal loan programs are often the source of debt capital.

There are many differences regarding capital for individuals and businesses. However, in both cases, a healthy, active credit history is required. As with any typical loan, the interest rates vary depending on the borrower’s credit history and health.

In everyday life, we think of debt as a burden. However, it can be an opportunity for a business, provided it is within reason. Monitor the debt to capital ratio to prevent going under.

Bonds are a great way to raise capital when interest rates are low, which means it is cheaper to borrow. Think of the bonds as an I.O.U. between a borrower and lender. A business may issue bonds to raise capital to fund its operations and projects. However, bonds are not limited to just businesses. States, sovereign governments, and municipalities may issue bonds to finance operations and projects. As a bond owner, you are the debt holder of the issuer.

Equity

There are several forms of equity capital. They are private equity, public equity, and real estate equity.

Comparing public equity and private equity

In public equity, the stock market raises equity by listing the company’s shares on the stock exchange. As investors buy stock, a company generates more equity. The single best way to raise equity capital is with I.P.O.s. (Initial public offerings) In private equity, a group of investors raise private equity, which is not the case with public equity.

Trading capital

Trading capital is what it says, and financial institutions and brokerage firms trade capital. There are several methods investors use to add to their trading capital, which are based on calculations determining the allocation of funds to each trade.

Cash reserves

One cannot have a successful investing strategy without optimal cash reserves. Debt liability offsets debt capital on the business’s balance sheet.

Capital can define a business’ structure

A company’s balance sheet is split among assets, liabilities, and equity, and the mix of these assets defines the structure. Some metrics for analyzing business capital are based on the cost of capital, equity return, capital debt, and equity debt.

Examples of capital

Capital comes down to any financial asset an individual or business has. Even one’s bank account is capital.

Tips for securing small business capital: Build a business plan

Lenders will want to see a well-thought-out business plan that outlines marketing, management, and money. As a borrower, one must explain how the money will be used. Like any loan, the single biggest criteria a lender will look for is the ability of the borrower to repay it. In short, a lender will want to know that you know what you are getting into. Having a well-thought-out business plan will help lenders feel more confident in the borrower, as it shows the borrower did their homework.

Business history

Borrowers should have at least two years of business history. Most lenders prefer this.

Plan for the worst

Provide the lender with a business projection 12 months out, broken out month-to-month. Show the lender case scenarios of what happens if the business drops.

Creditworthiness

Borrowers must check their credit for any errors, negative marks, or other issues that may affect their ability to borrow. Get credit in order, as one would when buying a house.

Capital F.A.Q.s

Capital assets is a term that applies to both individuals and businesses, which is anything of value, such as cars, real estate, and investments. Many capital assets are not liquid, which means they cannot be easily turned into cash.

Differences of capital in business and economics

An economist may define capital as liquid assets or cash in hand that can be used for spending. All the money in circulation is how capital is defined on a global scale. Business capital is the money available to run the business on a day-to-day basis and for the future. Typically, the revenue generated by the business is the only source of its capital.

In closing

Overall capital assets are determined by calculating any possession of cash value, such as cars, real estate, equipment, and machinery. There are different types of capital and the context of the use of the word capital can determine its meaning in each situation. View capital in the same way any other financial situation is viewed: Maintain a healthy debt to income ratio, maintain a healthy and active credit score, and monitor the cash flow and balance sheets.

Financial literacy is an important lesson for children to learn as early as possible. If your child understands the importance of budgeting, saving, giving and eventually investing money, they will be set up for a lifetime of success.

Your child may not be able to earn their own money by working just yet, but to begin getting them comfortable with managing their own money, it may be a good idea to give them an allowance. The allowance money can be in exchange for chores they do around the house, or just a set amount of money that they receive regularly and can manage on their own.

If you choose to require chores in exchange for an allowance, make sure to explain what they have to do (like care for a pet, pick up their toys, etc.), how often they will be paid, and how much money they will receive. This exercise will help them start to learn the value of a dollar.

Once your child begins earning money, you can begin talking with them about the following money management topics:

Spending money on wants vs. needs

Having a conversation with your child about necessary items like food, clothing, shelter, etc. and items that are unnecessary, but nice to have items like toys and vacations. Explain how money should be divided between wants and needs, but there are times when needs have to be put before wants.

