Why It's Important to Know Your Banker

Hey Siri! Find a banker near me who will listen to my financial needs…

Let’s talk about how important it is to have a relationship with your banker and banking benefits with a community bank. As a community bank, we must get to know our clients very well to best respond to their wants and needs. The more we know about your business, the better we can provide services and products that work for you. With our bank, you are genuinely valued and not just another account. A deep and genuine relationship is mutually beneficial. It is especially important in times of need.

Our Relationships During COVID-19 

This Covid-19 pandemic had a significant impact on businesses. Our customers relied heavily on Mabrey Bank to process their PPP loan requests. We are proud to say we processed over 930 loans in 2020 through the Paycheck Protection Program. Thanks to the strong relationships that were already in place, we were able to efficiently process these loans. The funds enabled businesses cash to keep people employed.      

If having a meaningful relationship is vital to you, there are several things you should look for when choosing a bank:

• First, make sure the banker takes time to listen and shows genuine interest in you, your business, and your industry.  
• Second, research the bank online to learn more about their core values and priorities. Asking others in the community about their experience can be a useful resource as well. 
• Third, look for a bank that is active in your local community and gives back. Because the Mabrey family and our team members live in the communities where we work, we are deeply committed to giving back to help our communities thrive.

We invest in over 100 nonprofit organizations every year through financial support and the time and talents of our team. Our ties to our clients help mold these relationships to benefit those that need help in our communities. Feel free to check out some of our team members in action in our communities.

If you would like to learn more about the benefits of developing a genuine relationship with a family-owned community bank, give us a call today.   

If your business processes credit cards or debit cards through a website shopping cart, the actual card cannot be swiped or dipped. That type of transaction is referred to as “card not present.” From a security standpoint, this type of transaction contains the most risk for you as a business owner.  So, what can you do to protect your business from fraud? While there is no perfect solution, you can implement some best practices to minimize your risk when processing credit cards and debit cards via a website shopping cart. Here are 10 ways to stay SECURE when accepting credit cards online.

1. Require full details from cardholder– Make sure your shopping cart requires full name, address, phone number, and email address. If the billing address is different from the shipping address, you should follow up with a phone call. If you cannot reach the customer, or the reason for the different addresses seems odd, you should consider not proceeding with the transaction.
2. Verify card information– Collect the account number, expiration date, and card security code. Make sure you include the expiration date and the card security code with your transaction authorization. If either doesn’t match or receives a negative response, you should cancel the transaction.
3. Authorize every transaction– Make sure you receive an approved electronic authorization for every transaction.
4. Don’t use voice authorizations– If you cannot obtain an electronic authorization, try again later. Avoid using voice authorizations because they can’t be used to help fight a chargeback.
5. Don’t force authorizations– If your electronic authorization is declined, request an alternative payment method. Do not force the transaction because you won’t be protected in case of a chargeback.
6. Use Address Verification Service (AVS)– AVS compares the billing address provided by your customer with the billing address on file with the card issuer. If there’s an AVS mismatch, you need to determine if a data entry error caused it. You should cancel the transaction and contact the customer.
7. Add other fraud detection tools to your shopping cart– Contact your gateway provider about their fraud detection tools. An example would be Velocity Filters that detect when the same card makes multiple purchase attempts within a given timeframe or when there are numerous purchase attempts from the same IP address.
8. Add a CAPTCHA code to your shopping cart– CAPTCHA codes help verify that the card is entered by a person instead of a robot or a program. http://captcha.net
9. Settle transactions daily– A daily batch settlement is an easy way to reduce higher transaction fees (after 24 hours your rate goes up!) and reduce disputes from cardholders.
10. Trust your instinct– A situation that seems too good to be true, or a customer placing a large order under odd circumstances, should raise a red flag and prompt follow-up questions. This is not to say that everything out of the norm is fraudulent. However, being proactive and asking questions when a situation doesn’t make sense can help minimize your risk of fraud or chargeback when processing cards online.

Want to learn more about pro-active ways to help reduce your risk, increase your savings, and grow your business, contact us today. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.

