Fortress Union Bank offers several types of accounts to choose from, depending on your goals and financial situation. Our team is equipped to guide you through the process of selecting, opening and maintaining your account with ease, giving you tips and resources to help your family thrive.

Not sure what opening an account entails? Don’t worry. Use this guide to learn what to expect before, during, and after opening a bank account with Fortress Union Bank.

Before Opening Your Account: What You Need To Know

Whether this is your very first bank account or you’re adding one to an existing account, there are a few things you’ll need to do when visiting a branch or our website:

Provide Documentation

To start, you’ll need to provide a few key documents. This will ensure we comply with banking regulations and verify your identity. At a minimum, you’ll need a valid government-issued ID, such as a driver’s license, state ID or passport. If you’ve recently moved and your new address doesn’t yet appear on your ID, we’ll request a recent piece of mail to confirm your address. You’ll also need to provide your social security number, though you won’t need to present the card itself.

Tell Us About Yourself

During the account opening process, the team member walking you through this process will ask a few questions about your lifestyle and how you plan to use the account. This information helps us recommend the best account type to suit your needs, and it fulfills regulatory requirements. We’ll also ask if you’d like to add any beneficiaries or authorized signers to your account. Once we gather your details, setting up the account takes just a few minutes, and we’ll generate the necessary documents. Signing can be done electronically in person or via email, depending on your preference.

Answer Account-Related Questions

Lastly, be prepared to discuss details such as your occupation and anticipated account usage. We may ask about the types and frequency of deposits, as well as estimated transaction amounts for electronic withdrawals and cash. There are no right or wrong answers to these queries; it just gives us a better understanding of your needs so we can recommend the best solutions. They’re also standard for all banks as part of compliance regulations.

In-person, this process from start to finish takes anywhere from 20-30 minutes, depending on the type of account and how many signers and beneficiaries there are. It takes less time for existing customers who are opening an additional account. Applying online can be as quick as 10 minutes or can take longer if our team needs to verify additional information. We’ll generally reach out within the next business day if we have any follow-up questions.

Initial Steps After Opening an Account

Once your account has been activated, there’s not much left for you to do. You’ll simply have to sign the account documents and make a deposit to finalize the process. Usually, this is completed at the time you open the account. However, if one of the signers isn’t there, they must sign as well before the account can be used. Any documents can be sent and signed digitally, or the person can physically come to the branch.

Before you leave, we’ll make sure you understand how to use our digital banking platform, including how to enroll in online statements. We’ll also help you get a debit card and checks if necessary. Ultimately, we don’t want you to leave with any unanswered questions or concerns.

If you choose to open an account online and have any questions, you can visit the Help Center on our website or read our User Guide for tips.

Get Personalized Support and Follow Up From Fortress Union Bank

Now that your account is up and running, you don’t have to manage it all on your own. We’ll cover lots of useful information during our meeting, so we’ll send a follow-up email with additional information and reminders of what we went over for you to refer back to. You may even get a handwritten note in the mail thanking you for joining our Fortress Union Bank family — one way we like to personalize this process for you.

As time goes on, we’ll continue monitoring your account to ensure everything looks normal. If we have any questions on transactions that come through or if anything looks out of the ordinary, we’ll call you and follow up with an email, if needed. Certain account activity will generate automatic notices which you’ll get in the mail. If you have any questions about these notices or your account activity, you can always reach out to us or visit in person.

Using Account Tools for Financial Convenience

At Fortress Union Bank, we understand that every person’s financial journey is unique, and that’s why we offer a wide range of tools and resources to make managing your account simple, efficient and tailored to your specific needs. Whether you prefer banking on the go, stopping by a branch or maximizing automated services, we’re committed to providing flexibility and support to help you oversee your finances in the way that best fits your lifestyle.

With a range of account tools, we aim to give you everything you need to bank confidently, stay in control of your funds and have peace of mind:

Digital Banking

Because you’re a busy person, digital banking empowers you to manage your finances from anywhere, all from the convenience of your smartphone, tablet or computer. Keep track of your accounts and transactions remotely with features like real-time balance checks, mobile deposits and funds transfers. Our digital banking also includes budgeting tools to help you stay on top of your spending, notifications to alert you of any significant activity and online bill pay so you never miss a payment.

For added security, your account has multi-factor authentication and fraud monitoring, so no one besides you and other account holders can access your funds and personal information.

Branch and ITM Availability

Sometimes you just want to speak face-to-face to someone who knows the banking industry like the back of their hand. We get it! That’s why we offer in-branch banking professionals who are always ready to help, as well as video tellers through Interactive Teller Machines (ITMs), which combine the convenience of an ATM with the personalized service of a live teller. ITMs allow you to make transactions with the assistance of a teller from the machine screen, enabling you to get answers without visiting a branch.

Direct Deposit

Setting up direct deposit is one of the simplest ways to streamline your financial life. With direct deposit, your paycheck or other recurring payments are automatically deposited into your Fortress Union Bank account on payday, meaning you won’t have to make a special trip to the bank or worry about your check clearing. Direct deposits are fast, secure and reliable, giving you quick access to your funds and allowing you to set up automatic transfers to savings accounts, make timely bill payments and ensure your money is managed with minimal effort and stress.

Online Statements

We offer the option to sign up to receive online statements rather than physical ones, cutting back on paper usage and making it easier for you to digitally store important information. Online statements are immediately accessible, saving you mail time and allowing you to review your account details as soon as your statement is ready. Plus, you’ll have access to up to 18 months of past statements, which you can view anytime, anywhere with an internet connection. Going digital with your statements is not only secure but also a seamless way to keep your finances organized and at your fingertips.

Common Post-Opening Challenges, and How Fortress Union Bank Helps

While opening an account is pretty easy, there are a few roadblocks that can slow you down. By knowing about them ahead of time and preparing beforehand, these small issues won’t impact you.

Below are some common post-opening situations customers may face and the ways we can assist you in navigating them:

Account Deposit and Setup

One of the first steps after opening your account is making an initial deposit, which can come as a shock if you aren’t planning on transferring funds. Whether it’s a matter of coordinating direct deposit details with your employer or providing additional documentation, Fortress Union Bank is here to assist.