Discuss a savings goal

Maybe they have been asking for a new skateboard, or the latest toy. Help them understand how much the item costs and how much money they will need to save to be able to afford the item. Then, talk about how long it will take for them to earn enough money to afford the item.

Teach them to shop around

Help them learn to compare prices at different retailers and discuss discounts and coupons. Explain how to research different features on a product and to determine if those features are worth the extra cost. Learning to put in a little research can save them a lot in the long run.

Show them how money grows over time

If they have a piggy bank, they’ll be able to see their money grow. Once they’re old enough, they can open a savings account and manage their money through Online or Mobile Banking. Seeing progress with their money may help encourage them to save more.

Talk about saving

Share the importance of saving and encourage them not to spend all of their money at once. Ideally, they would consistently save a certain percentage of all of their income, including gifts. Discuss how saved money can be put toward a long-term goal, like purchasing a car when they get their license, or paying for college.

Offer saving incentives

To further encourage your child to save money, you can offer a savings incentive, like matching. For example, if they commit to putting $20 a month into their savings account, you can match the amount dollar for dollar, and then they would have $40 per month. Or you could offer to give them a “bonus” when they reach certain milestones. For example, if they’re aiming to save $300, you could offer to give them $50 when they reach the halfway point.

Talk about giving back

Discuss the importance of giving money to those in need. Maybe your child would be interested in donating a portion of their money to a cause that matters to them, like an animal shelter or other local charity.

Let them make mistakes

This part may be challenging to watch as a protective parent, but it’s important for kids to learn from their errors early on when the stakes are low, so they can avoid making bigger money mistakes later in life. For example, if they express remorse after spending all of their money on one item, discuss how in the future, it would be better to use the money in multiple ways like buying two cheaper items, saving, giving, etc.

Talk about money

Share your personal money information like your salary, your debit, your savings, how much you give, etc. Discuss your money habits and goals, like saving for their college education and your retirement. Explain how you manage money every day by making certain purchases, shopping around, etc. Be transparent and allow your child to ask questions. Over time, they will be able to learn a lot from you.

Starting to discuss money early can be very beneficial to your child. The more they understand about earning, spending, giving and saving money, the better prepared they will be to manage their money once they’re old enough to begin working and living on their own.

Small Business Checking Account Basics

There is a lot that is involved when establishing a business. The seemingly endless to-do list of things that need to be done can tempt you to rush through the early stages so that you can start operations as soon as possible. However, if you want to avoid headaches and save money in the long run, having the right set-up for your business is crucial. A significant part of that set-up is figuring out how you will manage your business finances. And, one of the key questions regarding finances is whether you should open a small business checking account.

While you have a choice to either open a business checking account or to use your personal checking account for your business transactions, every small business or professional venture needs a business checking account. Professionalism requires that you separate your business transactions from your personal banking. One of the first things that you need to do when starting a business is to open a small business checking account.

Basically, a business checking account is vital to your business’s financial operations. You will use this account to receive deposits from clients, pay your employees and vendors, prepare for taxes, and establish the business’s financial presence. A business bank account is essential, no matter how small you are starting out.

What Is a Business Checking Account?

While both personal and business checking accounts offer things such as debit cards and check-writing, small business checking accounts have several features which are not associated with personal checking accounts. For instance, when you open a business checking account, you can expect the following business features:

• Merchant services that allow you to process card payments
• Employee debit cards
• Payroll processing services
• Financial advisory services
• Bookkeeping integrations

A business checking account is also different from a personal checking account when it comes to aspects such as account opening, fees, minimum deposit required and minimum balance requirements.

A business checking account is used for day-to-day financial transactions of the business, such as receiving or transferring funds electronically, depositing or withdrawing money using a business debit card, paying vendors using checks and depositing customers’ checks.

What Do You Need to Open a Business Checking Account?

It’s quite easy to open a personal checking account. Usually, the bank asks for your identity document (ID) and Social Security number. With a small business checking account, you are required to furnish the bank with more requirements, making the account opening process more tedious. Banks commonly ask for the following documents when opening a business checking account:

• Employer Identification Number (EIN), or your Social Security number (if you are a sale proprietor)
• Business license
• Government-issued ID
• Business formation documents
• Ownership agreements

The Benefits of Having a Small Business Checking Account

Although you can use your personal bank account to manage the financial operations of your business, it is more beneficial to open a small business checking account instead.

