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How to Build Your Emergency Savings Fund

2020 has been filled with ups and downs. One thing is clear with all that’s happened: an emergency savings fund is not just a nice thing to have; it’s part of a solid financial plan. And while you may know how important it is to put money aside for emergencies, you may not know how to make it happen, or you’re not sure you even can fit it in your current financial circumstances. The reality is that everyone can (and should) save for a “rainy day.”

What is an emergency savings fund?

The sole purpose of an emergency savings fund is to help you maintain your routine through life’s emergencies – medical bills, car repairs, appliance replacement, or even a temporary loss of income. You should train yourself only to access your emergency fund when you need it.

Here’s how to get started:

  1. Start with smaller savings goals. Often, people don’t save because they believe they must save everything all at once. When saving an emergency fund, the best advice is to start small and build from there. For example, set an initial goal of saving $500. Then break down your goal into smaller pieces – perhaps $25 a week. That means you could reach your goal of $500 in about five months. The more you decide to save each week, the quicker you’ll achieve your goal. Your goals should challenge you, but they must be attainable as well.
  2. Change your mindset. If you’re ready to save, saving money cannot be an afterthought. You never want to wait to see how much money you have left over. Instead, pay yourself first, just as you would any bill. That way, you won’t be tempted to spend it on anything else.
  3. Make saving automatic. The easiest way to save is to set up an automatic transfer from your checking to your savings account each time you get paid. So, let’s say you get paid every week. Set up to transfer $25 to your savings account from each paycheck, and you’ll never have to think about it again. When you don’t see your money, you’re more likely not to spend it.
  4. Save “extra” money. Most of us enjoy spending any extra money we receive, whether a tax refund or rebate check. A better idea is to stash your extra money (or a portion of it) in your emergency savings fund. Think of it as extra money that will help you reach your savings goal that much faster.
  5. Cut your spending. You’ll be amazed at how much more you can save when you take a closer look at what you’re spending each month. Take a look at your budget and trim as much extra spending as you can from it. For example, maybe only eat out one time a week instead of three, or stop using cable and switch to a less expensive streaming service. Perhaps it’s time to review your insurance to make sure you’re getting the best premium available. Just be realistic with the cuts you make. You should still live and enjoy life – you want to control what you’re spending a little better.
  6. Set up milestones. It’s good to celebrate your success along the way. If your goal is to save $500, celebrate when you save $100. Every time you reach another milestone, it will feel good. Plus, you’ll become more confident you can save money as you experience little victories along the way.
  7. Keep the momentum going. Once you’ve achieved your goal, now it’s time to set a new one. If you were able to save $500, now shoot for $1,000. Keep your automatic savings in place – or increase the amount slightly each week if you can.

Once your fund is established, you can dip into it for emergencies. For example, if you have to pay for unplanned car repairs, use your savings (instead of putting the purchase on a credit card). And once you use your fund, make a plan to replenish it. As you get into the practice of saving, you’ll feel better prepared for life’s emergencies.

 

Find out more about the personal savings hand business savings accounts offered at Pinnacle Bank.

 

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Blog

Remote Banking – It’s More Than Just Convenient

As a business owner, your days are filled with items to check off your list. Whether you’re ordering inventory, meeting with potential customers, or working with customers in your store, you don’t have a lot of time to do other things – including managing your business finances. At times, things like payroll or making a nightly deposit can become a hassle. But it doesn’t have to be that way.

Remote Banking Options Can Make Your Life Easier

There are many innovative and simple ways you can manage your business remotely (24/7) at Pinnacle Bank:

  • Online Banking – save time, improve your cash flow and streamline your cash management procedures in a safe and secure environment on your time. Check real-time account balances and the direct deposit of your payroll, transfer funds, make state and federal tax payments and more.
  • Mobile Banking – you’ll have the power of financial management and supervision right at your fingertips, wherever you are. Use your mobile device to review transfers and payments, approve transactions, deposit checks on the go and even protect your business from fraud by reviewing Positive Pay exceptions.
  • Bill Pay – quickly and conveniently pay bills online that you usually pay by check. Schedule recurring payments, receive and pay e-Bills online and electronically link invoice and credit memo information with your payments.
  • Text Banking – easily and instantly request information about your accounts using the text feature on your cell phone.
  • Digital Wallet – turn your smartphone, tablet or smartwatch into a secure payment option using Google Pay®, Apple Pay®, or your other favorite payment app. Your payment information is stored securely and communicates directly with the payment terminal.
  • Merchant Capture – the quick way to turn check deposits into cash. Make deposits on your time, reduce the risk of check fraud and consolidate funds from remote locations. It’s like having a 24-hour teller in your home or office designed specifically for your business.

