Mabrey Bank Donates $20,000 to Bixby Educational Endowment Foundation

Since 1985, Mabrey Bank has contributed to a matching challenge with the Bixby Educational Endowment Foundation (BEEF) in partnership with Bixby Public Schools. Started by former bank president George L. Brown and the then-named Citizens Security Bank, the donation has matched through BEEF’s annual donation drive – the Century Club. Mabrey’s challenge has always been met, allowing the bank to support its hometown teachers and students for decades through the Foundation, which awards Teacher Grants and Scholarships for Bixby’s graduating seniors.

When it started 38 years ago, that matching contribution was $10,000 and eventually grew to $15,000, where it has remained for the better part of 20 years. On Thursday night, Mabrey Bank was recognized as a “Spartner” of Bixby Public Schools and was excited in return to surprise the Bixby Educational Endowment Foundation at the Bixby School Board meeting by increasing its gift to $20,000.

Representatives from Mabrey Bank, including BEEF Board members Carlisle Mabrey IV, Pam Phillips and Erin Melton, were on hand to present the donation to Bixby Public Schools Superintendent Rob Miller.

“For 38 years, Mabrey Bank has worked hand-in-hand with the Bixby Educational Endowment Fund to support and partner with the teachers and students at Bixby Public Schools,” said Carlisle Mabrey III, Executive Chairman for Mabrey Bank. “Bixby has been the home of Mabrey Bank for almost a century and throughout the decades, we have been proud to invest back into the next generation of leaders, right in our own backyard. We love seeing how our support impacts our teachers and students and are excited to increase our contribution towards this matching challenge.”

Last year, over $209,000 was awarded to teachers and graduating students. Teacher grants for this school year included a wide range of classroom materials from musical instruments, praying mantis incubators, a weaving loom, block printing press, wheelchair swing, gym equipment, classroom novel sets, a wood workbench, and aqua sprout gardens to Lego, math games, and engineering centers. Grants were awarded across all of Bixby’s campuses from PreK to High School.

With seasonal spending in full force leading up to the Holidays, now is the perfect time to talk about Overdraft Fees. We know accidents happen and rarely does anyone mean to overdraft their account. To help you make sure you are doing everything you can to avoid paying any unnecessary fees, we sat down with our Sr. Operations & Trust Officer, SVP, Kim Ganus to learn more about Overdraft Fees.

Kim has been at Mabrey Bank for 31 years working in both Treasury Services and Operations and is one of our many financial experts at the bank. Let’s see what she has to say on Overdraft Fees.

1) What are Overdraft Fees, and why do banks put them in place?  

Overdraft fees occur when you don’t have enough money in your account to cover your transaction(s). In general, for one-time debit card transactions at ATMs or merchants, consumers must opt-in or agree up front that the bank can charge an overdraft fee for any debit card transaction that overdraws the account.

If you don’t opt-in, you can’t be charged a fee. However, banks may then refuse your transaction if it will overdraw your account. While all banks’ overdraft fees are different, ours at Mabrey Bank is $32.95 each time an item is presented for payment. Those fees can add up quickly, which is why it is very important to stay on top of your accounts.

2) What are NSF (Non-Sufficient Funds) Fees? 

While you have a choice to opt-in or opt-out of overdraft coverage for non-recurring debit card transactions, this does not apply to Checks or ACH (Automated Clearing House) transactions such as a direct payment or bill pay services. If you write a check or have an ACH transaction for more money than you have in your account, a bank may not pay the item, but you will still be charged an Non-Sufficient Funds Fee of $32.95.

Sometimes the merchant or business collecting the payment may send the purchase through more than one time to the bank. Then, the bank could charge an Overdraft or NSF Paid and Return Item Fee each time the item is presented for payment. However, both would never be charged for the same payment.

While the mechanics between Overdraft and NSF Fees can be a little confusing, the most important thing to remember is that you will be charged a fee if your bank allows you to overdraft your accounts.

3) What are the most common reasons people overdraft their account?

Honest mistakes happen sometimes but keeping a close eye on your account balance will help you avoid charges for overdrawing your account. Remember to check your balance frequently, at least once per day.

Because it can sometimes be days or weeks before checks post to your account, an outstanding check could overdraft your account if you aren’t careful. Making sure there is enough money to cover all outstanding checks will prevent an accidental overdraft from a delayed check or payment.