Here are some of the benefits of having a small business checking account:

Organized and Clean Bookkeeping

One of the major benefits of having a business checking account is that it allows you to separate your business transactions from your personal transactions. If you use your personal account for your business transactions, it will be difficult to keep bank statements organized. Determining essential business financials like profit margin will also be difficult. Having a separate business account will help to keep your books organized, clean, and streamlined.

Simplified Tax-Paying Process

Having a business checking account also helps to simplify paying your taxes. If you mix business and personal transactions, it makes it harder to file your taxes accurately. Not filing taxes correctly can attract Internal Revenue Service (IRS) penalties. Having a business checking account also allows you to deduct certain business expenses on your taxes, and you can easily identify such expenses if your accounts are separate. Before expenses are deducted, the IRS requires proof that such expenses are for the business. And, to prove the business expenses you a business account statement is necessary.

Professionalism and Reliability

No matter how small you start, if you want people to take you seriously, it is necessary to have a business checking account. A business checking account helps to add professionalism and reliability to your small business. One of the best ways to prove that your business is legitimate is by having a business checking account. Prospective clients or customers will take you seriously if they know they are making payments or deposits into a business account.

It is important to note that the issue of reliability and professionalism can affect your taxes during an audit. If you do not record profits for three out of five years, your business will be classified as a hobby by the IRS. In that case, you cannot deduct expenses.

Liability Protection

Small businesses are just as vulnerable to legal trouble as large corporations. For instance, an unpaid vendor or a disgruntled customer can sue you. And, if you experience a liability issue as a business, the court will require your business banking records in order to determine if business funds were mixed with personal funds. If the court concludes that your business is not being run as a separate entity, it may hold you personally liable if someone tries to sue your business or if something goes wrong in your business. But if you have a business checking account, it is proof that your company is a separate legal entity capable of suing and being sued, meaning the court cannot hold you liable if your business is sued.

The Bottom Line

If you are serious about establishing a legitimate business with the goal of experiencing steady growth, it is important for you to handle your business finances well. And, one of the best ways to ensure that you effectively manage the financial operations of your business is to have a small business checking account from the onset. If you have been running your small business for a while without a business checking account, it is probably high time you opened one.

Guaranty Bank Branch President, Sammy Slaughter, takes you on a tour of our Starkville branch and talks about what it means to part of the Starkville business community.

You’ve got many options to explore when looking for a financial banking solution that fits your personal or business needs. But with there being so many choices out there, you’ll need to complete your due diligence and look around to find options that fit your needs. You can use a few points when finding a personal business banking plan that supports your demands. The work should be about helping you preserve your money and also potentially improve your ability to save more after a while.

Review Your Credit Reports

Check on all the credit reports for yourself or your business before you start looking for banking choices. Your name or business will have access to three separate reports from different credit bureaus. Review each of these to confirm your current financial situation and identify how lenders may support your business. You will be more likely to find good rates and be accepted for financial services if your credit reports are good enough.

Check Your Documentation

Your business documents should be up to date and thorough. You will require them if you’re trying to acquire financial services.

Some of the documents you’ll need to keep tabs on include these:

• Articles of incorporation
• Business licenses, including ones with your state or county governments
• Your DBA certificate; the certificate lists who you are doing your business as
• Suitable identification documents, including government-issued IDs or other documents relating to whoever owns or operates the business

These documents are necessary for reporting on your finances and how much you are earning. You may be eligible for some tax benefits if you provide the suitable information for the work.

Check Your Current Debts

Watch for whatever debts you currently hold and what you may incur soon. Your debts could include many things surrounding current loans you have and routine payments you make. You can also review your future plans for how you’re managing money to see what debts you may come across soon. The plan can help you identify how well your debts are being managed and if you need to make any suitable changes. You’ll especially need to review this if you’re running a business that plans on expanding or making a few changes soon.

Plan a Savings Goal

Look at how much money you’re saving, especially if you’re trying to keep a business afloat. You can grow your money when you save it well enough, as you can earn more money in interest.

You can review a few points surrounding how you’re saving money:

• Look at how much you add to your bank account every month.
• Review your 401k contributions. Be aware of any possible 401k matching programs your employer might offer.
• Your IRA will require a proper deposit, although the total you can deposit each year will vary surrounding your status. You may qualify for a tax benefit if you provide the maximum contribution to your IRA.
• Avoid storing money in unsecured spaces. In addition to the funds not being insured, it will not incur any interest or other benefits.

