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.

Grenada native Harry McCarley has joined Guaranty Bank and will serve as a Mortgage Lender and Assistant Vice President.  Valeri Geiger will join McCarley and serve as Loan Support. Hue Townsend, President and CEO of the bank, said the pair will serve in the bank’s Downtown Grenada Office.

Mr. McCarley is a graduate of Grenada High School and completed studies at Mississippi State University, where he earned his Bachelor’s degree in Business Administration.  He is married to the former Michele Duke, also of Grenada, and they have one daughter, Olivia.  The McCarleys attend Grace Baptist Church and he counts among his hobbies attending or watching Mississippi State University sporting events and spending time with family and friends.

Ms. Geiger is also a Grenada native and brings six years of banking experience to Guaranty Bank. She is a graduate of Grenada High School and is an active member of
St. Peter’s Catholic Church.  She and her husband, Phillip, have three children: Aubrey, Rowan, and Carmen. Outside of work, she can be found attending one of her children’s athletic events.

“I am pleased to welcome Harry and Valeri to our Grenada Office,” Townsend said. “For those interested in purchasing a new home or refinancing an existing mortgage, the window of opportunity is great right now. I am confident that Harry and Valeri will exceed the expectations of our customers.”

Citing Guaranty Bank’s extraordinary growth and mission of offering the best community banking experience, bank President and CEO, Hue Townsend, announced today that Keith Mitchell was named Chief Banking Officer. Mitchell had been serving as Executive Vice President, Strategic Initiative.

 

“Our success is a testament to the hard work, dedication, and willingness to go the extra mile for our customers and teammates,” Townsend said. “Adding Keith to our executive team will strengthen our infrastructure in preparation for continued growth and our ability to exceed the expectations of our customers.”

 

In Keith’s position, he will be responsible for developing and delivering new products,  services, and growth in the bank’s retail, commercial, and mortgage areas.  Before joining Guaranty Bank, Mitchell was responsible for 35 banking centers for a large regional bank, managing more than 400 employees and $2 billion in deposits and $1 billion in loan commitments.

 

“Under Keith’s leadership, we will continue to hire exceedingly qualified bankers across our bank’s departments,” Townsend noted. “We have become an employer of choice in the banking community and will continue to elevate our services for the benefit of our customers to the point that we will remain the community bank of choice in the communities we serve.”

         

Mitchell is a graduate of Delta State University, where he earned his bachelor’s degree in Finance. Additionally, Mitchell has completed studies at the Graduate Banking School, conducted at Louisiana State University, the Vanderbilt School of Commercial Banking, and the School of Commercial Banking held at the University of Oklahoma.

         

Mitchell has long been active in numerous civic, church, and economic development organizations. He is a Deacon at Grace Baptist Church and serves as the Grenada County Economic Development District chairman.  Additionally, he is a board member of the Grenada Public Education Foundation, Inc., and former Treasurer of the Delta Council.  Mitchell is married to the former Beth Pinnix of Grenada, and they have one son, Matt (Leah), and a granddaughter, Emma Grace.  “There is an excitement and level of enthusiasm that exists from our Board on down,” Townsend said. “We are taking the best in true community banking and elevating it even higher.”

BELZONI – Hue Townsend, President and CEO of Guaranty Bank & Trust Company, reported the promotion of four team members. Townsend announced John M. Harmon has been named President of the Calhoun County office while Chuck Williams was named Regional President, Lynn James Vice President and Operations Manager, and Chris Herron Assistant Vice President and Branch Manager.

A native of Vardaman, John Harmon has more than 37 years of banking experience. He is active in the Calhoun City area and is a past president and current Board Member of the Calhoun City Rotary Club. He is also a Board Member of the Calhoun County Chapter of the National Wild Turkey Federation. He and his wife, Amy, are members of Midway Baptist Church in Vardaman and they have two sons, Jonathan Harmon and Hunter Harmon (Anna Grace).