By checking your balance often, you should be alerted quickly to any fraudulent activity on your account. A fraudster could incur Overdraft Fees on your account by overspending your balance. If it’s proven that fraud was committed and you were not at fault, those Overdraft Fees would be reversed.

4) What are ways you can protect yourself against Overdraft Fees?

Using Mabrey’s Digital Banking product (online or mobile banking) to check your balance is the best first step to always ensuring you are informed of your account balance. Mabrey allows you to set-up balance and transaction alerts to receive a text notification based on specific criteria you set. For example, you can set an alert if your checking account balance falls below $100.

Mabrey Bank also offers 24/7 Bank by Phone where you can check your balance and hear a listing of transactions.

5) How does Mabrey Bank make it easier for you to avoid Overdraft Fees?

Mabrey Bank offers “sweeps” to its customers which allows the bank to link your Checking account to your Savings, Money Market, or a different Checking account. This way, in case you do overdraw your checking account, we automatically transfer funds from the linked account to cover the shortage, assuming you have sufficient funds in the linked accounts. We offer this service free of charge on personal accounts.

Sometimes mistakes happen, so Mabrey gives you a little cushion for those rare instances. We will not charge a customer on a personal account an Overdraft Fee if the overage on the account is $25 or less. Also, we don’t want our customers to feel like they are being nickel and dimed, so no Overdraft Fees will be incurred for a purchase that is $10 or less.

If you have any questions about Overdraft Fees, give us a call at 888-272-8866, and we would be happy to assist you.

Walking across the graduation stage in 1966, Carlisle Mabrey III grasped a University of Oklahoma diploma commending a degree in History. It was a hard-earned degree for Mabrey given that state history wasn’t taught in Oklahoma high schools during the late ‘50s and early ‘60s when he was a student at Okmulgee High School. Yet, that interest in History lay dormant as Mabrey’s path took him in a different direction.

A post-graduate Law degree led Mabrey to military service in the Air Force JAG corps, and a career in Banking saw Mabrey work his way up to take charge of the family business with Mabrey Bank. Fifty-six years and a lifetime full of accomplishments later, the undergraduate History degree remained nothing more than a memory and a wall decoration for Mabrey until a call from the Governor’s office earlier this year.

A spot was opening on the Board of Trustees for the Oklahoma Historical Society, and Governor Kevin Stitt thought Mabrey would be a good fit due to his relationship with other board members and his long career in local business. While he didn’t realize it until after receiving the appointment, the opportunity came at the perfect time for Mabrey, and it instantly reignited the strong interest in the history of Oklahoma.

“I wasn’t serving on any Board at that particular time,” said Mabrey. “The call from the Governor’s office came when I was maybe looking for something like that. I talked to my wife, Ellen, and she said she thought it was a perfect fit with my natural interest in history. I actually had a chance to thank Governor Stitt in person [at the annual Boots, Bandanas & BBQ event in October]. We had a nice 10-15-minute conversation.”

At Pawnee Bill Ranch and Museum in Pawnee, Okla. during last month’s quarterly OHS Board meeting, Mabrey III was officially sworn in as a Board Member. It was a fitting locale for Mabrey, who is discovering and re-learning the stories and intricacies of Oklahoma history. The Board met at Pawnee Bill’s Big Barn, once a stable where Gordon William Lillie, also known as “Pawnee Bill”, kept his horses for his “Wild West” touring shows.

The Museum is one of several sites throughout the state that the OHS has either built, maintained or preserved through its efforts to showcase and teach Oklahoma history. As a member of the OHS Board, Mabrey not only will help the Society secure and distribute funding for its current sites and projects across the state, but also hopefully spark a passion of history in others.

“I am just very interested to find out about these historical locations across the state,” said Mabrey. “Pawnee Bill’s Museum and Ranch has such an interesting history, and the site is well done. But Pawnee by itself can’t raise enough money to keep that going. The Historical Society’s funds are stretched to do everything it wants to do. I think some of our efforts will be trying to help secure more funds from legislature to add more places that preserve our history, but we also need funding to manage what we have right now.”