Our knowledgeable team can guide you through various options for making your initial deposit, from electronic transfers to in-person deposits at a branch or ITM. We also offer clear guidance on setting up direct deposits so your income is deposited automatically and securely into your account without any added hassle.

Online Statements and Account Access

After opening an account, many customers want to switch to digital tools, such as online statements and account access but might have questions about getting started. With Fortress Union Bank, signing up for online statements is easy, and it eliminates monthly paper build-up.

Our digital banking platform gives you instant access to statements and real-time account information from any device. For those new to online banking, our support team is ready to walk you through each step to ensure you’re comfortable and confident in accessing your account online, from enrollment to navigating all the available tools.

Need for Direct Deposit Verification

If you’re setting up direct deposit with an employer or organization, they may require direct deposit verification, which can usually be provided through a blank check or an official letter. We simplify this process by providing verification tools and resources, such as generating a voided check for verification or issuing a direct deposit letter upon request. This document can be accessed quickly, enabling you to complete your direct deposit setup right away.

Tips for Maximizing Your Banking Experience

Want to get the most out of your new account? Here are some tips to maximize your banking experience with Fortress Union Bank:

• Leverage online and mobile banking: Use digital tools to manage your finances conveniently. You can check balances, transfer funds, pay bills and even deposit checks without visiting a branch.
• Set up alerts and notifications: Stay on top of your account by enabling notifications for low balances, large transactions or deposits. Alerts help you track spending and avoid overdraft fees.
• Automate savings: Take advantage of automatic transfers to a savings account to build up funds without thinking about it.
• Review your statements regularly: Stay vigilant about your account activity by reviewing your monthly statements. This helps catch errors and identify potential unauthorized transactions early.
• Know your fees: Familiarize yourself with potential fees for ATMs, overdrafts and account maintenance, and explore ways to avoid or reduce these charges.
• Ask about additional services: Our team can help you discover what solutions are most beneficial to you. Reach out if you’re interested in solutions like financial advising, loan options and investment accounts.

Stay Connected With Fortress Union Bank

Once you open an account, your relationship with Fortress Union Bank isn’t over. In fact, it’s just begun! We’re here to support you at every step of your financial journey, with easy ways to reach out, resources for continued learning and a commitment to being a trusted partner in your future financial needs.

Have questions or want advice on what type of account to open? Reach out to our team today.

The post What To Expect After Opening an Account: set up digital banking and more appeared first on Fortress Union Bank.

Online banking offers a wide range of features, allowing you to check your account balance, transfer funds, pay bills and receive an online statement. However, it’s important to be aware of its potential limitations. When opting to bank online or with a mobile app, navigating the digital landscape requires a basic understanding of technology. By choosing a local bank that offers the convenience of banking  online, you also can take advantage of face-to-face interactions with bank employees when you need or want that personal connection.

Ensuring the safety of your personal and financial information is paramount in the digital age. Digital banking platforms invest heavily in security measures to protect your data, but it’s also crucial for users to be vigilant. Using strong, unique passwords, enabling two-factor authentication and being aware of phishing scams are just a few ways to safeguard your online banking experience. By staying informed and cautious, you can enjoy the benefits of digital banking with peace of mind.

How To Start Online Banking

Want to take advantage of the accessibility of online banking? Here’s how to get started:

Choose a Bank

Choosing the right bank for your online banking needs involves researching banks that are highly rated for their accounts, convenient access and customer service. Look for banks that offer the account features you need and a comprehensive suite of online and mobile banking services, with positive customer reviews highlighting ease of use, reliability and excellent customer service. This initial step ensures that your online banking experience starts on the right foot, with an institution that supports your financial goals and digital preferences.

Open an Account

Opening an account is the first real step into the world of online banking. You’ll need to provide personal information and identification, which typically includes a government-issued ID and your Social Security number. Many online banks and traditional banks with online services streamline this process, allowing you to open an account entirely online.

Enroll in Online Banking

After choosing your bank and opening an account, the next step is to enroll in online banking. This usually involves creating a secure username and password. It’s crucial to choose a strong, unique password to protect your account from unauthorized access. Many banks also offer additional security features, such as two-factor authentication, which adds an extra layer of security to your online banking sessions.

Download the Mobile Banking App (Optional)

For those who prefer banking on the go, downloading the bank’s mobile app is a great option. Mobile banking apps offer the convenience of managing your finances from your smartphone or tablet, including features like mobile deposit, bill pay and account monitoring. These apps are typically available in the App Store for iPhone users and Google Play for Android users, making it easy to get started.

Look At Online Banking Features

Exploring the features of your online personal banking account can reveal a wealth of tools designed to enhance your banking experience. From setting up automatic bill pay to scheduling future transfers and viewing bank statements digitally, online banking platforms offer a variety of solutions to help you manage your finances efficiently.

Secure Your Account

Securing your account against potential threats is an ongoing process. Regularly updating your password, monitoring your account for unauthorized transactions and being cautious of phishing emails are all important steps in protecting your financial information. Additionally, set your alert preferences and specify the conditions that trigger an email, text or push alert. That way, you can stay on top of security notifications and what’s important to you regarding account balance and transactions.

Reach Out to Your Bank for Assistance

Lastly, if you ever need assistance or have questions about your online banking account, most banks offer comprehensive online resources, including user guides and customer service contact information. You can also stop by your local branch to speak to someone in person. These resources can provide valuable guidance and support as you navigate the world of online banking.

Advantages of Online Banking

An online banking service makes it easy to manage your finances, transfer money, pay bills, access account information and more. Whether you use a mobile banking app or an online banking website, you can enjoy the following advantages:

Convenience

The convenience of online banking is unmatched, allowing you to look at your accounts and conduct transactions anytime, anywhere. Whether you’re on vacation, at home or on a break at work, the ability to log in and manage your finances without visiting a bank branch is a significant advantage. Traditional banks like Fortress Union Bank offer online and mobile banking for convenient access to your accounts.

Time-Saving

Online banking is a time-saver. You used to have to go to the bank every time you needed to deposit checks. Now, this and so much more can be done from the comfort of your home or office. With features like mobile deposit and online bill pay, you can complete your banking tasks efficiently, freeing up more time for other activities. Additionally, digital banking platforms often offer tools to help you manage your budget,  track your spending and grow your savings account, further enhancing your financial management.