Contact Chris Morgan 918-293-1755

cardprocessing@mabreybank.com

It’s Never too Early to Start Teaching Your Child About Money

As soon as your child can count, start teaching them the recognition of coins and bills. You will also want to start explaining how different things have different values. You can do this at the grocery store or toy store. Many younger children are visual learners, so having hands-on experience with money can help them understand it better. 

Understanding the Concept of Needs vs. Wants 

Once your child reaches elementary school, this is an excellent time to discuss needs vs. wants, explain earning money from a job, use allowance or birthday money to spend, save, and donate.  You can use piggy banks, mason jars, or even cupcake wrappers to let them divide their money.  This is also a great time to take them to the bank with you to see the process and even open a savings account.  

Budgeting, Paying bills, and Informational Security

As they get older, you can discuss creating a budget and more in-depth payment options like checks, debit cards, payment apps, online purchases, credit cards, and even fraud.  Reinforce the ‘dangers’ or consequences of some choices, teach them to have a budget, even plan a budget for a mock day. Explain the importance of informational security, aspects like two-factor authentication on accounts, never sharing passwords, and never letting a friend know their pin. 

Money Management for the Teenage Years 

Once they are in high school, you should start discussing loans, their future needs and responsibilities, and how what they do early on will affect their credit and other things like getting a job, buying a house, getting insurance, and so much more. Reinforce the need for them to plan and have a budget for when they are on their own, including everyday needs, emergency savings funds, and future 401k options.  

By having these conversations often, you will build confidence in your kids when it comes to money and teach them skills that will benefit them throughout their entire life. 

Know Where You Are At

The first way to help you develop a good credit score is by knowing your current credit score. There are tons of free ways to check your credit score, like experian.com or freecreditscore.com. This is a great first step to understanding your credit score and any adjustments you may need to make.

Automate Your Payments 

Another way to help your credit score is by automating all your payments. One way to hurt your credit score is by missing payments or by paying bills late. Many institutions have ways of automating your payments so you can always pay your bills on time. If you bank with us, make sure you have your account set up to make automatic payments! If you don’t know how to set that up, check out our blog on how to get bill pay set up: (link to the blog about paying your bills online.) 

What is Your Debt to Income Ratio?

One way companies determine what to loan you is based on your debt to income ratio. The debt to income ratio is how much money you make annually and how much debt you have. Having a safe and secure debt to income ratio helps companies feel comfortable lending money. Companies generally consider a 30% threshold to be excellent for consumers, meaning no more than 30% of your income goes toward debt obligations.

If you need help identifying ways to help strengthen your credit score, feel free to contact any of our Mabrey Bank employees!

By now, you have most likely heard about digital wallets or have seen merchants have the option to pay with a digital card. You can add these digital tenders to your phone’s digital wallet. Depending on what phone you have, these digital wallets may be called something different.

Types of Digital Wallets:
By Apple: Apple Pay
By Google: Google Pay
By Samsung: Samsung Pay 

Now that you are familiar with some of these digital wallets let’s teach you how to add your Mabrey Bank debit card to your digital wallet. The good news is that this process only takes a few steps! 

For iPhone: 

1. First, launch the Wallet App. 
2. Click the plus sign located in the upper right-hand corner of the screen. 
3. When choosing Card Type, select “Credit or Debit Card” (This should be the first option) 
4. Add your card by either scanning your card with your phone camera, or you can manually type in your card number. 
5. Finally, complete the onscreen instructions to complete the process. 
6. To use Apple Pay, hold your phone near the wireless reader at the register. Then lock your iPhone, use your thumb to double click the home button while the phone remains locked. This will bring up a prompt for you to use your Thumbprint, Face ID, or passcode to confirm your Apple Payment. Once confirmed, this action will send you a digital receipt, and you can be on your way! 