 

Remote Banking Gives You Added Security

Using online or mobile banking, you can create alerts to let you know when specific account activity takes place – and these alerts can be delivered by email or text message. For example, set up an alert to let you know when certain types of transactions clear your account or when your account falls below a certain balance. Some alerts can also help you identify potential fraud before it can even take place.

Remote Banking Can Increase Cash Flow

Tools such as remote deposit and merchant capture give you faster access to payments made by your customers, increasing the rate of cash moving through your business. You can also accept different customer payment formats, giving you quick and more secure access to funds.

Remote Banking Helps You “Go Green”

When you use remote banking tools, you can feel good that you’re doing your part to use less paper and be more environmentally responsible as a business in your community.

It’s Time To Go Remote

If you’d like to learn more about any of the remote banking tools mentioned in this article, give us a call at 877-759-7939. We’ll be happy to answer any questions you may have.

 

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Blog Business Fraud & Security

Things Pinnacle Bank Will Never Ask

Fraudsters use email or text messages to try to trick you into giving your private information to them; this is called phishing. These emails or text messages look like they’re from a company you may know or trust, asking you to give them information, such as your Social Security number, Tax Identification number or account information. But don’t be fooled – it’s a trick with real consequences.

Pinnacle Bank is continuously working to protect you from fraudsters, especially as we enter the holiday season (a time when fraud usually increases). We will NEVER call or email to ask for:

  • Your account number or full Social Security number
  • Your full debit or credit card number and CVV number
  • Your PIN for your debit or credit card
  • Your online banking password or security questions

Additionally, we’ll never address you as “user” or “yourname@gmail.com” in an official email from Pinnacle Bank, nor will we ask you to complete a “test” transaction using your account. And, we won’t ask you to text personal or banking information.

Tips for Your Employees

Your employees play a vital role in helping protect your business from phishing attempts. Here are a few tips to pass along:

  • Never open attachments in an email where you’re unsure of the sender. If you know the sender, contact the company using a phone number or website you know to verify that the email or text message is real.
  • Be cautious of the apps you install on your work mobile device or desktop. Review the apps to ensure the logo is accurate and the user experience is what you’d expect. NOTE: It’s best if you ask employees to only download approved apps on their work mobile device or desktop.
  • Avoid clicking through on promoted social media content. Encourage employees to use social media only for work-related needs to help thwart phishing attempts.
  • Trust your instincts. If something feels wrong, don’t “bite.” Scammers who use phishing tactics are counting on people to throw caution to the wind – don’t be fooled.

What Should You Do If You Think You’ve Been Scammed?

If you received a phishing email or text message, report it immediately to the Federal Trade Commission (FTC). Your quick action will help eliminate future phishing incidents with others. Here’s what you should do:

  1. If you received a phishing email, forward it to the FTC’s Anti-Phishing Working Group at reportphishing@apwg.org. If you received a phishing text message, forward it to SPAM (7726).
  2. Report the phishing attack to the FTC at ftc.gov/complaint.

If you have any questions or concerns about an email or text from Pinnacle Bank, please give us a call at 877-759-7939. We’re happy to make sure you’re protected as your safety and peace of mind is our priority.

 

For more information on identity theft and keeping your online banking experience safe and secure, visit https://www.pinnaclebank.com/why-pinnacle/online-banking-security/.

Categories
Blog Home Buying & Refinancing Personal

It’s a Whole New Way to Buy a Home

Buying and financing a home has changed significantly – here’s what you can expect.

Shelter has always been a basic human need. But with the recent lock-downs caused by COVID-19, your home has become more critical than ever. And how you buy and sell a house has experienced significant changes as well. Here’s what you can expect:

Virtual home tours.

Many buyers are searching for homes online using videos, 3D walkthroughs, drone surveys and even interactive floor plans. Additionally, real estate agents now meet with clients virtually using videoconferencing to discuss home buying options or selling tips. And in some instances, you’ll find real estate websites hosting live-stream open houses to help make the home-buying experience feel more “normal.” While you may be able to visit some homes in person (with restrictions), it’s now becoming more of the exception than the norm.

Home features that matter more than others.