Accessibility

For individuals with mobility issues or those living in remote areas, online banking improves accessibility significantly. It eliminates the need for physical travel to a bank branch, making financial management more inclusive. This aspect of online banking is particularly beneficial for those who may have previously found it challenging to access banking services.

Disadvantages of Digital-Only Banks

Choosing a digital-only bank may seem easy for those digitally-savvy users; however, it can have a few drawbacks. It’s crucial to be aware of a couple of factors before moving your bank completely online so you know what to expect and can plan ahead.

Dependence on Technology

A significant reliance on technology means that service interruptions can occur, potentially leaving you without access to your accounts temporarily. While these instances are rare, they highlight the importance of having alternative banking options available.

Limited Services

While most daily banking tasks can be completed digitally, there may be occasions when a visit to a branch is necessary, such as accessing safety deposit boxes or notary services. By choosing a local bank that also offers a convenient online or mobile banking experience, you’ll being able reach out to your local banker for transactions that require in-person assistance.

Building relationships

Getting to know a local bank and their team helps develop a relationship. Not only do local bankers get to know you, you get to know more about other financial services that may be available as you journey through various milestones in life. This foundational relationship is important as you develop additional financial needs.

Start Banking Online With Fortress Union Bank

Getting started with Fortress Union Bank’s digital banking services is a straightforward process designed to enhance your banking experience. We offer a comprehensive suite of online and mobile banking solutions tailored to meet the needs of both personal and business customers.

On our website, find information on different types of accounts available and options to open online. Then, enroll in online banking and download the mobile banking app. Our platform is designed with user-friendliness in mind, ensuring that you can navigate services with ease, even if you’re new to online banking.

For additional information and support, Fortress Union Bank provides an extensive online banking user guide. This resource is invaluable for new users, offering detailed instructions on how to utilize various online banking features, from setting up bill pay to making mobile deposits.

Furthermore, Fortress Union Bank’s customer service team is readily available to assist with any questions or concerns, ensuring a smooth transition to digital banking. Local branch employees are also available to assist with anything you might need.

Whether you’re looking to manage your personal finances more efficiently or seeking robust online solutions for your business, our digital banking services are designed to provide convenience, security and support.

Ready to get started with online banking? Fortress Union Bank provides extensive and easy-to-use digital banking services that you can access today. Contact our team to get started.

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The post How To Do Online Banking: Getting Started, Security Tips and More appeared first on Fortress Union Bank.

However, while online and mobile banking can provide robust functionality, there are still certain tasks that are best completed with the help of an actual professional.

That’s where video tellers or interactive teller machines (ITMs) come in. They bridge the gap between online banking and visiting a branch to deliver convenience, efficiency, personalized customer service and a high-quality banking experience.

What is an ITM? You’re not alone if you’ve never heard of an ITM before. But as these machines are increasingly becoming more common, it’s important to understand how they work and what benefits they can provide.

Let’s take a closer look at ITMs, how they work and how Fortress Union Bank customers can use them.

What is an ITM?

ITMs are innovative machines that combine the functionality of a regular ATM with the comfort of a human touch when you need it.

Physically, the machine looks similar to an ATM, but with a video screen and other added technological elements. An ITM still offers the functionality of an ATM where users can simply withdraw cash, view account balances and other basic ATM transactions.

However, when you need to talk to a banking professional, that’s where the ITM shines. Simply select the option to talk to a live Fortress Union Bank employee and, in seconds, one of our employee-owners will appear on-screen to help you with whatever you need.

Video tellers can help you conduct more transactions than basic ATMs, and can answer different questions you might have about your finances or a particular transaction. All this without having to wait in line at the branch.

What are the benefits of using an ITM?

There are three advantages to using a video teller or ITM:

• Convenience: ITMs are able to significantly simplify transactions and get you going on your way faster than you would if you had to wait in a line. When you’re in that grey area between needing more than online banking but less than an in-branch visit, you can depend on video tellers to handle your money matters efficiently and effectively.
• More transaction types: An ITM is a big upgrade over an ATM. By calling on an ITM video teller, we can help you with transactions including making deposits, withdrawals, account transfers, loan payments, check cashing, ordering checks and more. As an added benefit, you can customize the denomination of the bills you take out through a deposit.
• Longer hours: Did work or personal obligations hold you up and force you to miss closing hours? Don’t worry, Fortress Union Bank ITM service hours are extended providing a little extra time for taking care of your banking needs.

If you’ve ever pulled up to an ATM only to find you forgot your debit card, that trip was all for nothing? Without it, you can’t access your account. If you’re at a Fortress Union Bank ITM, our employees can help if you ever forget your Fortress Union Bank debit card. As an added security measure, tellers can take advantage of the video screen to verify your identification and will typically ask for some sort of identification to deter fraud.

What about privacy?

You might be thinking, “That’s all well and good, but what about the privacy of my banking interaction?” It’s a good question to ask, and Fortress Union Bank is committed to ensuring the privacy of our customers’ interactions however they may take place.

When it comes to ITMs, we provide you with different options to protect your privacy:

• You can adjust the volume of the machine to a preferred level.
• You can alternatively use a handset to communicate with the teller.
• You can opt to use the chat feature; a keyboard is attached to the machine so you can type out messages privately.

What ITMs are available to Fortress Union Bank customers?

Fortress Union Bank’s first ITM location was in Sioux Falls, South Dakota. We have since added drive-up video teller ITMs to several locations. This arrangement allows our customers to bank from the comfort of their car, while still taking advantage of experienced professionals, increased functionality and a high-quality banking experience.

ITMs offer real-time banking with video tellers.

Try out a Fortress Union Bank ITM today at any of the following Fortress Union Bank locations:

• Iowa: Armstrong, Okoboji, Wall Lake
  

  Coming Fall 2024: Spirit Lake

• Minnesota: Jackson, New Ulm, Sherburn, Westbrook, Windom
• South Dakota: Sioux Falls

Fortress Union Bank’s Video Teller ITM service hours are:

• Monday through Friday: 8 a.m. – 6 p.m. Central Time
• Saturday: 8 a.m. – Noon

Once you use an ITM, you may never want to go back to regular banking! If you have other questions about our locations, products or services, just contact us today.