Look At Your Tax Losses

This next part of financial banking should entail reviewing possible changes to how you make money and how you’re managing your taxes. Investment losses, whether it entails losses from a bank or other investments you hold, can be interpreted as capital losses. Your taxable income is reduced at this point, thus reducing the general tax burden you will hold.

Check on how much you are earning from banking investments versus any losses you might have received in the past year. You may be able to write off the losses involved, although the rules for what you can write off will vary surrounding the situation at hand.

Plan Your Budget

Whether it is for your personal life or your business, you must look at your budget to confirm what you’re managing and that you have a smart plan for where the budget will move. Look at how you’re budgeting your money based on:

• Current expenses
• Future investments
• Any amounts of money you plan on earning; be realistic when looking at this point
• Possible debts that may occur
• Interest payments, appreciation, and other cases where the values of things you hold might change

Your budget should be thorough enough for the coming year to help you keep tabs on where you’re going from a financial standpoint.

What Is Your Portfolio Like?

The portfolio for your work should be planned well enough to help you go forward in your studies. The portfolio you hold can include many items like stocks, bonds, cash investments, and other things of value.

A quality portfolio will have a thorough array of investments and other items that work for your investing needs.

Check Your Credit Card Debt

The last thing to do in your financial banking checklist is to look at your credit card debt. This aspect of your financial profile can make it harder for you to use banking services. You might have more money tied up in cards, plus a bank might not be willing to issue any other cards to you if you have too much debt.

The problem with credit card debt is that it can increase quickly without you thinking about it. You could add to that debt by spending more money on a card than you plan. The interest charges and other expenses surrounding a card can also add up after a while.

Be sure you have a plan for how you’re going to pay off your credit card. Establish a suitable plan that includes a review of how much you are going to spend.

Plan Your Work Well

Be sure when looking at your finances and banking efforts that you review your data. Make sure anything you have is updated and that the content is easy to monitor in any situation. You’ll have an easier time planning your work when you have enough of an idea of what you want to do for your financial demands.

OXFORD – Guaranty Bank & Trust Company CEO and President Hue Townsend today announced that veteran banker Chris Steiner has been named Oxford President and Commercial Banker and will serve in the new Oxford office. The office recently received full-service status and is located in the Oxford Commons at 404 Enterprise Drive, Suite A.

Steiner has more than 11 years of banking experience. A native of Germantown, Tennessee, he earned a bachelor’s degree in Business Administration from the University of Mississippi. He also is a graduate of the Mississippi School of Banking held at the University of Mississippi and completed the Wells Fargo College of Commercial Credit.

Chris and his wife, Hattie, an Oxford native, reside in Oxford and have two daughters: Isla and Isabelle. They are active members of Oxford University United Methodist Church, where Chris also serves as a Trustee. Chris’ hobbies include playing golf and snow skiing.

Headquartered in Belzoni, MS, Guaranty Bank is familiar with small-town charm and looks forward to building lasting relationships with the individuals and businesses in Oxford.  “I am pleased to welcome Chris to the Guaranty Bank family,” Townsend said.  “As we move forward in Oxford and Lafayette County, we are doing so with experienced, local bankers who will serve our customers well.”

GRENADA – Guaranty Bank & Trust Company CEO and President Hue Townsend today announced that Frank Bradford, Jr., has joined the bank and will serve as a Commercial Relationship Banker in its Grenada Office. Guaranty Bank provides the traditional community bank experience of building personal banking relationships. We invite you to stop by 1433 Sunset Drive to meet Frank and see our new state-of-the-art facility that showcases many personal and business banking solutions.

Bradford earned his Bachelor of Business Administration degree from Delta State University in 1981 and is a graduate of the University of Wisconsin-Madison School of Bank Administration, Vanderbilt University’s Tennessee Commercial Lending School, and the Mississippi School of Banking held at the University of Mississippi. He brings approximately 40 years of banking and financial management experience. Bradford is married to the former Bernice Hollis, and they have two children: Latasha and Frank III and one granddaughter, Khyrsten.

Active in the community, Bradford has served as past president of the Grenada Area Chamber of Commerce and the Grenada Rotary Club. He is a Board Member of the Grenada Economic Development District and the Grenada unit of the Boys & Girls Club. Bradford is a Deacon with Piney Grove Missionary Baptist Church and serves as treasurer for Christ Centered Cross. He is involved with many other volunteer and community service positions.

