Category: Business Banking

What is FDIC Insurance?

What is FDIC Insurance?

Deposit insurance is one of the biggest pros of having an account at an FDIC-insured bank. An FDIC-insured bank protects your money in the event of an unlikely bank failure. Keep reading to learn the benefits of being covered by an FDIC-insured bank. 

What is FDIC Insurance? 

FDIC insurance is a significant benefit of putting your money in a bank that is FDIC insured. “The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.” Simply banking with an FDIC-insured bank takes away having to purchase deposit insurance, as you are automatically covered. FDIC insurance maximizes your protection. 

What Does FDIC Insurance Typically Cover? 

Just because a banking institution offers FDIC insurance, that does not necessarily mean all accounts, products, and investments are covered. 

FDIC insurance often covers:

  • Checking Accounts
  • Savings Accounts
  • Money Market Accounts
  • Certificates of Deposits
  • Cashier’s Checks or Money Orders
  • Negotiable Order of Withdrawal Accounts

The FDIC does not cover:

  • Stock Investments
  • Bond Investments
  • Mutual Funds
  • Annuities
  • Safe Deposit Boxes
  • Life Insurance Policies
  • U.S. Treasury Bills, Bonds, or Notes

Remember if your bank is an FDIC-insured institution coverage is automatic to you, there is no need to apply for FDIC insurance.

Are You Covered? 

To find out if your deposits are insured utilize the tools below to check if your bank is insured, which of your accounts are covered, and how much of your deposits are insured.

Is Your Bank Institution Insured? – Not all banks are FDIC insured. Be sure to check that your is!

Are Your Deposit Accounts Insured? – Not all accounts, products, and investments are covered by FDIC insurance. 

How Much of Your Deposits Are Insured?  Use EDIE or Electronic Deposit Insurance Estimator to determine how much are insured. 

Frequently Asked Questions About Deposit Insurance

If you are looking to learn more about FDIC insurance, we would be happy to help. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407724

people-planning

Why You Should Bank Local

You’ve heard big banks advertise their services all over the world, but most consumers don’t realize all of the benefits that come with banking local. When it comes to customer service, banking fees and ethical choices, banking local is the smart choice, and we’ll tell you why.

Great Customer Service

Because local banks have less customers than your average megabank, the employees have the chance to form deeper relationships with the people they serve.

Tailored Programs

Community banks have the ability to create unique and personal programs for their customers based on their needs. Big banks suggest they have more choices and services, but most local banks offer those exact services, too.

Ethical Standards

Because of the direct effect the employees’ behavior has on the community, local banks hold their employees to a very high standard. Local banks understand the policies of where they work, and they also invest in other small, local businesses.

Lower Fees

Fees, like the ones at ATMs, are becoming more common among megabanks and the prices are rising as time goes on. Research shows that local banks offer more free accounts to their customers as well as charge fewer fees compared to big banks.

Convenience

Megabanks, just like any big business, have lots of customers to help. You might find yourself with a question or concern but end up waiting on hold for hours. Local banks are dedicated to providing their customers with convenience and satisfaction.

Involvement in the Community

When it comes to giving back and charity involvement, local banks are there. Customers feel a sense of satisfaction knowing the business they support gives back and cares about others. Community banks love supporting charity events like races or fundraisers, which is why their logos are commonly advertised throughout the community.

These often-unknown benefits of banking local are important for consumers to hear about. Community banks want what’s best for YOU. Contact Peoples Bank & Trust with any questions, and take a step in the right direction by banking local today!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

cybersecurity

A Six Step Small Business Cybersecurity Plan

You have ventured out to achieve your dream of owning your own business. Unfortunately, there are criminals who aim to take what you have worked so hard for. These criminals aren’t what they used to be, they aren’t standing at your door, but likely anonymous and entering your business from a remote location. It can happen to anyone and this is why it’s important you have a cybersecurity plan for your business. If you are new to the cybersecurity realm, start with this simplified plan in order to protect your business.

1. Analyze Your Risks

It’s hard to know where you’re going if you don’t know where you are. You have a business to run and a hundred decisions that need to be made everyday. Either partner with a cybersecurity expert to analyze risks you currently have or educate yourself on the potential security pitfalls many business owners fall victim to.

2. Establish Security Protocols

Once you know where you are vulnerable, you have a better idea of what needs to change. Just as you have a list of protocols for the daily running of your business, so should you have a list of the best security practices your business will implement.

3. Limit Physical Access

The more hardware you have exposed, the more at risk you are for theft, employee misuse and hacking. This will help you to protect private business information and client data. Keep the hardware you have to the minimum and put physical locks on any vulnerable devices.

4. Train Employees

Your cybersecurity is only as strong as your employees. Unfortunately, they are often unintentionally the cause of security breaches. It could be from clicking on suspicious links or opening an email from an unknown source. It can happen quickly and to anyone, especially if they are not educated on cyber protection.

