Monthly Archives: April 2019

Closing the Door on Cybercrime: What Business Owners Should Know

If you’re a small business owner, you’re likely a dreamer and a doer. The dreamer side of you hopes that your business will never be infiltrated and the doer side of you is reading this blog, ready to take an active defense on cybercrime. You will need both of these great qualities in order to seal your doors from those who want to take from your business and keep them wide open for customers. Here’s how:

Train Employees

While you may know your employees well or at least trust them to do their due diligence in security, mistakes can happen if employees aren’t properly trained in cybersecurity. This should be a part of their onboarding process on day one, as well as implementing required training throughout the course of their employment. They should understand how to use all of the company security procedures in addition to understanding the crucial importance of those procedures. Some of which may be:

Allowable Internet Usage
Remote Access Security Measures
Restricted Use Of Removable Media (USB or CDs)

Backup All Data

Imagine if you went to log into your business systems tomorrow and all of your data was either wiped or being held for ransom by a cybercriminal. We hope that you would not have to panic because you routinely back up your data. It can cost hundreds of dollars a minute to have your systems down. You can either backup data on the cloud or on a physical device capable of handling the information. For some businesses, it’s not only their own data at risk, but those of clients. Keep your reputation and client trust strong.

It’s Time for Another Password

We know, we know. It seems about everything needs a unique password these days and it can be difficult to keep up. However, it is this way because it works. Be sure that all your staff changes their passwords at least every three months.

Don’t Forget to Update

Just as it is important to backup data, it is just as important to continually update your systems. If there are gaps in updates, it leaves room for cybercriminals to enter. This is called “patching” in the tech world. Keep your software like a tight, impregnable wall by ensuring all of the necessary updates are made whenever possible. This can be done by automating updates, so you don’t let it slip by!

Keep your business safe by utilizing our safe and secure banking products. We’re happy to help you find safe ways to grow your funds.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Five Secret Ways to Raise Your Credit Score

Raising your credit score can seem like a daunting task, or you may not really care what your score is. However, a credit score affects more than you may realize, which is why we find it important to share our knowledge. Develop consistently strong credit habits with these secret keys of advice from Peoples Bank & Trust.

1. Show you can handle all types of debt.
Debt comes in all different forms, from car loans and mortgages to credit card bills. Instead of paying for an item in full, consider putting that purchase on your credit card and paying in increments. When it’s time to get that new car you’ve been eyeing, add those payments to your list of different types of debt. Each time you create a new loan and pay off your purchases, you’ll see a bump in your score. Be wary of getting too big of a loan or making multiple purchases on your card – be realistic on what payments you can make each month to avoid accumulating too much debt.

2. Make payments on time.
If you decide to open a new account to show your good money habits, be sure to create a schedule for yourself. Don’t forget a payment, even if it just happens here and there. Every time you don’t pay on time, you’re instantly hurting your credit score.

3. Utilize your credit cards to the fullest.
Keep in mind that some of your credit is based on how long you’ve had a credit card. If you finally pay off that debt on your oldest card and decide to close it so you don’t spend anymore, this could actually hurt your credit. Once you pay off your debt, keep your card activated – this will allow your credit to continue to grow! We offer credit and debit cards that can help you work on bettering your credit.

4. Pay off the lowest-balance card first.
If you’re dealing with a lot of debt and feel overwhelmed, come up with a system to help lessen the stress. Find out what card you owe the least on and work to pay off that first, while making your minimum payments on all other cards. While snowballing your money and paying off the highest amount of debt first has been recommended, it may be wise to flip that idea around. You’ll need the boost of energy you get from paying the lowest amount of debt off to keep on track. Knocking your debt out this way won’t hurt you, as long as you continue making your minimum payments.

5. Ask for a credit limit increase.
If you regularly make payments on your card by following rule number two, feel free to ask the credit card company for a credit limit increase. By getting an increased limit and not spending more than you usually do on your card each month, this translates into a better credit score.