Since more people have been staying home due to the pandemic, certain home features have become more critical in the sale of homes than others. Here’s a list of some options that seem to be driving buying decisions:

  • Rooms with more sunlight and privacy
  • Large pantry or cabinet space
  • Ample room to cook in the kitchen with appliances that make cooking easier
  • Energy-efficient appliances and windows
  • Home office or exercise space
  • Outdoor space that can be seen as an extension of the home and includes amenities, such as pools, barbeques and comfortable furniture

Getting pre-qualified is vital.

With uncertainty looming in the real estate market, getting a mortgage pre-qualification is more crucial than ever. When you have a pre-qualification in your pocket, you’ll be seen as a serious buyer – giving you an advantage since many markets are experiencing a short supply of home inventory. Plus, you’ll know what you can afford from the start so you can remain focused on homes that fit your budget.

The loan process may be digital with increased verification.

Over the past several years, financial institutions have moved their mortgage lending process online. Since the pandemic, this transition has become essential to giving customers the type of service and care needed when buying a home. For example, at Pinnacle Bank, you can work with a Mortgage Lender in person or apply for a mortgage loan in as little as 20 minutes. While applying for a mortgage may be easier than in years past, you may also be required to verify your income more than once during the approval process (mostly due to the uncertain economic environment that exists today). Our Mortgage Loan Officers will help answer any questions you may have and walk you through the process.

Your closing may be virtual.

Under the existing pandemic restrictions, you may not be able to close on your mortgage in person. Instead, your closing may be done virtually, which means you’ll sign documents digitally and meet with a notary via videoconference. In some cases, a virtual close is not possible. Some lenders and title companies have opted to hold drive-thru closings, where buyers sign the documentation in their vehicle, with their agent there “virtually” to answer questions.

When you’re ready to buy, we can help.

The pandemic has changed some of the ways we’re doing business. But we’re prepared to guide you through the home-buying process and get you into the home you desire when you’re ready.

 

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Blog Business Personal

Loan Deferral Customers

Thank you for choosing Pinnacle Bank for all of your loan needs. If you participated in Pinnacle Bank’s “Loan Payment Deferral Program,” which we rolled out in late March 2020, the four-month Payment Deferral Period has now expired. Therefore, we are reminding participants to resume loan payments as usual under your loan agreement.

We understand the consequences surrounding the COVID-19 pandemic, and we are here to assist our customers in any way necessary. If the resumption of loan payments presents an issue for you, please contact your loan officer immediately at 877-759-7939 to discuss your situation. We are here to assist you within reason for any additional requests you may have. Contacting your loan officer as soon as possible helps to ensure your loan remains in good standing.

As always, thank you for being a customer of Pinnacle Bank.

Your Pinnacle Bank Team

 

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Blog Cash Management Managing Your Business

Take the Pain Out of Payroll

Blog 2

Whether your business is a one-person shop or you have 100 employees, payroll is an essential element of your company. But it’s not always convenient and is typically very time-consuming. Using a payroll service can help you take the pain out of payroll so you can spend more time doing what you enjoy.

What Payroll Service Options Are Available?

Payroll services offer you as much help as you need. Here are two common types of payroll service options:

  • Outsourced Payroll Service. When you use an outsourced payroll service, you move your payroll process offsite – they handle everything for you. Plus, you’ll have access to payroll experts to ensure your payroll process is compliant.
  • Online Payroll Software. Using payroll software, you can manage your payroll process 24 hours a day and even automate most of your payroll tasks. 

What Are The Benefits of Using Payroll Services?

The following are some of the key reasons you should consider moving from a manual payroll process to a payroll service: 

  • Saves Time. Using a payroll service will cut down the amount of time you spend entering data, checking reports, paying taxes, or processing your payroll.
  • Saves Money. If you currently use an employee to process your payroll, it may be cheaper to outsource this process. Additionally, you may find that using software or an outside service will eliminate mistakes, which can also help you save money in the long-run.
  • Provides Greater Security. Many times, embezzlement or tampering with company records occurs among those who handle payroll. By outsourcing this process, you can eliminate this threat because a guarantee of privacy and security should back the payroll service you select.
  • More Compliant. As a small business owner, you have enough to worry about with your day-to-day operations, so staying up-to-date on payroll and tax requirements may almost seem impossible. By using a payroll service or software program, you can avoid mistakes and stay compliant with all government rules, regulations and tax rates.

What Option Is Best For Your Business?