5. Backup Data

Some criminals may hold your data hostage unless you pay them. This is called ransomware and is one of the many reasons why it’s important to backup your data. The average cost of a cybersecurity breach for a small business is $34,000. Preemptively avoid this in order to avoid being included in this number.

6. Build a Wall of Protection

Cyber criminals will do anything they can to breach your business. Some options would be to invest in anti-virus, firewall, anti-malware and encryption software. Keeping these protection systems up to date will do wonders in keeping your business protected.

Utilize this cybersecurity plan to keep your small business safe. Did you know we offer tons of secure banking products for your business? Visit our site for more info!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Why Choose a Local Bank?

local

Whether in bustling cities or the rural Midwest, community banks improve lives in the communities they serve. This seems to be a popular notion across the nation, as can be seen by their large local support. According to the ICBA, community banks make up 96 percent of all banking institutions in the country. They are successful because they work and are a positive light in the community.

You take great care when it comes to choosing a financial institution that you trust. If you haven’t made the switch to a local bank yet, here are just a few reasons why you may want to make the switch.

They support community organizations.

While we can’t speak for every community bank, we make it a priority to give back to the area. We realize the importance of donating to local charities and even encourage employees to volunteer to local regions of need. Every individual at every level of service in the bank is personally connected to the community and wants to see it thrive.

They have the same state of the art resources of big banks.

Some may think that community banks are still in the Stone Age when it comes to technology. This could not be further from the truth. We know that the future of banking is online and we have made it a priority to meet our customers in a way that is easiest for them.

Customers can access their account information, make deposits or withdrawals when the office is closed or if they are traveling out of the area. Although, we still love to see your smiling face in person when you have a chance to come into one of our locations.

In addition to being technologically up-to-date, we have competitive individual and business services that a big bank has to offer, but likely at a better rate.

They have a personal approach to lending.

Unlike big banks, we know our customers. Our kids might play baseball with yours or we may have even gone to high school together. Whatever the case, our approach to lending is more personal, because it is personal. We take a more rounded approach to lending instead of simply seeing you as a credit number like a large bank might do. We are here to serve the average Joe and play no favorites.

They maintain great customer service.

Community banking is about relationships. With that comes a customer service approach that is caring and helpful. You will likely see the same people working there every time you need assistance and can develop relationships. You are able to really feel like your bank is looking out for you because they know you and have your family’s best interests at heart.

They invest in the community.

Because they are a small business themselves, community banks value local businesses and understand the benefit they have on the economy. When you invest locally, the entire community prospers. We aren’t interested in siphoning out investments to Wall Street. Right here is where we want to be and see the area grow.

We can’t wait to meet you. Stop by our bank to see all the benefits our products can offer you!

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Web Security for Small Business Owners – What You Need to Know

It’s a typical day for a local real estate agent, until the click of an email threatens the entire business. Large corporations, small businesses and, as shown in recent days, not even the government are immune to cyber-attacks.

Why it’s Important

If you’re a small business owner, you may think you are too small for cybercriminals. However, the opposite is true as they don’t particularly care about the size of the data, but the value. If you have customer’s contact information, health data, credit card information or intellectual property- they want it now. Did you know that 43 percent of cyber-attacks target small businesses, and that normal hacks to operations cost an average of $955,429 to recover? It’s of the utmost importance that your customers feel they can trust you with their information and that you follow through on that trust. Cybercrime is becoming the world’s largest business, and here is what you can do to protect your business -even if you don’t have a lot of room in your budget for security measures.

1). Have Tight Communication

You may not have the ability to provide each of your employees with their own technology devices, which means they may use personal devices for company use. This can open you up to many potential risks. You may want to create guidelines for using these devices and ensure that they are regularly updating passwords and following through on security updates. Fax is still the most secure form of communication in the business world-don’t be afraid to still utilize this!

2). Establish an Action Plan

Create a simple security plan and share it with all of your employees, so they know that everyone is responsible for protecting data. It is worth the investment to hire an IT consultant to be monitoring your protocols, but if you cannot do that at this time, designate a current employee to oversee this. They should be informed, oversee basic security requirements and ensure the requirements are updated and used. Sixty percent of businesses don’t survive a security attack. For the longevity of your business, it is incredibly important to take this seriously. Use the FCC’s helpful Cyber Planner here.

3). Create Strong Passwords, Patching & Encryption Software

Most businesses stay ahead of the game by simply creating secure passwords and patching their systems. Patching fixes security vulnerabilities with bug fixes and improving performance. Hackers can easily crack into your business through a weak web or email server.  As a small business, setting up a Virtual Private Server would be a terrific option combined with encryption software. So, even if a hacker was able to get into your system, they wouldn’t be able to decipher the material. An additional layer of security for clients would be to adopt PayPal or Square for protecting your customer’s financial information.