This post has been updated. Originally published April 2016.

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The post ITM – a new way to bank appeared first on Fortress Union Bank.

In our rapidly evolving digital landscape, staying ahead of these threats is essential. That’s where a Positive Pay system comes in, a proactive fraud prevention tool. It detects fraudulent transactions before money leaves your account. Whether you run a large corporation or operate solo, dealing with fraud can disrupt your business.

Here’s a breakdown of how Positive Pay keeps you in control of your financial transactions and keeps fraudsters out.

What is Positive Pay?

Positive Pay is an online system that helps you and your team ensure only approved ACH transactions or checks clear your business account and stops fraudulent transactions.

How does it work?

When you set up a Positive Pay account, you’ll set an approved list of vendors with parameters for those transactions. When transactions come through your account, the system will verify that those transactions match your approved list. If it doesn’t match, you’ll be asked to review it.

You will be notified if Positive Pay detects discrepancies between your transaction records and those potentially posted to your account. You will need to review the transaction and approve or reject the payment. There are two options with Fortress Union Bank’s Positive Pay system:

• ACH Positive Pay: Businesses can enroll in ACH protection services, which protect you against unauthorized digital transactions.
• Check Positive Pay: Check fraud protection is available for businesses who still rely on issuing checks.

This is a preventative measure to help protect your business against fraudsters and cyberattacks.

Can you give an example of how Positive Pay prevents check fraud?

Let’s say Sarah runs a flower shop. She runs the business alone, so she only issues checks to her suppliers for her inventory. One day, she receives a notification from her Positive Pay system alerting her to a potentially fraudulent check presented for payment. When she reviews the alert, she sees the image of the suspicious check. The check looks legitimate, but she doesn’t recognize the name written on it, and the signature appears to be forged.

She returns the transaction with a click of a button and continues her busy day.

Can you give an example of how Positive Pay prevents ACH fraud?

Alex runs a craft woodworking business. He leads a team that makes cutting boards, frames, and signs for an online store. Most of his cash outflow is digital, automatic payments.

One morning, Alex responds to email orders and receives a notification from the ACH Positive Pay system. It flagged a suspicious transaction that appeared to be from a utility company. As he reviews the alert, he notices a few red flags. The timing was off from their typical payment, and the amount was higher than usual.

He rejects the transaction through Positive Pay, closes his laptop, and hops to a meeting with one of his team leads.

How would I use it day-to-day?

Positive Pay is designed to be simple and integrate seamlessly into your business. Its easy to access for Fortress Union Bank customers, simply log in to Business Online Banking or use the business mobile app to access the Positive Pay service.

If you’re a solo entrepreneur who can’t keep track of the books daily, this system is a second check that proactively reviews transactions alerting you when your attention is needed.

In larger companies where several transactions happen daily, Positive Pay gives your team a real-time opportunity to review abnormal transactions and streamline monitoring for your accounting team.

If you enroll in ACH Positive Pay protection, you’ll set up some guidelines about what is ‘normal’ for your business. Add companies to an approved list or block unauthorized companies. Set up transaction parameters such as amount limits, frequency, and start and end dates.

With Check Positive Pay, you’ll upload a file with the checks issued on the business account or manually enter checks in the Positive Pay system. When checks are presented to clear your account, you’ll get an alert if something doesn’t match what’s been entered so you can review and decide whether to pay or return.

Ultimately, Positive Pay saves you time by being proactive instead of reactive to fraud.

How has it helped other businesses?

Positive Pay is designed to stop fraud in any business, whether you’re a sole proprietor or a big corporation. Stacie Wolter, a fraud analyst at Fortress Union Bank, says, “Fraudsters don’t discriminate. They’re after everybody, so you will benefit from Positive Pay if you write checks or pay using ACH.”

Positive Pay is a secure and convenient service for helping fight against fraud yet it’s only one piece of a collection of services that fall under the Treasury Management umbrella. Read more about the basics of treasury management which summarizes everything from making ACH payments and payroll to receiving online customer payments, paying credit card statements and managing overall business cash flow.

Please contact Fortress Union Bank’s Business Services team to learn more about Positive Pay and other business services available — 844.238.3838.

Stories from business owners like you can give you valuable insight into your own enterprise. Listen to Dream, Plan, Live: the Fortress Union Bank podcast for stories, how-to guides, and advice from the experts at Fortress Union Bank.

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The post Businesses fight back against fraud with positive pay system appeared first on Fortress Union Bank.

It depends on what state you live in, but you’ll typically need to make up for about 80% of your pre-retirement income per year to live the same pre-retirement lifestyle, according to The Wall Street Journal.

Let’s say your annual income was $80,000. Using this model, you’ll want to have about $64,000 a year in retirement to cover your expenses. This is because you’ll still need to pay for normal living costs without having to pay for Medicare and Social Security taxes or contribute to a 401(k) or IRA. These numbers may seem overwhelming but don’t worry. Starting to save now can make this process less stressful.

Before retiring, there are numerous financial goals you can save for, including making a down payment on a house, taking a dream vacation, getting your child ready for college, getting married to your special person and so much more. Don’t let these big life moments pass you by.

Let’s dive into how to open a savings account and the benefits you can receive by doing so.

How To Open a Savings Account

Before you can enjoy the countless benefits of having a savings account, you actually have to open one. Ready to get started? Here are the steps to follow:

Step 1: Choose How to Apply

Depending on your bank, you have the freedom to apply whichever way is easiest for you — either in person or online. All of these options are smooth and proactive; it just depends on how much interaction you’d like with your banker. If you want extra assistance or someone to walk you through the necessary steps, going in person is probably most suited for you. If you desire a process with minimal contact, online is your best bet.

Step 2: Gather the Right Documentation and Identification

You’ll need your Social Security number, a government-issued I.D. and contact information to open a savings account. Either bring these documents with you in person or have them handy while you set up your plan online. Your bank uses secure systems that keep your personal information safe, so you can trust that your data won’t be compromised.