Only you can decide which option best suits the needs of your business. If you’re looking for a hands-off, turn-key approach to payroll, a full-service payroll company is your best option. You may pay a little more for this service each month, but for many it’s worth it because you don’t do a thing.

On the other hand, if you don’t mind paying your taxes or printing checks (or setting up direct deposit) every other week, using payroll software may make sense for you. It will be less expensive than using a payroll service company and safer than doing it manually.

Choosing A Payroll Services Provider.

When you’re ready to choose a payroll service provider, we can help. Pinnacle offers payroll services with your needs in mind. Give us a call at 877.759.7939 to get started.

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Blog Managing Your Business

Do You Really Need Business Insurance?

Running a small business can be both exhilarating and daunting. And no matter what size your company may be, the risks feel great simply because it’s your money, time and reputation on the line every day. That’s why having the right type of business insurance (with the appropriate coverage) is a critical way to alleviate your risk should something unexpected happen.

Here are answers to two common business insurance questions asked by small business owners:

Is There Insurance Specifically Designed For Small Businesses?

Most small business owners choose to open a Business Owners Policy (BOP), which generally provides the following coverage explicitly designed for small businesses:

  • Property Damage – covers damage to your office building (whether owned or leased), equipment, fixtures, inventory, displays and any furnishings you have.
  • Liability – covers any legal costs you incur if you’re sued or held liable for accidental bodily injury or property damage on your premises.
  • Business Interruption – protects you against lost income after a covered peril affects your business, such as theft, fire, wind, falling objects or lightning. 

What Other Types of Insurance Should I Consider?

Your business may need to carry more than one type of insurance, depending on the kind of work you do, the size of your company, and where you’re located. For example, an attorney may be required to carry professional liability insurance, or your state may require that you carry workers’ compensation insurance. Here are a few of the standard insurance options small businesses will carry in addition to BOP:

  • Professional Liability Insurance – usually required for those offering professional services, such as doctors, lawyers, accountants, among others. This type of insurance covers any losses relating to liability claims from mistakes or lapses of professional duties. 
  • Commercial Auto Insurance – any company-owned vehicles should be insured through a commercial auto policy.
  • Cyber Insurance – provides additional cyber protection against data breaches and malicious computer intrusions. Many internet-based businesses or companies that store their records online may choose to add this insurance.
  • Commercial Umbrella Insurance – provides additional coverage in the case of catastrophic events.
  • Worker’s Compensation Insurance – provides benefits to employees who suffer a work-related injury or illness. It will help pay medical care, wages from lost work time and more.

Get The Insurance That Makes Sense.

We recommend that you discuss your individual needs with a trusted insurance agent to make sure you get the right coverage at the best price possible. As your business expands, you may require more protection; therefore, review your coverage annually to make sure you have the best coverage available.

Categories
Blog Managing Your Business

Hiring Remotely – What You Need to Know

More businesses are hiring remote employees to help manage their companies. Whether you’re looking to hire a freelance accountant or need extra help answering phones, you’ll want to find candidates with the skills and characteristics required to succeed at your company. Here are five tips for hiring remote workers who fit your business needs:

  1. Discuss why the employee wishes to work remotely. Everyone is different. Take the time to talk about why candidates desire to work remotely. Maybe they need flexibility due to child care, or they don’t have jobs in their field within their community. Knowing “why” a person desires to work remotely can help you present the right benefits to attract him or her to your company. Plus, it will help you make a more informed hiring decision.
  2. Know where to look. Don’t use traditional methods to find remote employees. Harness the power of social media to help you find candidates, particularly looking on sites such as LinkedIn to find quality remote job candidates.
  3. Be flexible. If you want to find a strong candidate, you’ll need to develop a flexible work policy that appeals to the remote worker, including flexible workdays and hours. Then, post your policy within your job listing to attract top remote talent.
  4. Focus on soft skills. While many candidates may appear to look good “on paper,” some may not have the ability to work remotely. As you interview candidates, look for soft skills, such as time management, project management, and the ability to communicate smoothly via phone, video, or email. You should also discuss how the individual intends to work from home – office space, access to and comfort with technology, etc.
  5. Bring out the perks. With so many companies hiring remote employees, flexibility alone may not be enough to entice a strong candidate. Discuss your company’s culture, dedication to worthy causes, and even the ways you celebrate success. All of these things can help your hiring process by attracting candidates who would be a good fit for your company right from the start.