4). Educate

Unfortunately, most security breaches are due to a negligent employee or contractor. This reiterates how important it is to hire people you trust. Although you may not be able to thwart off every threat, educating your employees about cybersecurity either through weekly articles or full courses will help to better protect your growing small business. These practices should be integrated across all areas of your operations as well as having a response plan if this does occur. Remember, nobody is safe from Cybercrime!

 

The Best Advice from Today’s Entrepreneurs

Small Business

Sometimes finding the perfect idea for a new business can be easier said than done. Often you start by asking yourself a series of questions. Where is there a need? What can be created more efficiently? How can I solve a recurring problem? These are all great prompts to help you when looking for a concept your new business. To help inspire your next venture, Peoples Bank & Trust would like to share some of our favorite quotes from several of today’s most influential entrepreneurs.

“Don’t quit, and don’t give up. The reward is just around the corner.” – Chip Gaines, HGTV’s Fixer Upper.

While Chip may add some much-loved humor to HGTV’s Fixer Upper, his ambition and work ethic are what help him and his wife Joanna, continue to succeed in both their real estate and retail ventures. This dynamic duo also proves that one business does NOT limit you to other opportunities. If you have a true passion for entrepreneurship, you can plant the seeds for multiple ventures so long as you tend to them as they grow.

“Sweat equity is the most valuable equity there is. Know your business and your industry better than anyone else in the world. Love what you do or don’t do it.” -Mark Cuban, ABC’s Shark Tank.

Mark Cuban started growing his businesses at an early age, showcasing that even a small idea can grow into something big. In 1990 Cuban sold his first computer consulting business for $6 million dollars to CompuServe. Not even a decade later, Cuban and business partner, Todd Wagner sold their new online audio company for nearly $6 billion dollars.  Cuban is one of the best examples of growing your earnings and turning a penny into a fortune.

“If you are successful, it is because somewhere, sometime, someone gave you a life or an idea that started you in the right direction. Remember also that you are indebted to life until you help some less fortunate person, just as you were helped.” -Melinda Gates, Bill & Melinda Gates Foundation.

Melinda Gates began her career as a programmer for Microsoft. Soon after she and Bill began to build the company, they decided to push their wealth into various organizations to help others around the world. While there are various tax write-offs that make this a helpful tool for any business, this gesture also allows the company to share its love and showcase its own values through these acts of generosity. The Gates family is a great illustration of not only how to generate success but also using that platform to help improve the lives of countless others.

“You don’t learn to walk by following rules. You learn by doing and falling over.” -Richard Branson, Virgin Group

Richard Branson is known for his cavalier lifestyle, passion for quality, and continuing desire to grow his expanding empire. While Branson may have begun his entrepreneurship in print, he soon expanded to international corporations and other industry diversification. His journey to wealth held its fair share of trial and tribulations, however, today his company, Virgin Group, oversees more than 200 companies, proving that early business lessons can eventually pay the best dividends.

“When I sat down to write about mistakes that have led to my success, I had a much tougher time coming up with them than I would expect. Heck, I’m sure I’ve made hundreds of mistakes! Thing is, I often don’t look at them that way.” -Stephanie Izard, James Beard Award Winning Chef

Chef and entrepreneur Stephanie Izard knows that sometimes the best ingredient to a successful business is a good attitude. No matter how far her restaurants and industry successes take her, Izard is always seeking out new tricks and techniques to continue improving her business. Her efforts paid off in 2013 when she was awarded the James Beard title of Best Chef: Great Lakes, for her innovative work at Girl and the Goat. This culinary creator showcases the key indicator of a great entrepreneur, grit.

Whether you’re looking to start a restaurant or a software company, there are some key components you’ll need to get started. Our dedicated commercial lenders are here to help guide you through the entrepreneurship process and help you discover the best financing solutions for your upcoming venture. If you’re ready to get the ball rolling, stop by Peoples Bank & Trust’s nearest branch today!Entrepreneurs

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

10 Ways to Shop Local

Community

Supporting our community is one of the most impactful ways we can help it grow. By shopping with local vendors and utilizing area service providers you and your family can help ensure that our community prospers and grows each year. If you want to shop local, but don’t know where to start, our team at Peoples Bank & Trust has come up with some creative ideas you may not have considered yet.

 

  1. Get produce at your local farmers market.
  2. Purchase floral arrangements from your neighborhood florist instead of online vendors.
  3. Work with local providers for your insurance and wealth management.
  4. Venture out for the night and tour area dining and entertainment establishments.
  5. Bank with a community bank.
  6. Buy groceries from a regional company compared to the large national chains.
  7. Like your favorite area businesses on Facebook and other social media.
  8. Shop for birthdays and holidays at your community’s downtown storefront.
  9. If you have received great service or products from a local business, recommend them to a friend or relative.
  10. Stay local when planning weddings or other milestone events and avoid online alternatives.