Part of preserving the state’s rich history is digitizing it to make it easily accessible to all. It’s a massive undertaking for the OHS and is still a work in progress. In its current state, “The Gateway to Oklahoma” has over 4 million files now accessible and has been used over 10 million times since its launch in 2012. Newspapers, magazines, photographs, maps and documents all are free and available through The Gateway.

“[Preserving history digitally] was one of our agenda items at our last meeting,” said Mabrey. “The Historical Society talked about how much that they’ve done, and of course it takes time and money to keep doing it. But, what it does is it makes all that history accessible to anybody, anywhere. Before you had to go to the Historical Society and dig through paper records to find what you wanted. The Historical Society is dedicating quite a bit of resources and time to continue doing that. Hopefully, it can be a deal where all of that history on Oklahoma is available to people worldwide.”

While Mabrey works on getting his feet wet and contributing to the Historical Society, he and his family have played a part in writing and shaping Oklahoma history as well. A quick search for “Carlisle Mabrey” on The Gateway shows 43 matching results across 11 different decades, a testament to Mabrey being the third in his family lineage to carry that name. It’s more than just mentions in newspaper articles however, Mabrey has served the state and its citizens through his work on several banking Boards, as a former chairman of the United Way, a trustee at Philbrook Museum and now on the Board at the Oklahoma Historical Society.

On the local government side, Mabrey followed in his great-grandfather’s footsteps to become the mayor of Okmulgee and oversaw the city’s efforts to restore the Creek Council House, a National Historic Landmark which is now run by the Muscogee (Creek) Nation as a Museum. To Mabrey though, the history of Oklahoma is more than just the physical monuments that are left behind.

“We tend to mark what has happened in our state with museums or markers, and we all enjoy using those to learn,” said Mabrey. “But, I want to make sure we preserve what really matters. It’s the people. When we travel and meet people who have been to Oklahoma, they all say how amazed they are by how friendly and accepting the people in Oklahoma are. That we respect all people and preserve that. I think that’s an Oklahoma trait.”

That mindset shows how Mabrey views his legacy. As the patriarch of a family with a last name and a business that is so intertwined in the annals of Oklahoma, Mabrey sees the value in ensuring more than just history is passed down.

“My wife and I have always felt like our legacy is our children,” said Mabrey. “That’s where a little part of you lives on. It was always important to us to rear our children properly. That’s our real legacy. The buildings, the bank, all of that is fine, but what people will remember of us is through our children, and my wife has been a wonderful mother.”

Each generation of Mabrey carries that legacy through their work at Mabrey Bank. For nearly 100 years, the bank has been a vital resource to the people of rural and urban Oklahoma. The friendly faces and warm experiences customers remember when visiting a Mabrey branch are a direct by-product of the culture and commitment that the Mabrey family has installed through the more than 270 Team Members which call working at Mabrey Bank a career.

“Building a business like Mabrey Bank takes so many people,” said Mabrey. “We have been lucky to have hired so many great people, and we have been fortunate they have stayed with us. We try to give them the tools and freedom they need to do their job properly, just like with our kids. You give them roots, and you give them wings. We have tried to do that with our employees. That’s our other legacy with the bank – having a workforce and associates that people in our communities know, respect and enjoy.”

Fittingly, while Mabrey sets his sights on Oklahoma’s history with the Historical Society, he has also contemplated doing the same with his own history. After a distinguished career incorporating military service, law, politics and banking, Mabrey has begun to also look backward rather than only forward.

“My focus has always been on ‘what are we going to do tomorrow,’ instead of ‘what did we do yesterday,’” said Mabrey. “While history is very important to me, I never have spent a lot of time looking back. After semi-retiring, some people have suggested I write a book about the history of the family and the bank. That’s the first time I thought much about that, so I may be reflecting on that when it comes time to write, because I have always enjoyed writing.”

Until that time comes though, Mabrey will be hard at work putting his History degree to good use with the Oklahoma Historical Society. Whether its learning more about Pawnee Bill’s Wild West shows or diving into the settling of Oklahoma through the land runs of the 1800s, Mabrey is enjoying his new position as a Board Member for the OHS.

“There is no other state like Oklahoma,” said Mabrey. “It has been a wonderful place to live and rear a family.”

With holiday shopping likely starting soon (or for some already in full swing), it is a good time to check in with one of our Mabrey Bank experts on some tips to spend smartly during the Holiday Season.

