How to Add A Debit Card to Your Digital Wallet

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.

While many things separate one credit card processor from another, pricing is a huge factor that has an immediate impact on you, the merchant. However, with over 1,200 interchange rates, the age-old question of “What rate do you offer?” requires a much more detailed response. Several factors affect the actual cost of accepting payment with a credit card – industry, customer card type, processing method, settlement time, etc. But that doesn’t mean you are helpless in reducing your costs. There are best practices that can reduce your costs and improve your bottom line. Here are 4 ways to lower your rate when processing credit cards.

1. Swipe or Dip – If you have a customer in front of you, it’s always best to swipe or dip the card. You can still manually key your customers’ card, but that adds risk to the transaction, and interchange rates are closely related to the transaction’s risk. When you manually key a card, the card brands (Visa, MasterCard, Discover, American Express) imply a higher risk for the transaction because they can’t be sure the card is present. Long story short: if you can see the whites of their eyes, swipe or dip the card. Do everything you can to avoid manually keying in a transaction.
2. Data, Data, Data – When executing a card-not-present transaction, the more customer information you can provide, the lower your rate will be. When accepting payment online or over the phone, providing AVS information (the customers’ address and zip code) will qualify your transaction at the lowest possible rate. You can achieve even more significant savings with Level III interchange, unique to business and purchasing cards. Lowering the rate to this level requires a substantial amount of data to be submitted, usually from a specialized gateway like the one we offer.
3. Settlement Times – Setting your terminal up for auto-settlement is a quick update to any piece of equipment and can help improve your situation immediately. Many merchants are unaware that leaving transactions un-settled in a terminal for more than 24 hours makes those transactions cost more! Except for very unusual circumstances, your processor should set your equipment to auto settle at the same time every day.
4. Right Tool for the Job – While the credit card terminal is still the standard means to accept card payment, numerous other solutions exist that are industry-specific. There are systems designed for e-commerce, restaurants, business-to-business (B2B), or companies that rely on recurring payments. Just because the terminal you’ve been using for the last 5 years works doesn’t mean it’s the best fit for you right now. We recommend continually working with your credit card processor to learn what options are available to you and ensure you’re using the solution that can offer you the lowest rate qualifications and other helpful functionalities.

Stay Engaged
While these are some general ways you can lower your rate and control your costs, the most important thing is to stay engaged. Just because you’ve always paid certain fees doesn’t mean those are fees you should still be paying.

Mabrey Bank would love to show you how we can drive down your rates, ensure you are using a processing system that is the best fit for your business, and improve your overall credit card processing experience. Learn more here, or reach out to Chris Morgan at (918) 293-1755, or cmorgan2@mabreybank.com.

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.

Picture this scene: you have all of your 2019 tax documents gathered and you are filing your taxes. You click the “Submit” button and take a deep, relaxed breath while you wait for the refund amount to show. But wait, it was rejected? Something about a duplicate filing… Your refund has already been paid… what is going on??

Tax identity thieves steal your tax refund by using your Social Security Number to file a phony tax return. The scary part is you may not know your identity was stolen until your tax return was rejected as a duplicate filing!

Here’s how to protect yourself

• Don’t give your Social Security Number out to ANYONE unless you are sure whom you are giving it to and it is for a good reason.
• File your tax return as early as you can. (Then if a thief tries to steal your refund, they’ll get the rejection. Ha! )
• If you’re filing online, make sure you are on a secure internet connection. The public wi-fi at the coffee shop is not the place to file your taxes – take that latte to-go and sip it in the comfort of your own home (with a secure internet connection).
• If you prefer to mail your tax return, take it directly to the post office.
• If you’d rather use a tax preparer, be sure to seek recommendations of one from people you trust or research them thoroughly before you hand over personal information.
• Take a look at your credit report (you can do so for free annually at annualcreditreport.com). Make sure you do not see any new accounts you don’t recognize.

Remember these tips when you file and you will be much less likely to experience any surprises when you file.

Half of Americans have less than three months of expenses saved up, and only a quarter have six months saved, which is the typical recommendation for emergency financial reserves, according to Bankrate.com.

The concept is simple. Start by saving one dollar in the first week of the year and increase your contribution by a dollar each week until you contribute $52 in week 52. For example, in the first week you would deposit $1; the second week, $2; and so on. By the end of the year, you will have saved nearly $1,400.

For some families, getting into the habit of saving is the hardest part. The 52-week savings plan introduces a creative approach to getting started.

We created our own version of the chart for you to download here. Keep in mind: this is just for fun!