Chuck Williams is a veteran who served with the Mississippi National Guard and has been in banking since 1971. He has most recently served as Senior Vice President of Guaranty Bank, specializing in Special Projects. He has also served on the American Bankers Association’s Rural and Agricultural Committee. Williams is a member of the Grenada Rotary Club. He is married to the former Kathy Bailey, and they have one daughter, Katherine.

Lynn James, a Belzoni native, graduated from the Mississippi School for Mathematics and Sciences and is also an honor graduate of the University of Mississippi. She has been promoted from Assistant Vice President to Vice President and will continue her responsibilities as Operations Manager. James is an active member of First Presbyterian Church in Belzoni and is the daughter of David James and Toni Shannon.

Chris Herron has been named Assistant Vice President and Branch Manager at Guaranty Bank’s Clark Tower location in Memphis. He previously served as Branch Manager and Personal Banker in that location. A native of Kosciusko, Herron earned his bachelor’s degree from Mississippi Valley State University and his master’s degree from Belhaven University.

“It is always a pleasure to acknowledge the good work and contributions of our employees through promotions,” Townsend said. “Our wealth of good people is evidenced by exceeding the expectations of our customers with respect to knowledge, responsiveness and personal service. I congratulate each of these individuals on their most recent accomplishments.”

Brad Branscone, Grenada Guaranty Bank President, discusses the banking experience at the new Grenada office and what it means to be part of the Grenada community.

Fall is often referred to as the other “New Year.” When kids head back to school, and the seasons change, it can feel like a fresh start. Similarly, to the first of the year, it is a great time to set new goals, or reevaluate the ones you already have and make sure you’re still on track.

Check your Emergency Fund

An emergency fund is typically considered to be 3-6 months of living expenses. Not necessarily 3-6 months of income, just however much it would cost to cover the basics for 3-6 months. The basics typically include housing, groceries, transportation, clothing and any medical needs. If 3-6 months of expenses feels like a lot to save, start small with what you can. Anything is better than nothing. If you have had to dip into an emergency fund recently, now may be a good time to think about how to replenish it.

 Check your credit report

You can pull your credit report for free (during the COVID-19 Pandemic, you can pull your report free weekly) at annualcreditreport.com. Assessing your score can be a great way to figure out your financial goals. If your score is on the low side and you want to work to improve it, you set goals around improving your score. You can also use this opportunity to check for anything that seems out of place. If you notice anything suspicious, make sure to report it right away.

 Pay off debt

If paying off debit is one of your goals, now may be a good time to make a strategy. Some people start with the debt with the highest interest rate, and some start with the debt with the largest (or sometimes even smallest) total sum. It’s important to find a strategy that works best for you.

 Update your budget

Summer is often the time when budgets fall by the wayside since there is a lot of fun to be had (no shame!). The turn of the new season can be a good time to assess where you are and consider your goals. There are several budgeting apps that can make this process easier to track.

 Set up Auto Pay

You can set up auto pay through Bill Pay in Online Banking. Auto pay can help ensure you never miss a payment deadline which, in turn can help you build your credit score. It can also help you keep records of payments.

 Check on your investments

Take the time to log into your investment accounts and see how they’re doing. You could also set up a meeting with a financial advisor to learn more about how to handle your investments. Maybe you have an old retirement account from a previous employer that you could roll over into a new plan. Take the time to assess where your investments stand, determine where you want to be and make a plan for how to get there.

Compare service providers

Now may be a good time to assess the cost of the services you pay for regularly like your cell phone, cable, internet, insurance, credit card, and more. You may be able to negotiate a lower rate with your current provider, or if not, you can shop around and potentially switch providers so you can secure a lower rate and create more room in your budget.

 Set goals for the coming months

Now is a great time to look forward to what you want to accomplish in the next season. Maybe you want to plan a winter vacation or are in the market for a new house. Consider everything from your big goals, to your small goals. Take a look at your budget and consider how you can rev up your saving in order to reach your goals faster.

Home improvement

Home improvement projects can be really fun and exciting, but they can also take planning and time. Fall can be a great time to launch home improvement projects. Maybe you need to prepare your home for colder months, or maybe you want to plan ahead and add some outside space for summer. Either way, fall is a great time to get started on planning and researching.