We chatted with Pam Been, the Branch Manager for Mabrey’s Bixby North location on Memorial Dr. Pam has been with Mabrey Bank for more than 16 years and has worked in the banking industry for over 30 years. Needless to say, she knows a thing or two about how to be smart when managing your money.

Let’s jump right in.

1) Spending more around the holidays is often inevitable, what are some common financial issues that you see consumers run into around the holidays?

I think many consumers, including myself occasionally, are guilty of some of the same basic mistakes around the holidays. I am one that unfortunately often waits until the last minute to shop, and I miss out on potential sales. However, just because something is on sale, doesn’t mean you should necessarily purchase it. While you might be saving money on the full price of the item, don’t forget that there is a real cost to that item as well.

It’s important to always plan and set a “ceiling” for what you are willing to spend as a total over the holidays, as well as per person you are shopping for. Using too much credit to purchase gifts, or counting on a bonus that may or may not come, means that you run the risk of overspending and not being able to afford what you are actually buying. Organize in advance and make family decisions when shopping to avoid these spending pitfalls.

2) When holiday shopping, what are some ways to spend smartly and get the most bang for your buck?

You can spend smartly by shopping for sales, especially ones leading up to December. Keep a look out for the Black Friday and Cyber Monday sales following Thanksgiving. Thanks to online shopping, you don’t have to wait in line all night anymore and can take advantage of deals from the comfort of your home.

If you are extremely organized, you can also shop the “after Christmas” sales and put some inexpensive items back for the following year. It is a great time to catch small gifts, such as candles, to keep on hand for those unexpected gift needs which inevitably pop up every year.

Finally, certain credit cards will offer rewards, such as travel miles or cash back, which can be used to help offset future costs on a trip or large purchase. Spending smartly comes down to planning.

3) Obviously, getting gifts often costs money, but there are other costs associated with the holidays that can be forgotten. What are some of those “forgotten costs” that are good to remind people about this time of year and how can those be budgeted for?

I sometimes see customers who plan well for buying gifts but forget about all of the other costs that come with the Holiday Season. Consider any traveling you will be doing – airfare, lodging and gas, plus food, drinks and desserts for those holiday family get-togethers.

Holiday decorations aren’t cheap. Many choose to pay to have their homes lit up for the season – a cost that is often significant. Both real and fake Christmas trees are three figure costs, as is that nice restaurant you go to every year to celebrate the holidays.

Take a look this year at what you normally spend around the holidays, portion that amount out, and set up an AFT (Automatic Fund Transfer) with Mabrey Bank to transfer small amounts per pay period into a Savings Account based on how you budgeted. Make sure you do not allow online or ATM access to it, so that you cannot touch it easily. This will allow you to save a little bit every month without really missing it, which always make it easier to save. It will build up quicker than you think.

4) While it might be too late for some this year, what are some creative ways to make sure you are prepared for next year’s holiday season?

If you do get a year-end bonus, consider setting up a six-to-nine-month CD (Certificate of Deposit) with that bonus, so your money can earn interest. You will not only have that bonus tucked back for the next years’ expenses, but you will also have that interest as a reward for your patience.

Or, if you do get a bonus, you can use that to pay down any credit card debt you may have incurred at the holidays. Making a large payment, or paying it off entirely, will ultimately save you a lot in interest that can be spent over the holidays.

5) What are some lessons or takeaways you want people to have when it comes to spending around the holidays?

People tend to overspend because they want to give and make people, especially children, happy with gifts. Spending time with family and friends around the holidays can be just as valuable and create that sense of joy we all want to provide to others. You can also do a “theme” of handmade gifts, instead of expensive, extravagant gifts. This allows everyone to possibly showcase a talent of their own, such as art or creativity. These will be very meaningful and priceless gifts to your loved ones. It isn’t about how much money you spend; it’s about sharing experiences with those you love.  

Teach your children it is better to give than receive and have them volunteer with you during the holidays, such as at a homeless shelter serving meals. They will see that not everyone receives gifts and spends money at the holidays, but they can still do something to feel good and that is rewarding to them.

In this day and time, we would all be well-served to go back to the basics of family and joy at the holidays, instead of spending so much money.  