• Tips for success:
  • Find a partner. Being held accountable (by your spouse, sibling or trusted friend) is a great motivator. People who write down their goals, share this information with a friend, and send weekly updates to that friend are 33% more successful than those who attempt goals without a partner.
  • Pick a target. It’s always easier to save when you have a goal in mind. Whether you’re starting your rainy-day fund or saving up for holiday expenses, knowing that there is a reward at the end of your efforts will help you stick with the plan – even if the reward is the financial security of having an extra $1,378 in case you have an unexpected, emergency expense.
  • Make it fun. Yes, you could also just save $26.50 a week for a year, but where’s the challenge in that? Keep a positive attitude and imagine how happy you’ll be on the 52nd week when you have saved $1,378 more than you did last year.
  • Be consistent. Try to deposit your money on the same day every week. Whether you’re collecting the money in a jar at your house or depositing it into a separate savings account, it’ll be easier for you to succeed if you’re consistent.

Good luck!

Learn more about fraud protection and what you can do to help protect yourself from it.

Fraud Protection

• Layered security – We require Trusteer Rapport and security tokens for high-risk functions such as online wire and ACH capabilities.
• Data encryption – We use advanced encryption to help protect against unauthorized access.
• Credential protection – To protect the privacy of your login information, we will never ask for your ID’s, passwords, or token codes over the phone or through email or text messages.
• Product offerings – Mabrey Bank offers fraud protection services, including ACH Block and Positive Pay.

Fraud Detection

Online Security with Cash Management – Multi-factor security questions are set up per user and will be prompted to answer when an “out of pattern threat” is detected or ACH, Wire or Bill Pay transactions are submitted. A watermark image is placed on each page during your online session to show you have not been re-directed to another website. We offer IP and time restrict per user to restrict login access.

Best Practices

1. Protect access credentials – Never give out passwords, ID’s, or token codes, or other authorization credentials. If you receive an e-mail, phone call or text message claiming to be your financial institution, asking for your credentials, it is most likely a “phishing” attempt. DO NOT respond to it. Contact your financial institution immediately.
2. Strong internal controls – Implement dual control on all online payment services (ACH, wire, etc.). Reconcile accounts daily to detect any unauthorized transactions. Lock checks and any signature stamps in a secure location. Update antivirus and antispyware software and firewalls regularly.
3. Educate your employees – Instruct your employees to never give out their credentials they use to access your online banking system or accounts. Remind them to not click on any links or download files from unknown sources.
4. Know your employees – Perform a credit check and background check on all new employees who will have access to your accounts or cash. Call references to verify information.
5. Keep account authorizations up to date – When an authorized signatory or online user leaves your company, notify your bank immediately to have them removed from all authorizations. Conduct an annual audit of all your bank signature cards, funds transfer agreements, online user access, and any other authorizations to ensure they are current.
6. Verify your vendors – Require all changes to vendor payment account numbers to be made in writing on the vendor’s letterhead and verified with a call to the vendor’s telephone number in your files. You should always “verify before you initiate” and “verify before you approve”.

Contact us to learn more!

An identity thief may use your Social Security number (SSN) to get a tax refund or a job. This is tax-related identity theft. You may not know it has happened until:

• the IRS sends you a letter by mail saying they have gotten a suspicious tax return that uses your SSN, or
• you try to e-file your return but it’s rejected as a duplicate because a return already has been filed using your SSN

If the IRS sends you a letter, follow the instructions in the letter. Then visit IdentityTheft.gov to report the identity theft to both the IRS and the FTC and get a recovery plan.

Uncovering Tax-Related Identity Theft

If someone uses your SSN to file for a tax refund before you do, here’s what happens: When you file your return, IRS records will show that someone else has already filed and gotten a refund. If you file by mail, the IRS will send you a notice or letter in the mail saying that more than one return was filed for you. If you try to e-file, the IRS will reject your tax return as a duplicate filing.

If someone uses your SSN to get a job, the employer may report that person’s income to the IRS using your SSN. When you file your tax return, you wouldn’t have included those earnings. IRS records will show you failed to report all your income. The agency will send you a notice saying you had wages that you didn’t report. But the IRS doesn’t know those wages were reported by an employer you don’t know, for work performed by someone else.

IRS notices about tax-related identity theft are sent by mail. The IRS doesn’t initiate contact with a taxpayer by sending an email, text, or social media message that asks for personal or financial information. The IRS also does not call taxpayers with threats of lawsuits or arrests. And, the IRS will never ask you to wire money, pay with a gift card or prepaid debit card, or share your credit card information over the phone.

If you get an email, text, or other electronic message that claims to be from the IRS, do not reply or click on any links. Instead, forward it to phishing@irs.gov. And report IRS imposters to the US Treasury Inspector General for Tax Administration at tigta.gov.

Dealing With Tax-Related Identity Theft

If the IRS sends you a notice or letter saying that someone used your SSN to get a tax refund, or saying there’s another problem, respond quickly and follow the instructions in the letter.

