It’s Time For Your Annual Checkup with Security Financial Bank
Security Financial Bank is in your corner, making your money work for you
Have you gotten your annual checkup? No, not the one with a doctor, the one with your banker! As a business owner, an annual review with your bank is vital to making sure your money is working for you as best it can, and that’s where a trusted banking partner comes into action.
Similar to a general health check-up, a financial check-up is a time to take a look into what’s new or has changed in your life. For you and your banker, it’s a time to chat about anything new to be looking for – new tools, new products or services, etc. – as well as updates on rate changes, ownership updates, and more.
According to Deirdre Tumm, Security Financial Bank Senior Treasury Management Officer at the Eau Claire office, the first step to checking in on your business’s financial health is asking one question. “The question I would pose to business owners is this: Are you, as a business owner, doing an annual checkup?”
Much like finding a good doctor, having a great banking relationship as a business makes it feel as though you have someone in your corner.
The financial world can seem daunting, especially as a business owner. Whether you’re leaping into the world as a small business owner or are part of a larger operation, having a banking partner is vital. More than that, a go-to person who knows the ins and outs of business finances will make it all more approachable and beneficial.
Security Financial Bank’s holistic approach to finances is what sets them apart from other banks in the area, and is what business client Tabitha Michaud’s team was pleasantly surprised by.
“When Jackson County’s banking relationship began with Security Financial Bank, we were unsure what to expect. We’ve been overly pleased, however, to see the quick responses from SFB and the attention they pay to our specific concerns,” Tabitha said. “SFB didn’t just set up our accounts and put them on autopilot. They ensure that we’re happy with the services we’re receiving, but make sure there isn’t a service we don’t currently utilize, that we might gain from.”
But what does a banking checkup for businesses look like?
The Big Picture
The first part of an annual financial check-up should begin with your banker look- ing into your specific business accounts and doing analysis work to determine if you are currently utilizing the right products and tools to best serve you and your business. Your bank- er should meet with you to discuss the findings of an analysis review, Deirdre said.
Account Analysis Statement
Deirdre recommends all businesses request an account analysis statement, which is an analysis of how a bank tracks business service fees. It is a great tool to see a full view of what fees may be associated with your account. While the average consumer may receive a general banking statement automatically, a business must request an analysis statement
in order to see it. “In reviewing those service fees, your banker can look for any tools or opportunities to offset those service fees and review rate changes,” Deirdre explained. “For example, we’ve recently seen depository rates skyrocket.”
FDIC Insurance
Learning about or checking in on your FDIC insurance coverage is key, this includes understanding your FDIC insurance to updating records, ownership structure, and more, Deirdre explained.
Tabitha said Security Financial Bank’s detailed analysis and annual checkups have been key to easing their financial experience. “(The financial checkup) has simplified a portion of my responsibilities, and I really feel as though I have a concerned partner regarding Jackson County’s financial health,” she said.
Make Your Money Work For You
Beyond the overarching checkup process, Security Financial Bank aims to make your money work for you. Tools like sweep services and Positive Pay are utilized by SFB business clients to offset service fees and for security purposes, Deirdre said.
Sweep services come into play when there is an excess amount of money sitting in an account. “Sweep services take the money that’s just sitting there and providing some excess value, earning you interest on those dollars that you didn’t have before,” Deirdre explained. “It’s called sweep services because money can be swept back and forth between accounts. We can sweep some money into an interest-bearing account, and if the account ever falls below your target balance, money will automatically sweep back so you don’t have to worry about maintaining the balance.”
Positive Pay is a fantastic tool used against theft protection of checks. While a regular co sumer has 60 days post statement cycle to dispute something in their account, a business account only has 24-48 hours. Positive Pay ensures you are notified of any questionable activity in your account and requires the account owner to verify the activity. “We have caught many fraud attempts through Positive Pay,” Deirdre said.
Cash management services are key to the health of any successful business, much like annual physician checkups are to a person’s health.
“My mother retired from banking many years ago, but I learned from her at an early age that your financial health is very similar to your med- ical health – it’s good to know where you stand and what your numbers are,” Tabitha said. “Much like finding a good doctor, having a great banking relationship as a business makes it feel as though you have someone in your corner.”
Security Financial Bank
Eight offices, including Eau Claire
(715) 833-7685 – Eau Claire Office
www.sfbank.comMember FDIC