Step 3: Select the Type of Account

Let your bank know if you’re opening a single account for yourself or a joint account with another person. If opening an account with someone else, you’ll need to have their documentation and identification as well.

Step 4: Submit Your Application

If you go in person, this is done instantly. If you apply online, it may take a few days for the bank or credit union to verify your information and open your account.

Step 5: Start Saving

If your savings account has a minimum requirement, you’ll need to put that amount in. Otherwise, you can start depositing your savings as needed. Many banks do require an initial deposit, often between $100 and $200. Even if your savings account type doesn’t, it can be helpful to put money in right away so you can start earning interest as soon as possible.

Additional Money Management Tips and Best Practices

Once you open a savings account, it’s up to you to determine what your savings journey will look like. While it’s hard to put cash into this account rather than spend it on a fun trip or a delicious meal, you can follow these tips to improve your spending habits:

Set Smart Savings Goals

Create SMART savings goals — specific, measurable, attainable, relevant and time-bound. Vague and unrealistic goals can be frustrating and disappointing, leaving you to give up or be unsure if you’re moving in the right direction.

Specific and measurable initiatives make it easier for you to track your progress. Attainable goals allow you to celebrate small successes without getting discouraged and throwing in the towel. Relevant and timely objectives help you link your financial and personal goals to achieve while following a designated timeline. Ultimately, setting these types of targets can help you take small baby steps toward long-term savings goals.

Craft a Savings Strategy

Budget and track expenses by following a set plan. This could include setting up direct deposit for your paycheck, setting a realistic financial goal, using a budgeting app and avoiding unplanned splurges. You can also take advantage of available automatic savings tools with digital banking or mobile banking accounts. These tools can help you analyze your checking account activity and create a personalized savings goal based on your spending habits.

To build a personal savings plan:

1. Take financial inventory: Understand your current financial situation and what types of assets you have. This could include cash, a 401(k) plan, a money market account or a certificate of deposit (CD).

2. Establish your SMART goals: Here’s where your goals can shine. They will serve as the foundation for your plan and give your savings direction.

3. Determine how much to allocate to each financial goal: With a monthly budget, you must know how much is needed for each target. That said, decide how much you want to save for your SMART goals. That way, you can properly allocate your monthly income.

4. Talk to your financial advisor: Your financial advisor understands your situation and can help guide your savings.

Try Out Money Market Accounts

This type of account is also beneficial for people looking to save money. A money market account functions like a traditional savings account but offers checking account features. With a high-interest rate and advantageous features, this type of bank account can give you freedom and flexibility while helping you put aside funds.

Benefits of Saving Accounts

Savings accounts are a low-risk way to build your retirement fund and earn a nice long-term return on your money. Additionally, you can enjoy the following benefits from opening a personal savings account:

Interest Earnings

Many savings accounts have an interest rate that allows you to earn a substantial annual percentage yield from your existing savings. This enables your money to work for you while it’s stored. They also don’t lose money, unlike some other riskier investment options. So, no matter what the market does or how bad a financial crisis gets, your savings bank account will never go down — unless you take money out, of course.

While the interest rate may not be as high as less safe investments, you may be surprised by how much growth you’ll see by keeping your funds accruing over time.

Security

You can have peace of mind when using a savings account. Not only are these accounts automatically insured by the Federal Deposit Insurance Corp. (FDIC), but they’re also backed up with the latest safety measures and technology. This includes two-factor authentication, strong passwords, encryption and other protective innovations. When you put your money into a savings account, you can trust your financial institution to keep it secure from unauthorized access.

Easy Access

Unlike a CD account that has a specific period where your money is restricted, savings accounts enable you to freely access your money when and where you need it. Just use your credit card or debit card at an ATM to get cash at a moment’s notice.

This makes it a wonderful option for building your emergency fund. When an emergency comes, you can easily access your money immediately. CNBC states it’s important to have about three to six months of income stored just in case something unexpected happens. Let’s say your car breaks down or your child breaks their leg. Having the option to deal with these urgent issues without the stress of access fees or time-consuming processes enables you to focus on the problem at hand.

Start Saving With Fortress Union Bank

With a minimum balance of only $100 and no monthly fee, Fortress Union Bank is an easy and simple way for you to start preparing for your future. Our savings account provides you:

• Automatic interest rate bumps as your savings grow.
• Easy access to your money.
• Safety and security with FDIC protection up to $250,000.

Open an account with Fortress Union Bank today to start saving, and connect with one of our team members to learn what money management services our financial institution can provide you.

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In a recent survey on personal finance concerns, many adults expressed worries about retiring without sufficient savings and lacking emergency funds.

Let’s explore the benefits and considerations of using a CD as a savings vehicle.

Certificates of deposit typically carry higher interest rates and can generate higher rates of return. However, you’ll only build up substantial savings as long as you don’t withdraw money early because doing so will lead to penalties.

What Is A CD?

You can choose a term that suits your savings need. Common time frames are three or six months, or one or two years. Some CDs have terms as long as 5 or 10 years. The longer term accounts typically offer higher yields.

Keep in mind the rates of a CD can change frequently and different terms can require different minimum balances. In order to build a strong savings, look around for the best rates and keep in mind that you can open multiple term accounts.

Because these time-based funds aren’t as easily accessible as a savings account, they may help you stick to your savings goal.

When the term of a CD expires, the funds and interest earned will typically renew for the same term or the timeframe identified in your account agreement. It’s important to move these funds into a different account type, if that’s your intent, before your CD renewal date.

Make The Most Of Your Savings

Before opening a term account, set a savings goal for yourself. Perhaps you’re looking to have enough for a down payment on a house, or you’re planning an overseas vacation next summer. You may be somewhat wary of tying your money up for a long period of time with the potential for rates to rise. Consider “laddering” your CDs.

The Advantage of CD Laddering

If you have concerns about tying up your funds for a long period or anticipating rising interest rates, CD laddering is a strategy worth exploring. Here’s how it works:

1. Divide your savings amount, for example, $10,000, into equal portions.
2. Open CDs with different terms, such as one, two, three, four, and five years.
3. Allocate the divided amounts into each CD, for example, $2,000 in each.
4. As each CD matures, reinvest the funds into a new five-year CD, benefiting from potentially higher interest rates.
5. By laddering your CDs, you can consistently invest in longer-term certificates, achieve competitive interest rates, and have one certificate mature each year.