 Holiday shopping

Get a jump start on your holiday shopping. By thinking about your holiday shopping earlier in the season, you may have a chance to find deals for particular items. Make a list of everyone you want to buy something for, or just anything you want to buy in general, and begin scouting out items early. When the holidays roll around, you may already be done with shopping and you won’t have to worry about it anymore.

Financial goals can change regularly so it’s important to take the time to reevaluate where you stand and take stock of where you want to be. Ultimately, a little bit of planning and reflection can help you set yourself up for financial success in the long run.

GRENADA – Hue Townsend, President and CEO of Guaranty Bank & Trust Company, today announced that Chris Savage, CPA, has joined the bank and will serve as Vice President and Senior Portfolio Manager in its Grenada Office.

Savage is a 1986 graduate of Grenada High School and earned his Bachelor of Business Administration degree in Accounting and Management from Delta State University in 1991. He has been a Certified Public Accountant since 1993 and brings to the bank more than 18 years of financial management experience.

Active in the community, Savage serves on the Fireworks Committee for Thunder on Water and as a volunteer with Operation HOPE, an entrepreneurial and financial literacy community outreach program.

Savage and his wife, the former Beth Hobson of Holcomb, have two sons: Josh and Kyle. He attends Emmanuel Baptist Church in Grenada and is an avid crappie fisherman.

“The financial complexities our customers face each day require that we are staffed with qualified, experienced professionals,” Townsend said. “I am pleased to welcome Chris, knowing that he brings such experience, knowledge of the community, and a commitment to our brand of personal and commercial banking.”

Press Contact:
Meagan Grisham
Marketing Assistant
210 N. Hayden Street
Belzoni, MS 39028
meagan.grisham@gbtonline.com

Keep your personal information safe online

Keeping your personal information safe by maintaining vigilant cyber security is more important than ever. Scammers are always coming up with new ways to hack into your personal computer, phone, tablet or internet accounts to gain access to your personal information. There are several common strategies used by scammers so it is important to learn about them so you can protect yourself and your loved ones. Below are just a few tactics scammers take to get a hold of your personal information.

Phishing Scams
Phishing scams are when a scammer creates a fake email or web page that is designed to look like it’s from a legitimate person or organization. Typically, the email or web page will ask for personal information like your bank account information, Social Security number or password. If you receive a suspicious email, check the email address and review the content of the email for grammar, misspellings, or design issues. If it looks off, it probably is. Make sure to report it to your email provider, or employer immediately and delete the email.

Ransomware
Ransomware is a type of malware used by cybercriminals. Typically, it is used to freeze a computer, phone or tablet in order to steal important data while demanding that a ransom be paid. To avoid ransomware, don’t click on links or attachments in emails from email addresses you don’t recognize. Your best defense against these attacks is to keep your software up to date on all of your devices.

Charity Scams
Supporting organizations that help others is a great thing to do, but unfortunately, fraudsters have been known to take advantage of well-meaning people who are trying to support others. They may send fraudulent emails or set up donation pages that mimic a legitimate charity, or sound like they could be a legitimate charity. Before donating your hard-earned money, make sure to research the organization to make sure they are legitimate, and that they’re using the money in the way you want them to.

Bank/FDIC Scams
Unfortunately scammers sometimes also pretend to be bank employees. They may call you or get in touch via email or social media and falsely claim that they are making changes to your bank account. A legitimate bank representative will never call you to share this type of information. If you are suspicious of the person you’re talking to, reach out to your bank or financial institution right away.

Investment Scams
Many people invest in the stock market in order to get a return on their money. While historically, money often sees a return over a long period of time, there are scammers out there who make promises about helping you make a lot of money quickly. Investing in the stock market involves risk and returns are not guaranteed. You should be skeptical of anyone who promises big returns. Do not share personal information or access to your accounts with anyone who is not a trusted and legitimate advisor.

