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Blog Business Fraud & Security

How secure are you?

Blog Post Image copySix trillion dollars.

That’s not pocket change, is it?

That’s how much cyber crime is expected to cost its victims by 2021.

More current stats from Cybersecurity Ventures say cybercrime stole about $3 trillion from its victims, both in banking and in other schemes. But that amount is small compared to their future projections.

As result of this rising crime, banks have changed the way they do business. Security is at the top of their to-do list. They’re constantly examining at their systems to determine new ways protect customer data and ensure their infrastructure is secure.

Avoiding scams and cyber theft can be tricky. It can feel like new schemes happen every day. It may be a skimmer attached to an off-site ATM or gas pump. It may be a convincing phone call from a “relative” asking for a quick loan.

Scammers are good at what they do and they’re smart. The dollar amounts prove it. But together, and with the right tools, we can be smarter.

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Blog Business Cash Management

Keeping money management manageable

What builds a business?

Great ideas. Hard work. A strong connection to customers. It’s a little different for each entrepreneur. But for everyone building a business, it’s a process. That process that includes growing, changing, and learning. You learn what works and what doesn’t.

For many, the learning process includes managing their business finances. And that can be an intimidating part of running a business. But managing those basics makes a big difference in the health of your business.

Here are a couple things to remember.

Invest for today and tomorrow. With all the demands on your money, it’s easy to forget. But the experts say: always pay yourself and set aside money for future plans.

Cultivate good habits. Running a business keeps you busy. That’s where good financial planning and good habits come in. Whether it’s planning for taxes, budgeting, or planning time to manage your books, staying faithful with a strong financial routine can make all the difference.

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Blog Business

How the New Tax Reform Bill Will Affect Businesses


Yes, it may have been born thanks to the bickering of politicians.

But today, the Tax Cuts and Jobs Act is impacting employers and employees all over America. Its supporters claim it will lower taxes on businesses and individual taxpayers, as well as, make tax filing simpler and easier. The end result of all that, they say, means a boost in business growth and personal spending. Is that the case? Time will tell.

One of the most immediate results of this tax reform? Additional cash in personal paychecks.

Starting in February, employers received new tables for tax withholding. This means most employees didn’t have to do anything to get their paychecks rolled back to the updated tax rates.

So, what else changes with this new law? Here are some of the highlights.

Not all deductions are created equal.New tax laws mean different deductions. One example, fringe benefits like moving expenses are now considered taxable for 2018 through 2025. Check in with your accountant to see what else might change for you or your business.

Health reform rules rolled back. A health care rule changewas folded in with this tax reform. Employers are still required to provide health care benefits to their full-time employees, but law makers cut penalties that came with the Affordable Care Act’s individual mandate. Translation: the Obamacare law that required all people to buy insurance or face fines has ended. This change will start in 2019.

Tax rates are changing. Tax reform impacts everyone in every income category. Rates in several categories are going down. Tax rates for earners up to and over $1 million will see rates dip. Backup withholding rates will also head south with this law, too.

Navigating the world of taxes, tax rates, and withholdings can feel overwhelming, especially with all the changes this new law has brought. But staying informed and educated is big step in the right direction.

 

 

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Blog Business

12 Tips for Protecting Your Mobile Devices

As consumer use of mobile devices continues to climb, cyber criminals are targeting those gadgets more frequently. According to a report by the Federal Reserve, 43 percent of smartphone users say they have used mobile banking in the past 12 months. Pinnacle Bankis highlighting 12 ways consumers can take extra precaution to protect the data on their mobile device.

“We use gold-standard safeguards to protect customer information, but it’s also important for users to keep safety measures in place to prevent sensitive data from being compromised,” said L. Jackson McConnell, Jr., Pinnacle CEO.“It’s easy to forget that your mobile device can be vulnerable, but any device used to connect to the internet is at risk.”

Pinnacle Banksuggests following these 12 steps to protect your mobile device:

Use the passcode lock on your smartphone and other devices – This will make it more difficult for thieves to access your information if your device is lost or stolen.

Log out completely – when you finish a mobile banking session.