Starting today, Mabrey Bank customers (or future customers!) can come to either of the Bixby locations to earn a potentially valuable ticket. Mabrey is once again participating in the annual “Buy Bixby” promotion, put on the by the Bixby Chamber of Commerce, to encourage local shopping around the holiday season.

Many local Bixby businesses, including Mabrey, will be distributing entry tickets starting now through Dec. 8 for entries to win prizes, including a grand prize of $10,000, which will be announced after the Bixby Christmas Parade on Dec. 10 at Charley Young Event Park. Customers can earn tickets through Mabrey by performing transactions, opening a new account or taking out a loan.

Ticket details:
??5: Make a transaction in the lobby or drive-thru (one per visit)
??25: Open a new account
??50: Take out a new loan

Come into a Bixby location and start earning your tickets.

For more information on Buy Bixby and other businesses participating in the promotion, click here.

Growing up exploring the outdoors of Oklahoma, Mark Mabrey thought he had a good feel for what the state had to offer in terms of wildlife and terrain. A lifetime spent hiking, hunting and fishing had taken Mabrey all across his home state, from the plains of the panhandle to the scenery of Green Country. Yet now, after a few months in his newly appointed role as an Oklahoma Wildlife Conservation Commissioner, Mabrey is discovering a fresh appreciation for this neck of the woods.

“It’s pretty amazing the different landscapes Oklahoma has,” said Mabrey, who serves as Mabrey Bank’s Market President, SVP for Okmulgee. “I felt like I had been all over Oklahoma in the past, but from the panhandle all the way down to Hochatown…the uniqueness of the landscape I’ve seen in the last two months in Oklahoma has been really impressive.”

Earlier this month, the Commission met at Beaver’s Bend State Park, in part to view the modest American alligator population inside the region’s wildlife management areas. It was Mabrey’s first time there, and it delivered just another example of the possible relationships Oklahomans can have with nature.

“There’s such a wide range of wildlife opportunities that I have really been intrigued with,” said Mabrey. “Whether that’s for birdwatchers, hunters or even butterfly viewing groups, I’m getting a good feel for how much work goes into managing those wildlife areas for the public to access.”

While recent trips around the state have been eye-opening, the role of Wildlife Conservation Commissioner is anything but for Mabrey, who was selected for the District 2 seat after his father, Bruce, had served in the same role for the last 20 years. The succession within the Mabrey family was no given, however, as friends had to convince Mabrey to even apply and petition for the state-appointed role.

Paperwork and interviews with the Oklahoma Secretary of State and Chief of Staff to Governor Kevin Stitt followed. Finally, a Senate recommendation from Senator Roger Thompson, appointment from the Governor’s office and confirmation from the State Senate officially established the younger Mabrey to follow in his father’s footsteps.

“[The Commission] is something that has always interested me, and I have a passion for wildlife like [my father] does,” said Mabrey. “Dad and I have a really good relationship, and I am super proud of that. He and I would discuss things [when he was on the Commission], and he would get my opinions on different ideas. I was privy to wildlife management rules and regulations since Dad was in the trenches.”

‘Trenches’ is an apt term for how the Commission serves the state to preserve and grow the wildlife areas and the species which live there, while also growing the hunting and angling community to care for that land. It’s a delicate balance for Commissioners, who serve eight-year terms, meeting monthly to help govern the Wildlife Department’s operations and financial transactions – doing it all in an unpaid capacity. Ultimately, it’s a challenge that Mabrey welcomes as a new Commissioner.

“There are so many opportunities for hunters and anglers and even birdwatchers in Oklahoma,” said Mabrey. “Elsewhere lease and land prices have taken away from the ‘Average Joe’ getting to hunt and fish. With the Wildlife Department managing its lands as well as they do here, it increases accessibility for Oklahomans to get out and see and hunt and fish. Our Wildlife Management areas are open to the public for their use.”

Mabrey has a unique perspective on it all, as one of just two current Commissioners under the age of 40. While spending time learning about the role from his dad, the younger Mabrey is looking to help outdoor exploration appeal to the next generation. Education about the conservation of wildlife can start at a young age – even in this era of comfort and digital screens.

“I think the biggest threat right now to hunting and fishing is the accessibility to young people,” said Mabrey. “It’s very important that we promote opportunities for young people to get outdoors. It’s so easy to spend your time doing other things on your iPad, TV, Social Media – so easy just to not go out and explore.”