Ideally, once you hire a remote employee, you should put them on probation for up to 90 days to make sure it’s the right fit. Additionally, it will give the employee time to learn more about your company and allow you to define expectations further. If it doesn’t work out, you can part ways professionally and amicably.

 

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Blog Managing Your Business

How to Stay Connected to Your Customers – at a Distance

Running a business during a pandemic isn’t something you planned to do in 2020, but it’s a reality we’re all experiencing. As you continue to move forward, how can you stay connected to your customers during a time when you’re supposed to stay at a distance? Here are five tips to consider:

Communicate, Communicate, Communicate.

One of the best ways to connect with your customers is to continue communicating with them as though you were seeing them face-to-face. Use your social media channels more often to discuss things that relate to your business. Email your customers the “latest and greatest” happenings at your company and how you continue to respond to their needs.

Make It Easy for Customers to Buy Online.

During this time, it’s essential to make your products and services more accessible online. You may want to send an email or post a video discussing all the ways customers can buy your products and services online – and even incent them to do so.

Get Creative With Your Offerings.

Offer discounts or credits customers can redeem now or later, whether online or in person. You may even promote your gift cards to gain sales and maintain positive interactions with your customers. It may also be an excellent opportunity to encourage long-term subscriptions or memberships at a discounted price.

Post-training Tutorials or Fun, Entertaining Videos.

Now’s the time you may need to get a little creative with your business. Let’s say you’re a personal trainer. You may want to create a daily workout for your clients to use to stay in shape. Or maybe you own a local restaurant. Start a fun cooking show on YouTube to give new recipes to try or share your “secret recipes” for your customers’ favorite entrees. Have fun finding new and unique ways to communicate with your customers. You may find that some of these ideas will stay with you even after the pandemic ends.

Keep Things Clean and Sanitized.

If customers can visit your store or office, be sure you’re maintaining proper hygienic practices. Deep clean your business every night, and before you open, wipe everything down to ensure cleanliness. Check your bathrooms several times a day to ensure they are clean and sanitized. Keep hand sanitizer available for customers to use and consider offering complimentary masks (or charge a nominal price). Try to urge customers to maintain social distancing protocols for continued safety as well.

In these unprecedented times, you’ll need to connect to customers in unusual ways. Talk to customers and employees to learn what matters most to them and find ways to meet their needs. Don’t be afraid to try new things. You may find that some of the things you implement right now may stick and drive in business better than you would have imagined.

 

 

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Blog Fraud & Security Managing Your Business

How to Protect Your Digital Life

Nowadays, we do nearly everything virtually – from having staff meetings to purchasing supplies and paying bills. It also means that protecting your personal information is more critical than ever. Here are some things you should do to protect your digital life:

Keep security software current.

Be sure every computer your business owns is properly protected with the latest security software, web browser and operating system. Turn on automatic software updates (if that’s an available option) to defend against any known or unknown risks. You should also scan USB and any other external devices to ensure they aren’t infected by viruses or malware.  

Use secure passwords and authentication options. 

Because you use online accounts for many purposes, you must fortify them with the most robust authentication available, such as biometrics, security keys, or two-factor authentication. Additionally, you should update your passwords regularly – make sure they aren’t easy to detect (and ask your employees to do the same). You may also consider using a password manager to keep track of your passwords and those used at your company.

Be smart with your connections.

You should avoid using any type of Wi-Fi hotspot to conduct any financial business. While some places may say their Wi-Fi is secure, don’t take any chances. Either use your mobile network to conduct your business or wait until you return to a safe location. Additionally, never open a link in an email or social post when you are unsure of who the sender may be. Even if you know the source, if something looks suspicious, delete it.

Back up your business and personal information regularly. 

Every day you work on things that matter to your business. Protect your valuable work and financial information by making an electronic copy and storing it safely. Many business owners use external hard drives or the cloud for this purpose. Additionally, secure your storage location with strong passwords and keep them updated regularly.

Keep your online presence private. 

Be thoughtful about who gets your personal information and how it’s collected through apps and websites. Set privacy and security settings on web services and devices to limit how and with whom you share information. And think before you post anything about yourself or your employees on social media – you want to ensure privacy is protected above all else.

Taking these precautions can help protect your digital life so you can feel more at ease as you continue to help your customers and employees. If you do find any unauthorized transactions in your Pinnacle Bank checking account or another account, contact us at 877.759.7939. We’ll help resolve your issue immediately so you can move on to what matters most.