Customize your CD ladder based on your specific needs, considering the amount you can invest and the desired investment period. If you require regular income from your investments, explore other options that align better with your goals.

With approximately 62 percent of Americans not having enough in savings, a CD represents an excellent way to start setting aside money for the future and benefit from the higher yield interest rates. Rest assured that all CD investments up to $250,000 are backed by FDIC.

In conclusion, a CD can be an effective savings vehicle to help you achieve your financial goals. Consider the benefits of higher interest rates, the flexibility of CD terms, and the strategy of CD laddering to maximize your savings potential.

Start building a strong financial foundation today with a CD from Fortress Union Bank and work towards a more secure future.

Post updated. This article was originally published February 2020.

Learn more

• How you can develop a solid savings plan
• A guide to personal banking
• 5 banking fees you can easily avoid to save you money

The post Is a CD The Right Savings Vehicle For You? appeared first on Fortress Union Bank.

In a fast-paced business world, making big and small decisions can feel overwhelming. No business operates in a bubble, whether you’re a seasoned entrepreneur or an aspiring founder. Community is an essential key to navigating the complexities and challenges of the dynamic business landscape.

Here are five practical ways to uncover honest business advice by networking and building community.

1. Reach Out to Leaders You Admire

Being a business owner can feel isolating, especially when you’re launching your new venture and big decisions are on the line. Networking can give you mentorships, valuable insights, and potential new opportunities in your enterprise.

Brent Donner, owner of DLC Manufacturing in New Ulm, Minnesota, says tapping into leaders in the fabrication industry across the country helped him build his consulting business – many became his clients. (Hear how Brent built his exceptional company by making tough choices and mentoring his team here.)

You may already know someone whose career you look up to. They don’t have to be in the same industry as you. They may have an outstanding work ethic or an exciting business model.

But maybe you’re thinking of someone you don’t personally know. Cold contacting (reaching out to someone you don’t know) can be intimidating, but put yourself in their shoes. Wouldn’t you feel flattered if someone emailed you saying they admire your work and wanted to connect?

Keep the message short by introducing yourself and your business, explaining why you love their work, and making a concrete request to connect over the phone.

It’s understandable to be afraid of rejection or feel like you can’t offer something to the relationship. But remember that networking is mutually beneficial. It fosters collaboration and showcases that genuine admiration is valuable.

2. Join Your Local Chamber of Commerce

A Chamber of Commerce promotes economic development for areas and neighborhoods by supporting local businesses. There are a lot of ways to get involved, depending on where you live.

You can attend networking events and sign up for education programs, like a Lunch and Learn or a panel conversation with area experts. Chambers of Commerce usually have member directories available to the public so that you can find recommendations for local services and partnerships.

You can also learn more about specific business changes in your community, like new commercial buildings or opportunities to promote your business.

You can explore membership levels that fit your business’s needs, like exclusive events or more visibility for the company. However you engage, becoming a local chamber of commerce member is an investment to connect with your community and advocate for businesses.

3. Tap Into Expert Resources

There are endless books, blogs, and podcasts for influential business advice. But instead of finding blanket advice, it can be more valuable to listen to stories from business owners about their successes and failures. You can also look for how-to guides and game-changing philosophies to ensure your business thrives.

If you’re looking for general news, tips, and business guides, the U.S. Small Business Administration has thousands of reliable articles for small business owners. You can also find books and online publications that focus on your specific industry – but remember to research the qualifications and background of everything you read.

Amanda Nelson, owner of Sioux Fall’s Blue Haven Barn and Gardens, says digging into research as they financed their businesses was essential for their launch.

Taking on loads of new information can be overwhelming. Set aside dedicated learning time for your business and bring specific questions. It will also help you to take notes while reading or listening and create action plans based on your learning.

4. Find Business Communities Online You Align With

Cultivating communities online can also be a great way to connect with people in your industry, collaborate with people worldwide, and grow your business. Creating behind-the-scenes and “Day in the Life” content on TikTok, Facebook, and LinkedIn can also put your business in the spotlight. You should also watch for webinars or virtual events within your industry.

You can also look on industry-specific platforms for links to Facebook groups, Discords, and forums. You’ll be able to engage in conversations and share resources with a community that understands your business’s unique challenges. Remember: these are collaborative, community spaces where you need to ask questions and give advice.

5. Cultivate Outstanding Business Partnerships

Every business owner needs partners to get your new enterprise off the ground. Tax advisors, lawyers, insurance partners, and banks are a part of your core team that sets you up for success.

Choose partners that will support the entire health of your business. Find people you feel comfortable asking questions with and have a business-minded approach to their work.

Jackie Thorson, owner of Thorson Heating in Sioux Falls, says choosing Fortress Union Bank as her finance partner meant she partnered with financial experts who think outside the box and root for her success.

Remember: this is a long-term relationship for your business. Relationships, from your community network to your business team, help set you up for many years of success.

Stories from business owners like you can give you valuable insight into your own enterprise. Listen to Dream, Plan, Live: the Fortress Union Bank podcast for stories, how-to guides, and advice from the experts Fortress Union Bank.

The post 5 ways to find real business advice for new entrepreneurs appeared first on Fortress Union Bank.

That’s why you need to have tools in your operations that expedite your work, especially when it comes to finances.

Treasury management is a set of tools and services that give you control, freedom, and flexibility in your business’s finances. They help you manage inflow (money coming in, like revenue), outflow (money going out, like payroll), and security that prevents fraudsters from attacking your business.Treasury management tools are essential for all operations, from farmers, small business owners, corporations, and manufacturers.

Here, we’ll go through common business problems and how different treasury management services can help you streamline your financial strategy so you can focus on running your business.

My customers use different payment methods with my business: credit cards, cash, and checks. How can I consolidate and manage this cash inflow efficiently?

Your customers interact with your business in unique ways, whether you’re selling products at the farmer’s market, running a bike shop, or teaching yoga classes. There are tools that can optimize income for your business, however you take in revenue.

