Monthly Archives: August 2016

Starting a New Business Safely – Cyber Security Tips

Cyber Secuity

Whether you’re a successful serial entrepreneur, or an aspiring small business owner, setting up a new business venture is never a simple process! Once your brick and mortar shop or office has been finished, it’s time to add the hardware, and get your business online. Easier said than done. Everyday technology continues to grow, and so do the potential problems associated with it. In order to keep your new business secure, follow these key set-up tips courtesy of Peoples Bank & Trust.

  1. Assess Your Business’ Risk. Find out what data or files your business absolutely needs to operate. If you will be handling personal information on behalf of your customers it is always a good idea to know the specific stipulations you need to abide by.
  2. Create a Secure Network. Whether you’re building your online network through ethernet or wifi, be sure to protect your data with password-protected logins, antivirus software, and reliable information backups.
  3. Have an Employee Policy. For everything from mobile devices, to social media, make designated rulings on how employees should use these tools throughout the workday. If wifi is available for employee use, consider a guest network that is not connected to your data storage just in case of an unexpected incident.
  4. Make Payments Safely.  Now that the U.S. is upping its safety standards, you’ll need to update your processing systems. With the new EMV chip cards, this means decreased liability for business owners, but potentially higher set-up costs. Offering convenient transaction options is paramount in the business sector, learn how to get started HERE.
  5. Continually Educate Employees. Every time there’s a technology-oriented change in equipment or software, ensure your team is using the update properly. By providing continual education on your company’s hardware, internal systems, and new technology, you increase your employees’ knowledge on dangerous online safety hazards.

If you’re looking to start your new business venture, bring your business plan to Peoples Banks & Trust today! With financing options for all sizes, we have the perfect lending plan for your new business.

 

What to do if You’ve Shopped at a Breached Store

Identity Theft

If you shop at national companies such as Home Depot, Target, or Ebay, you may have been the victim of a data breach in the past several years. With an increasing risk of customer data infiltration, many consumers have had to navigate the tricky route to re-establishing their finances. At Peoples Bank & Trust, we want show you the simple steps to help get you back on track once your personal information has been in jeopardy.

  1. Check the affected account.

Asses the damages, if any, to your credit or debit card. If any transactions aren’t in line with your spending, alert your bank or financial institution immediately to counteract any false usage. The sooner you communicate any false usage, the easier it is to get it removed.

 

  1. Cancel the card and request a replacement.

 Once a financial institution is made aware of a store breach they will typically alert any affected customers. However, to err on the side of safety, always call your bank or credit lender to ensure that you will be receiving a new card.

  1. Pull your credit report.

Once you have put out any fires on your affected credit or debit card, you can pull your full credit report to determine if any additional financial information was affected. Your credit report will reveal how many inquiries have been made, in addition to any outstanding payments that may be affecting your score. If something is not accurate with your report, contact each three credit bureau’s to report the fraud. Then file a police report, and call the designated creditors to alert them as well.

  1. Update recurring payments with new information.

Between utility bills, cell phone plans, and online subscriptions, there are plenty of accounts that will need your new card information. Once you receive your new credit or debit card be sure to update any recurring expenses.

accounts that will need your new card information. Once you receive your new credit or debit card be sure to update any recurring expenses.

  1. Continually monitor your accounts.

Keep tabs on your affected and non-affected accounts to be certain nothing else was tampered with during the breach. If you see something out of place, alert your bank or financial institution immediately.

No matter your financial state, Peoples Bank & Trust is here to help you succeed. If you want to learn how you can personally protect your personal finances, check out our blog!

What Your Teen Needs to Know About Money Management

Money Management

Throughout their teenage years, your children will begin to grow their personal money management style. Offer them some assistance by offering these four financial lessons from Peoples Bank & Trust.

 

Securing Their First Job

No matter if it’s babysitting, lifeguarding, or bagging groceries, there are plenty of employment options for eager high school students. These opportunities typically start at minimum wage with zero benefits, but offer a foundation of experience and learning. Talk with your son or daughter, and help them select positions to apply for that resonate with them. Resources such as the Chamber of Commerce often list local job openings, and are a good place to comb for recent availabilities.

 

Managing Money

The younger you begin various habits, the better they stick with you. Teach your children the positive effect proper money management can have on their pocketbook. Start by opening both a savings and a checking account for your teen. Each pay period, help them figure ten percent of their earnings to put into their savings. You can also work with them one-on-one each month to help balance their checkbook and plan for any large expenditures.

 

Saving for College

Secondary education isn’t cheap. If your son or daughter plans on attending a college or trade school, the time to start saving is now! Work with your future student to determine an educational budget, providing an estimate of upcoming expenses. Once you know the amount needed you can set savings goals for both you and your teen to start tucking money away. The sooner you begin your savings journey the smoother the road will be to your target amount.