Those comments aren’t unfounded. Some troubling trends have been developing for years amongst that next generation of hunters and fisherman. While the state of Oklahoma has been amongst the best in the U.S. in overall licenses sold, the average age of those purchasing hunting and fishing licenses across the nation is rising.

“Hunters and fisherman are the true conservationists,” said Mabrey. “They give more back to wildlife agencies. That is a big key to maintaining healthy wildlife populations. Getting parents involved with their children is of utmost importance for our wildlife agency over the next several years.”

However, because of the work of the Wildlife Conservation Commission, Mabrey is confident in a bright future for all outdoorsmen and women in the state of Oklahoma. Despite his representation over the District 2 area, Mabrey is firmly invested in seeing all habitats in Oklahoma grow and flourish under his term on the Commission.

“There are just so many opportunities here,” said Mabrey. “Oklahoma has so many game and fish species. I probably love the habitat process more than the actual hunting. From bear in eastern Oklahoma to elk in the Wichita Mountains and the panhandle areas, quail, pheasant, deer – I would put Oklahoma as being as diverse a wildlife state as any state out there.”

Links and video of podcast episode below.

TULSA – What do NFL star Wes Welker, America’s Got Talent winner Darci Lynne and BMX athlete Mat Hoffman have in common with Mabrey Bank’s own Scott Mabrey and Carlisle “C4” Mabrey IV? All are Oklahomans who have been featured on the acclaimed This Is Oklahoma podcast, hosted by Mike Hearne.

Scott, the CEO of Mabrey Bank, and C4, its COO, joined Mike as featured guests on a recent podcast episode to talk about the history of Mabrey Bank and the generations of leadership by the Mabrey family, what the name ‘Mabrey’ means to the state of Oklahoma, and what the future of the bank could hold. The brothers shared stories not just about banking but also about high school football, golf, paper airplanes and the culture being built at Mabrey Bank.

“These are the stories I really enjoy telling,” said Hearne. “Generational family businesses that the state of Oklahoma will recognize. The Mabrey’s story is one that hasn’t been told on a podcast before. Especially having C4 and Scott on there, two brothers who can tell great family stories.”

Hearne, a Wales transplant who came to the U.S. to play college golf, started the ‘This Is Oklahoma’ brand in 2017 as an Instagram page to share photos of the beautiful Oklahoma landscapes and sunsets. It morphed into a podcast in 2018 when Hearne was looking to market to clientele to help his real estate business get off the ground. Quickly, Hearne realized that the podcast could be so much more than that.

“When I started recording and met people and sat down for an hour to hear their stories, I just didn’t feel comfortable putting a cheesy real estate ad in front of someone’s incredible story,” said Hearne. “So, I made the decision that there would be no real estate ads on the podcast. I realized that I may not be in real estate all my life, and I wanted the episodes to be timeless so that people can listen to them whenever.”

In a little over four years since, Hearne has crisscrossed the state, recording more than 450 podcasts with government officials, chefs, YouTubers, pro athletes, businessmen and women, and countless others, slowly telling the story of the state of Oklahoma. Now he’s starting to get recognized for his work on the podcast.

“In those moments, I feel like I am doing something right,” said Hearne. “When the Oklahoma Hall of Fame came on as a sponsor, that was kind of the first moment of success for me. Since, it’s been moments where I meet someone and they tell me, ‘Yeah, I listen to your podcast.’ I know I am on the right path.”

That path led to Mabrey Bank as Hearne, a resident of Oklahoma City, sees the bank’s newest branch regularly as he drives on the John Kilpatrick Turnpike. The art installation that serves as the bank’s centerpiece in the branch caught Hearne’s eye. So much so that it led to him looking up Mabrey Bank online.

“I drive by the bank and see the art piece [in OKC] on the way to the golf course every day, and that was when I first initially saw the name ‘Mabrey,’” said Hearne. “When I started doing some research, I found out so much about the family’s history. It wasn’t hard to sit down for 45 minutes and chat about the Mabrey family – I probably could have listened to [Scott and C4’s] stories for hours.”

The ‘This Is Oklahoma’ podcast episode featuring Mabrey Bank is now available across all podcast platforms through the including Spotify, Apple Podcasts, Stitcher and more. A video version of the conversation is available to be viewed below.