COVID-19 Scams
Unfortunately, since the start of the Coronavirus (COVID-19) pandemic, scammers have found new ways to scam people including offering fake treatments, fake test kits, medical supplies that don’t exist and more. Scammers have also attempted to go after the stimulus payments that many Americans received from the government. When it comes to COVID-19 information, make sure to get information from legitimate sources like the Centers for Disease Control and Prevention (CDC) or your state’s website.

To keep up with the latest scams that have been reported, you can visit StaySafeOnline.org for updates and information about how to keep your personal details safe on the internet. The Federal Trade Commission (FTC) is also a great source of information. They highlight the scam reports that they receive throughout the year so you can stay up to date on the latest tactics.

If you receive a suspicious email or if you suspect that you have been the victim of a scam, contact your financial institutions right away so you can begin to discuss a recovery plan. You can also contact the three credit bureaus, Equifax, Experian, and TransUnion to freeze your credit. You can also sign up for credit or identity monitoring services that can alert you if you have become the victim of a scam.

Back to school season means back to school supplies. New school supplies are always fun to get however, the long list of recommended supplies from teachers can add up quickly. Luckily, there are many ways to save money on your list, all it takes is a little bit of planning and research.

Assess what’s needed

Sometimes the lists are wish lists, not needs list. Think of your student and how they operate. Do they actually use white-out, or do they just cross out corrections on a paper? Will they need a hole punch, or does their teacher typically have one they can use? In some cases, you can eliminate several things on the list by being realistic about what your student actually needs. If school starts and it turns out they actually do need a certain item, you can always get it later.

Look through last year’s supplies

At the end of the school year, backpacks are likely to get tucked away with all of last year’s school supplies. Before going out to buy brand new supplies, consider the supplies your child already has. Can you get another year of use out of their backpack? Are their pens, pencils, and other supplies good for another year. It might take a little TLC to get them back into working condition (pencil sharpener, anyone?), but it could save you a lot of money to first take stock of what you already have.

Buy supplies out of season

The end of a school year, or early in the summer when no one is thinking about back-to-school season may be the best time to buy supplies. If you start scouting early, you may also be able to hit discounts throughout the summer.

Compare prices

Certain retailers may offer the same exact item for a cheaper price. It doesn’t hurt to do a quick google search to see what else is available. You may even be able to ask a certain retailer to price match the product.

Sign up for store emails and follow them on social media

Emails from retailers are likely the first place you’ll hear about discounts and deals. Sign up to receive their updates, and you can be on the lookout for good deals. You can also follow brands on social media like Twitter, Instagram or Facebook to get the latest updates on their sales.

Try using money-saving apps

There are apps like RetailMeNot or ShopSavvy that can help you find deals, discount codes, or that can quickly price match items for you.

Check the dollar store

Before heading to top retailers for school supplies, make sure to swing by your local dollar store. Often, they will have the exact products you’re looking for at a fraction of the price.

Buy used

Buying used can be especially helpful when purchasing electronics. Technology is used in the classroom more than ever before and it can be a huge expense. Visit websites like eBay or Craigslist or go to your local Best Buy or apple store to ask about refurbished products. You may also be able to find other supplies at thrift stores, like backpacks, clothing, shoes and more.

Try a supply swap

It’s likely that there are other people you know who are also trying to save money on supplies who would be open to a trade, or possibly even giving you hand-me-downs. Check in with your friends and family who have school aged children and ask them what supplies they may be willing to part with.

Tax-free weekend

Some states offer a tax-free weekend that typically falls in the summer. This can be particularly helpful for high ticket items like laptops, calculators and other technology. Check to see if your state offers a tax-free weekend and plan to do your shopping then.

Talk to your kids about a budget or ask them to contribute to their supplies

Many kids have an allowance that they are able to use to spend on items they really want. It may be reasonable to explain to them that you will help them buy the basic school supplies, but if they want anything extra on the list, like a new backpack (when last year’s works just fine), or new fancy erasers, etc. they can use their own money to buy it.

Ultimately, back to school is an exciting time and school supplies are a fun part of the process. It’s totally possible to buy supplies without breaking the bank, and still setting your student up for success.

Lessons to teach your kids financial literacy at home

Teaching your kids about 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.