They've Left but Are They Gone?

by Elizabeth Sherman 25. March 2015

My friend, whom I worked with for several years, recently announced she was leaving our company for greener pastures. She really hadn’t been looking, but an opportunity presented itself and it was too good to pass up. While with our company she had access to multiple systems as part of her job. This included banking information, customer databases and back office applications.

Replacing her was difficult enough; however, the real work began after she left when we had to remove her name and access from all of those systems and applications.

An employee leaving is common. Remembering to remove them completely from everything they had access to while in your employ – not so much. In this modern era of technology and security consciousness, it is imperative that you do everything possible to protect your business information. This includes your banking information as well.

When a user with access to banking information leaves your company, remember to contact your bank and have that user’s access deleted. This will eliminate any chance of that employee logging in and seeing information they shouldn’t.

Additionally, DO NOT pass on that log in information to another employee or a new hire. Thinking this may be the easiest route will in fact increase your security risk because now two employees have access to your banking information, and one of them doesn’t even work for the company anymore.

In most business online banking platforms, there is no limit to the number of users, so don’t think that you can’t delete users, change users, or add 1,000 users if that’s what you need to do.

Always remember, you are the first line of defense regarding fraudulent activity. By logging into your bank’s website each day, you can monitor transactions and see if anything is amiss.

Finally, access to your account information is at your discretion. We are here to make it happen for you.

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The Life of the Business

by Elizabeth Sherman 15. May 2013

Business Insurance

A few years ago the air conditioner in my car started making very ominous groaning sounds which I was a little slow to hear on account of the fact I cannot drive without the radio blasting at ear splitting decibels. By the time the groaning turned to sickening grinding and hot air began spewing out of the vents, I knew things were beyond hope. Not having air conditioning in August was bad enough, but the thought of taking my car to the dealer and paying to replace the entire system made me break out into a real sweat. I began asking around at work to see if anyone knew of a local mechanic who would look at the situation and not charge me 3 months’ worth of mortgage payments. A coworker gave me the name of a mechanic who diagnosed the problem (I did not need to replace the whole system!!) and only fixed what was wrong. I was able to escape the whole episode for the cost of my normal monthly cable bill – quite a relief.

From that day forward, I have taken my car to the same mechanic. His shop is not conveniently located near my house or my office; as a matter of fact I have to rent a car every time I go in for service. However, Rick knows my name; knows my car; doesn’t fix what’s not broken and never goes by the standard hourly charge. I trust him and have referred many friends to him.

The economy has taken a toll on his business but his doors remain open. But every once in a while, I wonder what will happen to the business if something were to happen to him. Does he have a plan to cover the expenses of the business should he be injured (on the job or off)? What if he dies unexpectedly? Will his family have enough money to survive without his income? Is there someone to take over business?

While all of these questions should be asked, they are frequently not addressed. Whether it’s because the topic is too morbid or no one ever thinks something bad is going to happen, planning for the continuation of a business is not glamorous, but it is necessary. If you get injured on the job, how are you going to make sure the day-to-day expenses of running your business are covered? How is your company going to survive if the person who brings in the most business suddenly dies? What happens to the business if you, as the owner, suddenly die?

It's for these situations that life insurance products such as Business Overhead Insurance, Key Man Life Insurance, and Buy Sell Agreements were invented. All of these products provide protection for the business itself and the family members left behind should something happen to the heart and soul of the business – YOU!

Waiting until something happens is too late. Take a look at your business now and see what plan you have in place for the future.

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One Size Fits for Life

by Elizabeth Sherman 26. September 2012

Is Your Business in the Right Checking Account?

Recently, I got a call from a potential new customer inquiring about our business checking accounts. These calls always get my blood pumping with the anticipation that the business on the other end of the line will need every service I can offer. It can be very exciting!

In this case, the business was a startup and not expected to carry very high balances for the first year. In an attempt to put this business in the right account, I asked a few questions. How many deposits will you make each month? How many checks will you write each month? What is the anticipated average balance each month? Based on the answers, I was able to suggest an account that mirrored the needs of the customer. Okay – end of story, right?


The type of account that may work during the infancy stages of a business will most likely be detrimental to the business as it grows. With any luck, as the business grows, so will the volume of transactions processed through the account. It is for this reason that banks offer a multitude of business accounts. Each account offers something different, whether it’s a higher number of transactions allowed or a higher balance requirement.

It is imperative that you, as the business owner, keep an eye on your account and assess the activity that flows through the account. If you suddenly start to see service fees where there were none the month before, look at the volume of transactions. Has it increased dramatically over the months? If so, touch base with your banker to find out what options you have to upgrade to an account that will fit your growing business. The most basic business account that initially appears to be the best value could end up costing you a bundle in fees.

As a Business Banker, it is my job to sell business products, but more importantly, to bring in new business and help business owners navigate through the product jungle we call banking. I can suggest every product under the sun, but if it isn’t a good fit, I won’t have that business for long.

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