Spotify: Listen Here
Apple Podcasts: Listen Here
Stitcher: Listen Here

Welcome back to the “Know From a Pro” series, a monthly 5-question Q&A where the editorial team at MabreyBank.com sits down with an expert in the field to chat about a relevant and timely financial topic. If you missed the first article in our series where we talked “Rising Interest Rates,” you can find that by clicking the link here.

October is Cyber Security Awareness Month and with digital fraud and cybercrime prevalent in today’s society, we sat down with Mabrey Bank’s Chief Information Security Officer Pam Phillips to discuss the do’s and don’ts of keeping your money safe and secure.

1) We live in an era of digital fraud and cybercrime – especially as it relates to personal bank accounts. What are some ways to stay safe online?

While cybercrime has never been more prevalent, many websites give you the option to make your accounts, usernames and passwords as secure as possible. I tell people to #BeCyberSmart. Always enable two-factor or multi-factor authentication whenever possible. This gives your account an extra layer of protection since it requires an extra form of identification. A cybercriminal might be able to figure out your password, but would be hard-pressed to replicate the answer to a security question or guess a six digit code texted or emailed to you.

A couple more tips include using strong passwords, pass-phrases and/or a password manager. Be sure to keep your software up to date on all of your digital devices as outdated software makes accounts less secure.

2) Over 70% of Americans have at least one social media account and many have several, including Facebook, Instagram, Twitter, Snaphat, TikTok, etc. Why should social media users be careful about what information they are putting on social media?

More and more, we are sharing all aspects of our lives openly on social media. While it is fun to keep up with your friends and loved ones, be careful of who can see what on your profiles. Only accept friend requests from people you personally know. Think before you post, and always assume that someone could see your post whom you don’t know.

The more personal information you share and the more frequently you post, the easier it could be for a hacker to use that info to steal your identity, access your data or commit other crimes, such as stalking. Even posts showing yourself on vacation can alert others that you are not at your home, which could lead to a robbery.

3) Often, cybercriminals will use less sophisticated methods of trying to obtain a customer’s information – like via a phone call. How can customers expect the bank to contact them if there is a question about their account?

Mabrey Bank will contact its customers by both phone or email. However, never assume this is the bank without verifying first. Phone numbers can be spoofed to look like the call came from the bank, and an email address can be slightly altered to trick a customer into thinking it’s an official bank email. Look for warning signs such as misspellings in emails or someone telling you that there is a “lost” piece of information they need you to confirm. If you ever have any doubt if it is actually the bank attempting to reach you, call the main Mabrey Bank phone number at (888) 272-8866 and speak with one of our in-house Customer Service representatives.

4) If a customer feels like their account or personal banking information might be in jeopardy, what are immediate steps they should take to secure their accounts?

Immediately change your online banking password to something complex and ensure that all of your contact information associated with your account is correct. Contact your financial institution for expert guidance as cards or accounts might need to be closed or temporarily frozen. Keep a close eye on all of your accounts for fraudulent activity, and if you notice anything amiss, always report it to your bank as soon as possible. An immediate response to fraud might make all the difference between a few dollars or several hundred being stolen from your account.

5) What recommendations do you have for customers to get ahead of digital fraud and prevent their personal information from being used by others to access their accounts?

You are an active line of digital defense between your money and those looking to steal it. Never share your digital banking username or password with anyone, even close family or friends. Once that information is out there, it is out of your control. STOP, LOOK and THINK before clicking on a link in an email or text, opening an attachment or divulging sensitive information over the phone. Even if it takes a little bit of extra time, it is always worth it to verify who you are giving your information to and how it will be used.

Sometimes, you can do everything correctly and your information or account can still be compromised due to a leak of personal information by a business or organization. However, if you stay vigilant and use secure passwords for accounts, you stand a good chance against cybercrime.

For more than 20 years, Mabrey Bank’s Director of Marketing, SVP Lisa McLarty has been giving back to the Tulsa community through the Tulsa Area United Way. From an intern in college all the way up to her current role as Collaborations Chair on the Board of Directors, Lisa has had a career full of service to the TAUW and its partner agencies.