Protect your phone from viruses – and malicious software, or malware, just like you do for your computer by installing mobile security software.

Use caution when downloading apps – Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”

Download the updates – for your phone and mobile apps.

Avoid storing sensitive information – like passwords or a social security number on your mobile device.

Tell your financial institution immediately if you change your phone number – or lose your mobile device.

Be aware of shoulder surfers – The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.

Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.

Beware of mobile phishing – Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.

Watch out for public Wi-Fi – Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network. (See the Federal Trade Commission’s tips for selecting a VPN app.)

Report any suspected fraud to your bank immediately.

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Blog Business

7 Worthwhile Ways to Use Your Tax Refund

According to the Internal Revenue Service, more than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2017 and will get a similar amount this year. As Americans receive their refunds along with additional benefits coming from the Tax Cuts and Jobs Act passed in December, Pinnacle Bank has highlighted seven tips to help them use the money wisely.

“Tax season is the perfect time to hit the reset button on your finances,” said L. Jackson McConnell, Jr., Pinnacle CEO.“Your refund can help put you on the right path towards reaching your financial goals. Consider using it to pay off debts or creating an emergency fund.”

To help consumers make the most out of their money, Pinnacle Bankhas highlighted the following tips:

Save for emergencies – More than 60 percent of Americans are not prepared for unexpected expenses. You can prepare by opening or adding to a savings account that serves as an “emergency fund.” Ideally, it should hold about three-to-six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car.

Pay off debt – Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.

Save for retirement, your childs education or future health expenses – Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA. Your bank can help set up an IRA, while a 401(k) is employer-sponsored. Look into opening a tax-advantaged 529 education savings plan to ensure school expenses will be covered when your child reaches college age. Or save for future health expenses with tax-free dollars by investing in a Health Savings Account.

Pay down your mortgage or student loans – Make an extra payment on your mortgage or student loans each year to save money on interest while reducing the term of your loans. Be sure to inform your lender that your extra payments should be applied to principal, not interest.

Invest safely with U.S. savings bonds or municipal bonds – The U.S. Treasury allows for savings bond to be purchased using your tax refund for as little as $50. Savings bonds earn interest for a maximum of 30 years.

Invest in your current home – Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home.  This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term – and with tax credits (as long as Congress continues to renew the program). If you have more substantial renovations in mind, your bank can help with a home equity line of credit.

Donate to charity – The benefit is two-fold: Giving to charity will make a difference in your community, and you can also claim the tax deduction, if you itemize.Pinnacle Bank also stressed the importance of lower-income workers filing a tax return—even if their income is too low to trigger any federal tax liability—in order to potentially claim the Earned Income Tax Credit (EITC).  Depending on a recipient’s income, marital status and number of children, the EITC can result in a refund of up to $6,318 to help them ensure financial security

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General News

Have you tried our Interactive Teller Machines?

Pinny takes ATMs to a new level

ATMs are pretty convenient, but they’re not exactly great at offering a friendly smile.

That’s about to change at Pinnacle Bank thanks to our new Interactive Teller Machines or ITMs, also known as Pinny.

Our new ITM Pinny offers both convenience and friendly customer service. Pinny makes connecting with a banking professional easier than ever before. She combines the ease of an ATM with the personal and professional service you’ve come to expect from tellers at Pinnacle Bank.

Here’s how it works.

When you drive up to the ITM at your local Pinnacle branch, Pinny will offer you options. You can insert your card and complete a typical ATM transaction. Or you can touch the other option on the screen and talk to a live teller.

(And, we know what you’re thinking. No, you won’t have to talk to a computer image that’s been pre-programmed with canned answers and sort of looks like a real person. Pinny really does let you talk to a Pinnacle teller live and in real time.)

With help from Pinny and with the expertise of Pinnacle Bank’s tellers, customers will be able to do more than their typical ATM transactions. They can use the ITMs to cash checks, make withdrawals or deposits, check balances, or make a loan payment.

Thanks to Pinny, access to a banking professional doesn’t end when the bank doors close for the day. Customers will have access to extended hours and more convenience than ever before.