Call the IRS using the telephone number given in the letter. You’ll need the letter and a copy of your prior year’s tax return when you call to help verify your identity. Visit the IRS’s guide, IRS Identity Theft Victim Assistance: How It Works, for more information.

If you think someone used your SSN to file for a tax refund, but you haven’t gotten a letter from the IRS, use IdentityTheft.gov to report it to the IRS and FTC and get a recovery plan.

Visit IdentityTheft.gov to complete an IRS Identity Theft Affidavit (IRS Form 14039) and submit it to the IRS online so that the IRS can begin resolving your case. You’ll also be reporting the identity theft to the FTC.

File your tax return, and pay any taxes you owe. If you can’t e-file your tax return, you may need to mail a paper return.

Other Steps to Repair Identity Theft

Next, it’s important to limit the potential damage from identity theft.

• Put a fraud alert on your credit reports.
• Order your free credit reports and close any new accounts opened in your name.
• Consider placing a credit freeze on your credit reports.
• Visit IdentityTheft.gov for help with these important steps.

Financial institutions and hacking go hand-in-hand these days and keeping your bank account and credit from being the next victim is more important than ever. With all the relentless email phishing attacks and step-by-step advice on hacking, guarding our finances with common sense protection is something we ALL need to do. It all starts by being proactive with your accounts.

• Password security. It’s time to put passion into passwords! Assuming your account will at some point be breached, there’s no reason to make it easier for hackers to break your passwords. Every account deserves a unique password that is eight characters or longer and is a combination of numbers, upper and lowercase letters, and symbols. Try to create a sequence with meaning to make it easier to remember, though not easy to guess or dictionary words. If necessary, write the passwords down, BUT remember not to leave your written passwords somewhere they are easily found by others.
• Always use two-factor authentication (2FA) or as also referred to, multi-factor authentication (MFA). In the wake of massive financial hacking, most banks and social media provide 2FA as a second security step and can be easily set-up with accounts.
• Check your accounts often. No more waiting for your monthly statements. With easy online access, keeping tabs on the financial comings-and-goings is an easy way to spot suspicious transactions. Should anything look questionable, it’s much more effective to alert your bank or provider immediately. Taking fast, proactive steps can prevent further damage to your account should it be breached.
• When using ATMs, take a quick look to ensure there isn’t a skimming device attached to it. If there is, don’t use it and report it to the financial institution. Also, make sure you use ATMs in well-lit areas and where there is plenty of traffic. Hidden ones or those in dark areas are easier targets for ATM scammers.
• Of course, always be on the lookout for phishing scams. These are still common and frequent and are getting more difficult to detect all the time. If you are not expecting a link or attachment, regardless of the sender, just don’t click it.
• Keep tabs on your credit reports. The big three credit bureaus–TransUnion, Equifax, and Experian allow a free credit report annually, so take advantage of getting one free every four months. Doing so allows you to see what’s going on in the background with your credit, and quickly report any nefarious credit-oriented movement.

Finally, don’t be afraid to freeze your credit. By law, the big three credit bureaus now must offer free credit freezing and un-freezing. Should you spot something suspicious with your credit, a quick freeze can prevent a whole lot of financial heartache by keeping hackers from doing further damage. Just remember that frozen credit prevents access to your reports for anyone, including you.

THREE TIPS TO ACHIEVING YOUR FINANCIAL GOALS
You know the difference between getting to do cool stuff (like going on vacation or having a healthy nest egg) and not doing cool stuff? Goals. We’ve been helping people achieve theirs for a while now (say, about 110+ years). Here’s what we’ve picked up:

Step 1 – Have a goal
Seriously…the most important step to achieving your financial goals is to have some. So pat yourself on the back. You’re off to an awesome start that a lot of people never get to.

Step 2 – Is your goal “R&D” – Realistic and Defined? (Okay, so maybe this isn’t the most original acronym ever, but you get the idea). Your financial goal should be:

• Realistic: Do you make enough (or will you) to achieve your goal now or in the near future? If your goal requires finding buried treasure, it’s not realistic.
• Defined: “Travel” is a great goal and you should definitely do it…but can you be more specific? Like “travel to Ibiza in 6 months?” Specific goals + Timelines = Thumbs Up!

Step 3 – Stick with it
Achieving your financial goals is like exercising or eating your vegetables. It takes discipline and it’s not always fun, but you’ll thank yourself later. Check yourself early and often. Ask yourself – Am I earning as much as expected? Am I contributing enough? And if you need to make modifications, that’s cool, just be sure to hold yourself accountable.

One of the most important parts of achieving goals is having a financial partner. That’s where we come in. Contact us to share your financial goals and see how we can make them happen.