We hope you put these simple tips to good use. As your credit score continues to climb over time, you’ll be able to apply for larger loans. Working on strengthening your credit score will lead to other good financial habits. If you’re looking for a credit card, search no more – we have what you’re looking for!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

5 Best-Kept Secrets for Buying a Home

Buying a home may be a common practice for the average American, but it is not a simple one. This is especially true if you are new to the game and have yet to learn the ins and outs of the process. No need to worry, we have plenty of experience from our years in the home buying business and are willing to share the best-kept secrets on the market!

1. Start Today

If buying a new home seems far into your future, that means you are in the perfect position to prepare. Often, many have dreams of a new home but don’t start planning practically for how to get there. Maybe you haven’t bought that new home yet because you’re not financially ready for the investment. However, that doesn’t mean you don’t have a way to prepare. With a home purchase, you will have closing costs and a down payment. Start saving for this now! Imagine how much quicker you can get not only to your goal of home ownership, but having the ability to purchase the home you want without the down payment and closing costs being an inhibition. Additionally, the more you’re able to put down up front, the less your monthly payment will be!

2. Don’t Go Big

The saying, “go big or go home,” doesn’t apply to the purchase of your home. The big, shiny house on the block may catch your eye, but may not be the house for you. Often, people see a big home and instinctively want it to be their own. Yet, this may not always be the best choice. Large homes can be difficult to resell, as the market for them is different. Not to mention, you’ll have additional utility and upkeep costs that come with increased square footage. You have a greater chance of profiting off of a smaller home when it comes time to sell than a large one.

3. Go Shopping

For the open houses that you see as you drive around town – go to them! Become familiar with a variety of homes and their details. What are they pricing homes at in the neighborhood? What is the structure like? Ask as many questions as you can, and expose yourself to a home you may have not considered before. You may be surprised by what you like!

4. The Secret Bid

Know your limits and stick to them. There are many that buy more house than they can truly afford. This is why it’s important to not fall in love with the home until everything is signed. Meet with an inspector and make a fair offer, but realize that this is likely not going to be accepted in round one. At the same time, it’s important to not automatically shoot too low, as it may offend the seller which can set a rigid precedent for any future bids. Do your research on the property and the neighborhood before deciding on the first bid.

5. Negotiate, Negotiate, Negotiate

This is where the communication gets tricky and scares the newbies. Haggling might not be a common practice in our culture, but this is the time to be bold. Don’t hesitate on going back and forth on an offer. This is a normal process and it makes you a smart buyer.

When looking to buy a home, Peoples Bank & Trust offers options suitable for your financial needs. Contact us today for more info.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

4 Ways to Spring Clean Your Finances

As you begin to write your to-do list of cleaning your home this spring, it’s time to add another section to your list: finances. You wouldn’t believe how helpful it is to do a deep cleaning of your finances every spring. It can contribute to increased feelings of determination and confidence in all areas of your life. Here are the 4 best cleaning moves to add to your list!

Review Your Debt

Unfortunately, too many people try to turn away from realizing their total amount of debt. If you have gotten into a bad habit of spending more money than you can you can truly afford, it’s time to come to terms with the reality of what you owe. Going through the numbers of credit card and student loan debt can be a shock. However, it’s important to know your numbers so that you know what you have to work with. You can’t conquer your debt if you never face it!

Dust Off Your Budget

It’s normal to drift away from your budget. This may mean your budget just wasn’t working for you. Review what your original budget contained and think about what worked and how you can improve upon it now. Can you do better with your savings? A great trick that can help is to automate your savings. Decide on a percentage and have that taken portion automatically transferred to your savings account.

Go Green

This one can hit two birds with one stone. Are you still saving your paper bank statements? Clean out your home by shredding these important documents and set up an online banking account. Another option would be to simply make copies of your papers and upload them to a cloud drive. You should save your tax documents for no more than seven years. Most everything you’ve received by paper you can get with an online banking account. This will keep your information secure and your house clean.

Spot Check Your Credit

Your credit score can be checked without penalty one time from each of the three credit reporting agencies for free. This is important to not only know what you owe but to go through the report with a fine-tooth comb. Mistakes can happen on your credit report and why let that hold you back financially when all it would take is a quick check?

With these simple cleaning tips, you can go into this spring feeling refreshed and responsible. Spring clean your finances by seeing what products we can offer to help!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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