Your customers can pay you at a physical check-out with merchant card services. You can accept ATM/debit, credit, and gift cards with a point-of-sale service that works directly with your business accounts. With merchant card services, you’ll have access to easy-to-read statements, fraud identification, and support from Fortress Union Bank’s dedicated team.

If you run your business or organization online, web payments allow you to accept payments and donations from your website safely and securely. Fortress Union Bank’s web payment tools are customized to fit your branding, connect directly to your business accounts, and allow you to export data to your accounting software.

Most customers don’t use checks, but if you work with another business, you’ll likely receive payments with a check. Fortress Union Bank’s electronic check scanners work with your PC to deposit checks online quickly and easily. You’ll also receive full credit for your deposits if you scan during a business day. With electronic check scanners, you don’t need to rely on making bank runs to have access to cash in your business.

With Fortress Union Bank’s treasury management tools, you can access all-in-one support from our expert team in one place.

How can I speed up the processing of business payments, like bills and payroll?

Paying for your business expenses individually is time-consuming and not cost-effective. In a fast-moving business world, you need up-to-date information about your business accounts and fast ways to transfer funds. Cash management systems allow you to automate payments from your business online at your convenience.With Fortress Union Bank, you’ll use ACH originations to easily transfer funds electronically for employee payroll, automate bill payments on your schedule, and send federal taxes. These funds will transfer directly to the intended account, eliminating the risk of lost or stolen checks.

You can also use wire transfers through your business account to quickly transfer funds, allowing you to move money within hours of sending it.

I want employees to be able to make purchases for the business, like pay for gas and make online orders. What are my options?

 There are a few options for businesses that want to authorize employees to make purchases. One way would be to give your employee a debit card, but that employee has to be an authorized signer on the account. Authorized signers can sign checks, make withdrawals, and check balances.

But you can control spending you delegate to employees with business credit cards. Fortress Union Bank’s Visa® Business Credit Cards allow you to give employees permission-based access to those cards, which means you can decide what employees can spend on, like gas.With Fortress Union Bank’s business credit cards, you can choose cards that fit your business, like community cards created specifically for non-profits. They also have perks like cash back, low introductory rates, and flexible rewards. Best of all, there are no fees for additional cards.

Business credit cards help you save time – you don’t have to be the only person making purchases, and you eliminate the hassle of reimbursement.

Are there treasury management tools that protect against fraud?

All tools help protect against fraud by putting you in complete control of how money moves in and out of your organization.

First, with Fortress Union Bank’s treasury management tools, you’re reducing the number of vendors for different tools, ensuring the utmost protection for your business’s finances under one umbrella.

Fortress Union Bank has free tools with your business account, like positive pay, which allows you to control what vendors can process payments through your account, and stop pay, which prevents fraudulent or unauthorized transactions from processing. Multi-factor authentication also protects your funds from hackers and fraudsters.

Fortress Union Bank’s dedicated team of experts is also on the front lines of the latest fraud tactics. They are available to work with you on answering security questions and protecting your business so you can focus on making your business thrive.

Ready to streamline your business finances? Reach out to connect with one of Fortress Union Bank’s treasury management experts today.

  Contact Us

Looking for more advice for growing your dream business? Listen to Dream, Plan, Live: the Fortress Union Bank podcast for more tips from the business experts in your community and at Fortress Union Bank.

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• 4 Cash Management security protocols that focus on fraud protection
• How online deposit brings the bank to you

The post Choosing the best treasury management services: FAQs to guide your decision appeared first on Fortress Union Bank.

The more financial tools a business owner has at their disposal, the more efficiently they can tackle all treasury management tasks.

Learn everything you need to know about treasury management and how Fortress Union Bank can help your organization flourish in this article.

What Is Treasury Management?

Before jumping into how to manage your treasury in the most effective way, it’s vital you fully understand what this term means.

Treasury management is the number of financial processes and responsibilities of a business that help to optimize cash flow, liquidity and funding. A sturdy treasury management plan can help businesses determine their working capital requirements and establish a method to secure adequate funding. This plan is also part of an organization’s risk management strategy to keep finances from dipping too low.

Treasury Management vs Cash Management

You may have also heard the term cash management and been confused with how it aligns with treasury management. These two terms are actually used interchangeably to refer to the various fiscal responsibilities of a commercial operation.

A Treasury Manager’s Role

While not every organization will have a designated person to run financial operations, some businesses have a treasury manager to help manage cash coming in and out of the doors. The typical job of a treasury manager includes:

• Minimizing financial risk: Knowing what vulnerabilities your organization may be open to is a huge part of keeping your employees and business assets safe. A treasury manager will make decisions that minimize risks and reduce potential problems. According to Deloitte, risk management is considered the most critical mandate assigned to treasury managers.
• Liquidity management: Treasurers also keep an eye on your business’s financial obligations to ensure the cash entering and exiting your doors meets your required payment amounts.
• Forecasting cash flow: To keep your organization successfully moving forward, a treasury manager predicts the financial status of your business over a specific period of time.
• Trade finance: Most companies trade with third parties. It’s their job to make less risky deals and keep practices safe.
• Corporate finance: Treasurers enable company growth by making decisions informed by relevant financial data. By analyzing insights, they can allocate funds where the most value will be delivered.
• Organizing payments: Lastly, leaders in the treasury department are responsible for creating and tracking a payment process.

What Are the Available Types of Treasury Management Services?

Enhance treasury management practices by using tools that save time and improve operations, leaving small business owners with more time to accomplish other important tasks.

Here are the treasury management services available through Fortress Union Bank:

Cash Management

Cash management gives you more control over managing your cash with flexible features like the ability to process ACH transactions, debits and credits, payroll and wires. Small businesses can complete payroll faster and with fewer expenses with direct deposit. Pay your employees directly online, which saves you time and money in the long run.

Cash management allows you the freedom to move your money where you need it, no matter what. This not only lets your customers pay you automatically, but it enables you to pay vendors and federal taxes as well.

With Fortress Union Bank Cash Management services, you get:

• Instant notifications and alerts from your computer or web-enabled device.
• Automatic scheduling and business day cut-off times to manage your funds.
• Protection from unauthorized account access with dual control authorization.
• Dedicated help from our team of business specialists.