 

Owning and managing a small business may be more difficult than you think. We believe that opportunity is everywhere. Whether you’d like to open a business of your own, or simply want to support the ones you enjoy, it’s great to learn what small businesses are all about. That’s why People’s Bank & Trust is excited to share some compelling and surprising facts surrounding the small businesses in our neck of the woods.

 

  • A company is considered a small business if they have less than 500 employees according to the Small Business Administration.
  • 7 percent of all active companies in the United States are classified as small businesses.
  • If your favorite retailer has been in business over ten years, they have officially beat the odds. According to the Bureau of Labor, two out of three small businesses are still operating after two years in business, and only half of small businesses have survived after being open for five years.  Approximately one-third of small businesses last ten years or longer.
  • Cash flow is cited as the more common issue regarding a business’s failure. Associated tasks such as invoicing, timed billing, and record keeping are often the most commonly linked culprits.

 

If your business needs to gain capital for an expansion or start-up, Peoples Bank & Trust is here to help. Our experienced commercial lenders can help you determine your ideal capital amount while also setting up valuable cash flow services Send us your information or stop in today to learn more about this convenient and affordable service.

 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

The Top Cyber Security Myths: Fact or Fiction?

Cybersecurity

The growing concern of cyber security continues to have Americans questioning the safety of their online information. While many cybersecurity statistics are meant to frighten consumers into action, we at Peoples Bank & Trust want to offer some clarification on the most common myths to help you stay safe online:

Myth #1: Every employee can impact your company’s cyber security.

FACT. While the 90s and early 2000’s presented consumers with the obstacles of viruses and malware, today’s issues typically revolve around more prevalent phishing schemes and ransomware. In these instances, a single employee can allow a Trojan email through by clicking its link to release a digital disaster. To most accurately deflect this dangerous risk, it has become paramount to not only train each employee on the safeties of cybersecurity but also hold continuing education as processes evolve as well.

Myth #2: Small and medium sized business are at a lower risk than large businesses.

FICTION. Contrary to belief, there are more small to medium sized businesses targeted in cyber crimes each year compared to their larger counterparts. While bigger corporations offer a larger pool of data and resources, typically smaller operations pose fewer barriers and are presumed an easier target. To help combat this assumption, small and medium business should look to advance their cyber strategy, and implement SBA (Small Business Administration) recommended practices to ensure the best protection for their business’s information.

Myth #4: It can’t happen to you.

FICTION. Even the best scenarios, a cyber-attack could still happen to you. Whether a large entity like Target or Home Depot is affected after you’ve shopped there, or perhaps you’ve clicked on a link that perhaps you shouldn’t have, the truth is, it can happen to anyone. With this in mind, there are preventative measures you can put in place as well as actions you can take after your information is compromised. To be more proactive in responding to these issues, we recommend checking your credit and debit transactions twice a month for fraudulent charges. This ensures any reported errors are acted on in a timely manner.

 
If you still have questions on the best cyber security practices for you or your business, stop by your nearest location today. We’d love to talk with you and see how Peoples Bank & Trust can your protect your financial information.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

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.

 

Business Services: Financing Your Future

Business Accounts

Growing your business is a 24/7 job. Between promoting products and services, and managing the books, your inventory of hats continues to grow. At Peoples Bank & Trust we’d like to help you do what you do best. With our capable financial tools we can help you focus on tackling the day-to-day tasks while we help you ensure a brighter financial future for you and your business with our structured business centered services.

Deposit Accounts: Manage your funds through a checking or savings account to help your business maintain the cash flow it needs! Transfer funds and monitor transactions with our convenient online banking portal.

Business Credit Card: Every business needs capital to help it continue to grow. While using business credit cards from Peoples Bank & Trust you’ll receive monthly expenditure updates to help you track your spending. You can easily set spending limits for individual employees.

Small Business Services: Make the most of your time and your money with our helpful small business services. We’ll help take out the strain from processing transactions, and transferring funds, to help you focus on running your business.

  • Remote Deposit Capture: Securely deposit checks into your business banking account from your office. Using a scanner and web-based software, check images are encrypted and transmitted to the bank for deposit.
  • Merchant Card Processing: Accept debit and credit card payments for your business. Through Peoples Bank & Trust, you have all the benefits of low processing rates and quality customer service.
  • Wire Transfers: Send funds quickly and easily with this convenient service.

No matter your business size, Peoples Bank & Trust is here to assist in all your business’ financial needs. With options to fit every operation, we have the optimal solutions to help your business grow! Get started today and speak with one of our experienced lenders to see how your business could benefit with Peoples Bank & Trust.

 

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC