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We are pleased to present below all posts archived in 'March 2018'. If you still can't find what you are looking for, try using the search box.
Imagine that you receive an email with an urgent message asking you to verify your banking information by clicking on a link. Or maybe you get an enticing text message claiming that you've won a free vacation to the destination of your choice — all you have to do is click on the link you were sent. In both scenarios, clicking on the link causes you to play right into the hands of a cybercriminal seeking your sensitive information. Just like that, you're at risk for identity theft because you were tricked by a social engineering scam.
Social engineering attacks are a form of digital deception in which cybercriminals psychologically manipulate victims into divulging sensitive information. Cybercriminals "engineer" believable scenarios designed to evoke an emotional response (curiosity, fear, empathy, or excitement) from their targets. As a result, people often react without thinking first due to curiosity or concern over the message that was sent. Since social engineering attacks appe ...
There are many recommendations regarding who you should look to as your trusted advisor. As a business owner, the first place to start is by aligning yourself with long-term, proven trusted advisors in not one, but rather three, primary areas: accounting; legal; and banking. Additionally, and just as essential, is partnering with the “best in the business,” or those offering a holistic approach.
At First Bank, we’ve worked with many multi-generational business owners on continuing the company’s legacy, often originating with their parents, grandparents, or occasionally, great-grandparents. Prior to their succession, many of these clients indicated their parents wisely advised them that the most important aspect of running a business was the proper alignment of their trusted advisory team. Undoubtedly, they attributed their success on not only what the family has built, but also the quality of their strategic partnerships. In fact, a recent survey indicated 83% of business owners sai ...
By Jon Moen, SVP/Director of Treasury Management
The final phase (or Phase III) of Same Day ACH addresses the timing of funds availability. It’s officially been implemented across the country. As of March 16, 2018, a credit transaction sent via Same Day ACH has to be made available for cash withdrawal by 5:00 PM local time. Previously, the receiving bank (or financial institution) was required to post Same Day ACH transactions by the end of the business day. First Bank was already making funds available after receipt and processing of the Same Day ACH files, but not at the end of the business day. As you may know, Same Day ACH transactions rolled out in September 2017 for credits (allowing money to be pushed) and in September 2018 for debits (allowing money to be pulled).
All financial institutions using ACH are required to receive Same Day ACH transactions (both debits and credits) even if they are not planning to offer the origination of Same Day service to their clients. This mandate requiring ...
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