For Android: 

1. First, Launch the Google Pay App. 
2. Next, select the “Add a Credit or Debit Card” button at the screen’s bottom. 
3. Select the “Add a Credit or Debit Card” to bring up the prompt to add your card. 
4. You can use the camera to scan your credit card or manually enter your credit card number. 
5. Finally, complete the onscreen instructions to complete the process. 
6. When you are ready to pay in-store, open your digital wallet app and hold your phone near the wireless reader near the register. Depending on your security settings, you will need to authorize this transaction with Touch ID, Face ID, or a passcode. 

Not only is adding a card to your digital wallet easy, but it is also more secure than traditional payment methods. Sometimes we may be afraid to use technology because it may seem easier to “hack.” However, digital wallets use authentication such as a passcode, face ID, or touch ID to access. Digital wallets also use tokenization, which is the process of turning a meaningful piece of data, such as an account number, into a random string of characters called a token that has no significant value if breached. If a retailer is hacked where you have used your digital card, your card number will not be compromised. Here at Mabrey Bank, we always want to make sure our customers feel safe and that their money is secure. If you have any questions about how to set up your digital wallet, please contact your local bank branch.

Update Your Computer

Make sure all your routers and access points are up to date. If you are not sure what to check,  your IT department or internet provider can help. Contact them and ask if they can assist you in assessing your cybersecurity strength. Also, ensure your computer is on the latest version of software available. 

Keeping Your Accounts Safe

Whether you are running a business or working from home, the technology requires passwords to keep your information safe. Strong passwords should contain numbers, letters (both upper case and lower case), and symbols. If you still feel unsafe using passwords consider using a passphrase. Passphrases are generally longer and should contain numbers, letters (both upper and lower cases), and symbols. If given the option to implement two-factor authentication, you should always try to use this. It adds an extra layer of security, and while it may seem inconvenient at times, it can save you from losing valuable information. 

Hackers Don’t Care Who You Are

Hackers are in high gear targeting the influx of employees now working from home. Business email scams are at an all-time high. Whether you are working remotely or in the office, never underestimate the power of email phishing, that’s phishing with a PH, which means someone may be trying to get your username and password, account information, social security number…you get the idea.  Employees directly involved with accounting or finance, especially those who approve and generate wire transfers, are prime targets, but they don’t just pick on them; hackers will go after anyone.  The only safe way to verify email requests is by calling the sender. It’s better to be safe rather than sorry. If you need more information on informational security, head down to your local bank or see us at Mabrey Bank, and we can provide you with more tips and tricks! 

So How Do You Get Started? 

Step 1: Identify Your Goals

What are you trying to achieve? Are you trying to pay off debt, save for retirement, or maybe stop living paycheck to paycheck? Identify what you would like to tackle. Remember, if it seems overwhelming, try to break it down into smaller, more manageable goals. For example: What can I do to pay down my debt by $1,000 in the next five months? 

Step 2: Determine Your Income

Once you’ve identified your goals, determine how much total money you have coming in. Remember this should be after any deductions you have: taxes, social security, 401K, etc. This will be the net cash coming to you. 

Step 3: Know and Track What You Spend

Next, you will need to track your spending. This will be your fixed expenses, things like regular monthly bills, rent or mortgage, car payments, credit card bills, housing expenses, childcare fees, etc. Record your daily spending with an app! Mint Intuit, PocketGuard, and Clarity Money are some free apps that you can use to track your spending. Or go the old-fashioned route and track your spending habits with pen and paper. 

Step 4: Develop a Plan

Total up your required payments after you’ve tracked them. Take this total and subtract it from the net cash coming into your account. The amount that you have leftover is yours for discretionary spending. (Discretionary means the money you’d use for extracurriculars, shopping, eating out, etc.) 

Step 5: Adjust Your Spending Habits

By documenting your income and spending, you can determine if you have money left over or where you need to cut back so that you can put money towards your goals. 

Finally: Keep Checking In 

You must continue to review your budget regularly so that you stay on track. Your financial roadmap will help keep you on a path to obtaining your financial goals. And remember, small savings or adjustments to your spending habits can add up. You may be surprised by how much money you can accumulate by making small adjustments.