The Tulsa Area United Way supports the community by investing back into programs and services that strengthen the resources for its citizens. In 2021, TAUW raised over $25 million to give back to these programs thanks to the generosity of over 23,000 donors. Count Mabrey Bank amongst those contributing to the Tulsa Area United Way as the organization hosts an annual employee campaign. Last year, the bank’s campaign contributed more than $96,000 from its Team Members.

Those wanting to serve or donate to the Tulsa Area United way can find more information here.

Amid a period of rising interest rates, we sat down with SVP Commercial Lending at Mabrey Bank, Matt Hill, to chat about the hot button topic. With an extensive portfolio of  clients throughout the region in a variety of industries, Matt is an experienced commercial lender, and has spent the last seven years of his career working at Mabrey.

1) How have the Federal Reserve’s interest rates changed in the last 12 months?

Since March 2022, the Federal Reserve has steadily increased their benchmark rate – the Federal Funds Rate – in order to ease record-high inflation. This rate has widespread effects on the economy and serves as the basis for most interest rates. The target range for the Fed Funds Rate has risen from effectively Zero in January/February 2022 to 2.25%-2.50% as of July 2022. This rate guides the interest rates all banks offer consumers and businesses on loans across the country.

The current pace of rate hikes is the fastest seen since the early 1980s, when the then-current Federal Reserve Chairman, Paul Volker, quickly raised the Fed Funds rate “breaking the back of inflation.”

We do need to be mindful that even in today’s rate environment – which feels (and is!) considerably higher than where we were one, two or even 10 years ago – rates are still near historical lows, especially when you compare them to the early 1980’s when the Fed Funds rate was nearly 20 percent!

2) What do rising interest rates mean for the economy?

Rising rates are intended to cool demand and tighten the overall economy by slowing spending and borrowing. The Fed Funds sets the interest rates Banks charge one another for overnight loans – these loans help Banks meet cash reserve requirements set by the Fed. The Fed Funds Rate essentially acts as the basis for nearly all domestic interest rates.

Higher rates put pressure on sectors of the economy – companies who rely on borrowing to fuel their growth, such as manufacturing and construction – which could ultimately lead to an economic slowdown, and possibly a recession. The breadth and depth of a potential recession is the great unknown.

3) How can a change in interest rates affect me or my business?

Rates are meant to cool demand. They do this though raising the cost of borrowing which may have your business thinking (and rethinking!) hard about the opportunity costs associated with that potential new piece of equipment or vehicle purchase.

On a personal level, interest rates for cars, homes and credit cards are on the rise. Existing loans that carry a fixed rate (most home and auto loans) will not be affected, however it’s important to be mindful of loans that may be subject to adjustments in its interest rate (such as credit cards or Adjustable Rate Mortgages).

4) Is there anything I can be doing right now to take advantage of the interest rates?

Even if you’ve not been a position to lock in an interest rate during this period of historically low interest rates, fixed rate options are still available and at historically low rates! Many business owners and consumers have been conditioned to ultra-low rates. Some might have never experienced a more-normalized interest rate environment. Despite their recent rise, rates are still historically low.

Current Fed Chairman Jerome Powell has signaled – similar to Volker – that the Fed is committed to fighting inflation. As long as inflation persists, rates will continue to rise. How long that takes – and how high rates will ultimately go – is the great unknown.

If you are holding excess cash – and many are – deposit accounts are beginning to offer rates that aren’t zero! If possible, consumers should continue to build their emergency fund in a high-yield, easily accessible, FDIC-insured account such as a Money Market or Savings account, both of which Mabrey Bank provides. Yes, it won’t outpace the effects of inflation, but there is value in security and liquidity. An emergency fund should be equal to 3 to 6 months of your current expenses. Be sure you look at this figure periodically to ensure the balance of your emergency fund has kept up with inflation too!

5) Do you foresee interest rates continuing to rise in the near future?

There is a growing fear that the swift rise in rates could ultimately throw the economy into a recession. Obviously, the aim is to avoid this altogether, but just how deep and long any potential economic slowdown may be is the unknown. Ultimately a rising federal funds rate will lead to slower loan demand.

Once the Fed has conquered inflation (bringing it down to its target levels), this slower loan demand will eventually lead to the Fed lowering its funds rate again in order to encourage borrowings and spending – driving growth within the economy.