 

Making Payments

Whether it’s purchasing their first car or simply covering the cost of meals at school, learning how to maintain a payment plan is an important life lesson. Explain your personal bill paying system to your teen and see how they can tailor it to their needs. Once they have a grasp on the system itself, gradually add payments to your child’s list of responsibilities, even if you add the money to their account. This will help them learn to keep an updated payment calendar before they graduate high school.

 

Money management is a continual learning process. There are always new techniques or tricks to better arrange your finances. Don’t stop honing your teen’s money management after these four lessons – stop by Peoples Bank & Trust and see how you can keep growing your family’s financial skills today!

Generational Financial Habits: Baby Boomers, Gen X, Millennials, and Gen Z.

Spending Money

When it comes to your spending habits, your age may influence your decisions more than you think! Depending on your generation, there may be some key patterns that differentiate you from your older and younger counterparts. Discover your key financial traits with this helpful guide courtesy of Peoples Trust & Bank.

 

Baby Boomers

Typically classified as the savers of the modern age, many of those age 51-70 are known for tucking away funds as quickly as they can accumulate them. Many baby boomers were affected by both the Kennedy and Martin Luther King Jr. assassinations and hold strong sense of mistrust of the system. There are many in this generation who choose savings options outside of financial institutions. This large generation of approximately 70 million people, is currently in the process leaving the workforce and entering retirement. The most important item on their financial agenda is to save and secure funds for the decades of life they will enjoy outside nine to five.

 

Generation X

Often overshadowed by the large baby boomers ahead of them, generation X’ers tend to be strong willed and decisive, fighting for their share of the financial pie. Having been one of the first generations to experience divorce as a normal occurrence, many of those adults age 40-50 continue to look out for their individual financial wellbeing through strictly defensive tactics. Boasting on the highest education rates, this group makes strategic savings plans, constantly preparing for the ball to drop. They are best known for their cautious optimism and lofty financial goals.

 

Millennials

The current generation of twenty and thirtysomethings, were shaped by a highly digital world. Growing up in the age of computers and terrorism, these young adults believe that the typical American dream, may be slightly skewed. In many areas, home and car ownership is on the decline as more and more millennials strive to gain experiences over material possessions. Influenced by their parental counterparts, it is common to see this generation shying away from long term debt after seeing their parents succumb to missed payments and foreclosures during the 2008 economic crash. Couple that cautious initiative with crippling student loans and added inflation, where now today many college graduates are working multiple jobs to simply make ends meet.

 

Generation Z

The up-and-coming generation of the century, this group is the first age demographic to grow up completely immersed in digital technology. The days of cell phones and computers encompassed their childhood, and many of those age 0-20 have never known life without the digital realm. Still relatively young, these Gen Z’s take diversification to the next level, not trusting too much in any one entity. With advancing diagnostic systems this generation takes time and consideration into account before making any major life decision. As this generation ages, more experiences and choices will continue to shape their financial style.

 

No matter what generation you are a part of, there are a variety of ways you can improve your financial habits. Speak with one of our experienced personal bankers today, and we’ll show you how to get started!

Different Ways to Save

Savings

After the bills are paid, the groceries purchased, and the kids taken care of, it’s time to decide what to do with your monthly surplus. One of the most financially responsible choices you can make is to save those additional dollars! By tucking away even a small amount of money each month you can prepare your finances to withstand any unforeseen expenses. Check out these important savings options available at Peoples Bank & Trust, and get started towards your next financial goal.

IRA: These Individual Retirement Accounts are typically divided into two categories, the Roth IRA and the Traditional IRA. It’s best to speak with your financial advisor or tax representative to determine which option best suits your personal finances. These accounts allow you to contribute funds pre or post taxes and after years of accumulation and compounding enable you to withdraw them upon your retirement.

CD: When you have funds that you intentionally don’t want to touch for a set period of time, a CD or Certificate of Deposit, can be a great resource! By depositing your money within a CD you are guaranteed interest on your account, often higher than the standard savings account. You must leave these funds untouched for the agreed period, typically a minimum of six months, ranging upwards to nearly five years.

Savings Account: Your typical savings account can help you manage personal funds without the hassle of navigating around any red tape. With constant access to withdraw and deposit post-tax funds you can set up multiple savings accounts for various needs. These accounts can help you save for emergencies, vacation, retirement, or other important purchases while gaining a small amount of interest.

For all of your savings needs, Peoples Bank & Trust is here to help! Our new account representatives will help you find the ideal savings option for you and your family. Get started and stop by today!

Peoples Bank & Trust Co.

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