Business Sense

Saving Time and Money With Remote Deposit

Wednesday, April 16, 2014
It’s smart business to find new ways to reduce operating costs and increase profitability. Companies that routinely receive payment for goods and services by check can now reduce the cost of transporting those checks to their bank and gain faster access to those funds by taking advantage of one of latest time saving business technologies: Remote Deposit Capture (RDC).

RDC is easy to use – you simply scan the checks using the equipment provided by your bank and the funds will be directly deposited into your account over a secure online connection. That means no more trips to the bank to deposit checks or standing in long teller lines, saving both time and money.

For more information about Remote Deposit Capture:


Remote Deposit Capture - A Primer


Understanding Multi-Layered Security in Online Transactions

Saturday, March 10, 2012
Do you conduct most of your banking business online? If so, you should be aware of the steps financial institutions take to protect their customers.

Under the guidance of the Federal Financial Institutions Examination Council (FFIEC), the banking industry has implemented sophisticated security systems such as “multi-layered authentication” to assist in the prevention of electronic fraud. This authentication process is the first line of defense against cyber criminals. Multi-layered security can be easily recognized. For instance, during an online transaction you may be asked to identify yourself in multiple steps such as inputting a username and password, followed by answering a security question.

The FFIEC is a formal inter-agency body empowered to prescribe uniform principles and standards to banks for online security. The FFIEC has been writing standards and making recommendations since 2005. Guidance currently being released includes several new areas of focus such as:

  • Improved risk assessment and research to monitor current and emerging threats, 
  • Implementation of enhanced multi-layered authentication for online transactions,
  • Increased customer education in all matter related to online fraud and the techniques deployed to protect their accounts.

For more information about the FFIEC guidelines and multi-layered authentication Click Here

New Years Resolutions for Small Businesses

Thursday, January 05, 2012

Like many of us, you may have made some New Year's resolutions regarding health, personal finance or family matters. But there is no reason why a small business shouldn't also resolve to make improvements.

In the New Year, it is the perfect time to make positive changes happen in your company. Some of the obvious issues important to small businesses are Cash Flow, Budgets, and Sales.

Cash flow should be at the top of every small businesses list of priorities. Not having enough cash at the end of the month to cover your expenses is a trap many entrepreneurs experience. They may think they have plenty of sales but don't plan for the possibility of not receiving payment in time to meet their expenses.

Budgeting is another area that small businesses often overlook. Having a sales plan is essential. Without a goal or direction you can easily run the risk of becoming complacent, making you vulnerable to competition.

We recommend the following article that highlights eight smart resolutions that small businesses can make in the New Year to improve their results for 2012.

Read More Here:

8 Financial New Years Resolutions for Small Business Owners >



NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS 

EFFECTIVE JANUARY 1, 2013

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit www.fdic.gov.


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