Have you given Pinny a try yet? Pinny offers plenty of options, especially if you’re juggling a full schedule or if typical banking hours are hard to meet.

So, go ahead. Drive on up next time you’re at your local Pinnacle Bank and give Pinny a try. Chances are she’ll be your new best friend in banking.

Categories
Blog Business Cash Management

6 Tips for Financial Spring Cleaning

As Americans kick off the spring season by cleaning, sorting and tidying up around the house, Pinnacle Bank is encouraging consumers to add financial organization to their spring cleaning to-do list.

To help, we have highlighted six tips for organizing your financial house:

  1. Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.
  2. Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.
  3. Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.
  4. Sign up for e-statements, paperless billing, and text alerts. Converting to paperless billing will help keep your house—physical and financial—more clean and organized, and will help protect you from fraud.
  5. Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.
  6. Manage your money on the go. Utilize your bank’s mobile app to check your balance, pay your bills, transfer funds, deposit a check and send money to friends from wherever you are.
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Blog Business Fraud & Security

8 Tips to Help Prevent Crime at ATMs

There are more than 400,000 ATMs in the United States. At Pinnacle Bank, we do everything possible to keep our customers safe, especially when they are using one of our ATMs.

Pinnacle Bank takes a number of precautions to ensure that our customers have a safe environment including everything from installing surveillance cameras and lighting to setting withdrawal limits, but there is no substitute for good, cautious behavior on the part of the customer.

Please follow these eight safety tips when using any ATM:

  1. Keep your PIN number a secret. Never write it down or share it with anyone – not even family members.
  2. Be aware of your surroundings, particularly at night. Make sure the ATM is free of sight obstructions. If you observe suspicious persons or circumstances, do not use the machine.
  3. Bring someone with you when using an ATM at night. If you can’t, use an ATM that is located in a public area such as a convenience or grocery store.
  4. Have your ATM card ready and in your hand as you approach the ATM.
  5. Use your body to “shield” the ATM keyboard as you enter your PIN.
  6. Always take your receipts or transaction records with you.
  7. Do not count or visually display any money you received from the ATM. Immediately put your money into your pocket or purse and count it later.
  8. If you are using a drive-up ATM, be sure passenger windows are rolled up and all doors are locked. If you leave your car and walk to the ATM, lock your car.
Categories
Blog Business Fraud & Security

Fight ID Fraud Online

Nearly three decades after the internet was introduced, the web continues to transform the lives of many users, revolutionizing the way consumers shop, pay bills, and transfer money online. As these advancements make common tasks hassle-free, consumers are urged to take extra precautions, allowing them to navigate the web safely and avoid online crime.

Here are eight ways you can safeguard your information and navigate the web safely:

  1. Keep your computers and mobile devices up to date. Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
  2. Set strong passwords. A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.
  3. Watch out for phishing scams. Phishing scams use fraudulent emails and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from unfamiliar sources. Forward phishing emails to the Federal Trade Commission (FTC) at spam@uce.gov – and to the organization impersonated in the email.
  4. Keep personal information personal. Hackers can use social media profiles to figure out your passwords and answer those security questions in the password reset tools. Lock down your privacy settings and avoid posting things such birthdays, addresses, mother’s maiden name, etc. Be wary of requests to connect from people you do not know.
  5. Secure your internet connection. Always protect your home wireless network with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network.
  6. Be careful in the cloud. While using the cloud makes it easier to store and share large amounts of files, understand that it also opens other avenues for attack.
  7. Shop safely. Before shopping online, make sure the website uses secure technology. When you are at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
  8. Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects.
  9. Report any suspected fraud to Pinnacle Bank immediately.
Categories
General News

Important Upgrade News

Keeping your information and connection secure is our top priority. With that in mind, we are enabling a security protocol that could impact your access to Online Banking. If you have the most up-to-date version of your browser (Safari, Chrome, Internet Explorer, Firefox, Opera), there should be no issues. However, if you have the latest version and are still unable to access your Pinnacle Bank accounts, it may require downloading your preferred browser again. This security protocol will be implemented April 9, 2018. Click here for more information

Thank you for being a Pinnacle Bank customer.