Online Deposit

If your small business handles a large volume of checks, our online deposit capabilities will come in handy. Use a check scanning software that allows you to upload them to a secure website location to process transitions quickly, efficiently and safely.

Our online deposit services help you:

• Reduce errors that can arise with manual check processing.
• Save digital images of the check so you can safely destroy the paper copies and keep online version for your records.
• Reduce financial risk by always having funds available through quick check deposits.

Web Payments and Merchant Cards

Web payments and merchant card services ensure your organization can accept various forms of consumer payments. After all, customers rarely pay with physical checks (as opposed to business vendors, who may be more apt to use checks), instead relying on debit cards, credit cards and digital wallets.

Web payments can help your business improve its e-commerce strategy. As more customers flock to online buying, your site will need to be fully equipped to accept digital payments. Web payments from Fortress Union Bank can:

• Streamline the online checkout process for customers.

Business Credit Cards

A small business may struggle to sustain itself running entirely on a cash budget. Credit has a central place in capital planning, and many businesses leverage credit cards in regular operations, whether to buy inventory, make spot purchases or plug short-term cash flow gaps.

In your search for a suitable business credit card, you should focus on:

• Interest rates.
• Credit limits.
• Daily limits.
• Annual fees.
• Cashback rates.

Fortress Union Bank offers a wide selection of Visa business credit cards to choose from, delivering free online expense reporting, zero fees for additional employee cards and 24/7/365 cardmember services.

Sweep Accounts

Some business owners may be unfamiliar with sweep accounts, which can be a major advantage for companies.

It works like this:

• A business owner decides a minimum range for their primary operating account.
• At the end of the day, any funds over that minimum are swept into a separate account.
• There, the money can earn interest, be invested in stock or a money market account or be used to pay down an existing credit line.
• If the operating account is under the minimum, funds are automatically swept back in.

A sweep account it’s a way for owners to automate what would otherwise be a tangle of time-consuming transfers, giving them full opportunity to capitalize on short-term investments.

Simple Account Transfers

Any way to make account transfers more efficient can return valuable time and labor resources to small business owners. Traditionally, to complete an account transfer, you must visit a branch and write out deposit slips for each transfer.

However, with cutting-edge cash management solutions from Fortress Union Bank, you can significantly simplify the transfer process. Initiate a transfer online if the accounts involved are with the same bank as your principal business checking account; plus, you can complete ACH transactions quicker without painstakingly tracking full numbers and routing information.

Fraud Prevention

You don’t want to mess around when it comes to your money, so be sure your business has ample fraud prevention tools it can use to protect its finances.

Fortress Union Bank understands the importance of robust fraud prevention, providing you with defensive measures like:

• Positive pay: Match presented checks to previously authorized checks to quickly verify authenticity.
• Stop pay: Cancel payment on any number of suspicious checks at once.
• Multi-factor authentication: Require multiple log-in steps, including username, password and registered token or security question.
• Dual control: Fortress Union Bank offers dual control for all ACH and wire transactions as an added security precaution.
• Permission-based access: Decide exactly what data privileges each employee with access to banking services has.

Benefits of Treasury Management

Treasury management can help your organization’s cash flow by using funds appropriately and ensuring that short-term obligations are met. It’s also a big part of risk management as it carefully manages a company’s vulnerabilities and exposures to foreign exchange and interest rate risks. When an organization has more money and less risk, it is more profitable overall.

Treasury management solutions can give business owners or treasury managers more control over their company’s money by increasing efficiency and cost savings. These resources also provide more detailed information and data to help decision-makers make better choices about allocating resources.

Ready To Take Your Treasury Management to the Next Level?

Fortress Union Bank has numerous treasury management products and services that can help your business manage financial tasks more effectively and efficiently than ever before. Contact us today.

Post updated. Originally published February 2021.

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• 4 Cash Management security protocols that focus on fraud protection
• How online deposit brings the bank to you

The post What is Treasury Management? Understanding its benefits, functions and more appeared first on Fortress Union Bank.

But, if a person is making a transaction like withdrawing a large sum of money or depositing a massive check into their account, it’s important for the financial institution to ensure that this person is safe and in the right state of mind.

If you’ve been asked about particular actions from a banker in the past and didn’t understand why, or if you’re hoping to better understand how your bank operates, you’ve come to the right place. Let’s look at why it’s important for bankers to ask patrons questions and discuss the typical types of queries they may require.

Why Banks Ask Customers Questions

First and foremost, it’s important for people to understand that the primary goal of asking bank users questions about unusual transactions is to keep them safe. Typically, bank employees ask these probing or detailed questions when a customer makes a request that seems unusual based on past activity, like wiring a large amount of money.

A banker’s intent is to help them avoid losing funds due to fraud and scams. It’s never meant to pry or judge, but to protect customers and their money, similar to a doctor asking medical questions during an exam or procedure.

On top of protecting users, all financial institutions have a legal duty to ask questions to ensure there are no unlawful issues or money laundering occurring within their branches. A financial professional would never assume illegal activity is occurring. But, if a problem does arise, then the bank must be held responsible for a situation that could have been avoided, often resulting in fines and penalties. Customers trust banks with their money, and, in return, the bank must be able to trust that nothing unpermitted is taking place.

What Types of Questions Do Bankers Typically Ask?

Bank professionals generally only ask customers questions when a service requested seems out of the ordinary for that particular individual’s history. Most often, wire and cash exchanges are the common cause for questioning.

While these questions may seem overly personal, it’s part of the banker’s job to look out for their customers’ best interests, including the protection and usage of their assets.

If a customer is actually put in a difficult situation and is the victim of coercion or a scam, these types of conversations would be an opportunity for the banker to help protect this person and their money.

Fortress Union Bank Has Your Back

At Fortress Union Bank, our employees are trained to identify weird activity or concerning actions and handle them to protect the patron and their financial assets. We work to ensure every person has the support they need against scams, blackmail or any other compromised situation.

If you’d like to learn more about the security protocols we uphold or have a conversation with one of our employees, contact us today

Visit our Security Center

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The post Is your banker asking questions? It’s for your own protection. appeared first on Fortress Union Bank.