“We are pleased to welcome Frank, a local banking veteran who brings us his banking expertise and knowledge of the community,” Townsend said. “Being staffed with experienced professionals like Frank is what sets us apart in our communities.”

 

What Should a Business Look For In a Bank?

You have many choices to explore when looking for a quality bank that can serve your business. But with all these choices comes a demand to find someone that fits your specific needs. You can use these points when looking for a bank that will serve your business.

Business Checking

A business checking account is similar to a personal account in that your business can draft checks or ACH payments, or it can make deposits or withdrawals. But what makes a business checking account useful it simplifies how your business calculates its taxes.

A business checking account lets you check your income and expenses and arrange them well to where you can pay your estimated taxes every quarter as necessary. It is easier to gather your financial data through a business checking account than if you had a personal account.

You will also qualify for interest on your business checking account. The bonus can help you add funds but be sure to also watch what fees come with a checking account. The interest you earn should be enough to cover the expenses with that account.

Business Credit Cards

Many banks will offer business credit cards that are for business-related use. You can produce a new credit file for your business that can improve as you continue to pay off your expenses. You can qualify for better borrowing terms as your profile grows.

Business credit cards often come with rewards, including support for covering travel and other purchases. The terms for these rewards will vary by card. Don’t forget to watch for any possible fees that come with your card.

Multiple employees can also have their own cards that link to your business. A bank should give you the option to limit how much money those employees can spend with their cards. Anything that also restricts the specific places where the employees can use their cards also helps.

Online Access

Online banking is critical for all businesses. Your bank should provide online access to all your accounts. You can review real-time info on your accounts and how much money you have through a suitable online system. Any mobile apps from your bank can also help, especially when you’re regularly on the go and need help tracking your banking info from anywhere.

ACH Access

Your business will require Automated Clearing House or ACH access to help you transfer money to others without using wire transfers or paper checks. Your ACH transactions can work for payables and receivables alike. Some of the more common purposes you have for ACH payments include managing loan payments or completing payroll dues. Customers and other clients who have more massive invoices or pay recurring amounts can also send you money through the ACH system.

Support For Your Accounting Software

Every business can benefit from an accounting software program. A program like QuickBooks will tally your expenses and income and help you monitor your daily cash flow. The best programs will prevent accounting mistakes and automate many routine transactions. A business bank account can integrate with whatever accounting software solution you use.

Fraud Protection

The increasingly online nature of the business world has made it where fraud is a real threat. Fraud insurance is an ideal solution that your business can hire from a bank.

Fraud insurance protects your business from losses from a fraudulent transaction. The program is ideal for businesses that handle many transactions each day and ones where more than one person has access to an account. The insurance also prevents bounced checks from vendors, thus preserving your credit rating.

But all fraud insurance services have protection limits that can only cover losses of up to a specific amount. Some banks may also charge some fees for these protective measures. Review the terms a bank provides to see what you can expect out of a fraud protection system.

Investing Through Money Market Accounts

Banks often provide money market accounts to customers. These accounts have higher interest rates than traditional accounts, plus they don’t incur service fees in most situations. A bank should provide your business access to a money market account where you can store part of your business’ funds for further earnings.

The rules for how you can access your money market funds will vary by bank. Some banks will let you write checks from a money market account. Others may limit how much money you can take from the account at any moment. Review the terms for how you can reach the money, including whether you can quickly transfer funds from one part of your business bank account to your money market account.

Support For Retirement Accounts

The best businesses will offer retirement benefits to their employees. These include benefits like pension plans and 401ks. A business that offers retirement programs will have an easier time bringing in new employees. Your business will require such plans, plus it will need a bank to help support these programs.

Banks can help businesses set up their retirement programs. They can also maintain those retirement systems by reviewing how the money enters specific accounts and builds interest. Your employees will want to ensure they receive retirement support from you if they want to stick with your business for a while, so look at how you can provide assistance for retirement accounts.

International Services

Businesses are reaching out to international entities more than ever. Whether it entails other businesses, vendors, or even customers, a business must have access to people in other countries. A bank should provide business support for international communications and transactions. A bank that partners with different international entities or can manage foreign currency transfers is always helpful. The work should simplify how you’re managing business efforts across borders.

Review Each Bank To Learn More

Every bank will have unique features for its business banking services. Be sure whoever you choose has the solutions that fit your business and help you take the next step forward.