PRESIDENT'S UPDATE //
Like many organizations, we recently completed our strategic plan
for 2013. One important action of that plan is to get to know our
customers and partners even better than we already do.
I feel relationships are one of the most important parts of our
business. TAB provides loans and deposit services like most banks
around the country. However, there is a reason our customers and
partners choose to work with us; we handle specific situations very
well. Continued and improved understanding of you as our customer or
partner will allow TAB to be an even better organization.
Customers—we want to know your plans and be pro-active
about how we can help with opportunities. And we know that not
everything goes as planned. One of the competitive advantages TAB Bank
has is the fact that we can move fairly quickly. We have helped many
clients when things have not gone as planned. Our goal is to stay
better connected with our clients so we can be the avenue for you to
resolve an issue or seize an opportunity.
Partners—our goal is to be the predictable funding
source you can depend upon. We know that we are not the right fit for
every situation. We don't want to be. However, we feel we are the best
fit for the right situation. TAB's objective is for you to know what
that situation is. We want you to know what our box is so you can have
the confidence to refer your clients and connections to TAB Bank.
Over the coming months, we will take the opportunity to utilize all the
channels of communication today's world provides us. While that will
include doing a better job with email, phone, social, advertising, and
more; we will also rack up more travel expenses in 2013 and see people
face to face. I feel that all our communication efforts will be worth
every bit in the lasting relationships we will strengthen in the coming
Here's to further connecting with you in 2013,
// Steve Sala, President
TAB BANK OFFERS TIPS TO SMALL BUSINESSES FOR COMBATING FRAUD
are increasingly targeting small businesses to transfer funds from
accounts and steal private information, a fraud referred to as
"corporate account takeover". Criminals use spoofed emails, malicious
software, and online social networks to obtain login credentials to
businesses' accounts, which they then use to make illicit transactions.
Combating account takeover is a shared responsibility between businesses
and financial institutions. Bankers can explain the safeguards small
businesses need and the numerous programs available that help ensure
fund transfers, payroll requests, and withdrawals are legitimate and
accurate. Employees should be trained about safe internet use and the
warning signs of this fraud, as they are the first line of defense.
In an effort to combat this type of fraud, we offer these tips to help prevent account takeover:
Protect your online environment. It is important to
protect your cyber environment just as you would your physical location.
Do not use unprotected internet connections. Encrypt sensitive data
and keep updated anti-virus and anti-spyware protection on your
computers. Change passwords from the default to something complex,
including point-of-sale terminals.
Partner with your bank for payment authentication.
Talk to your banker about services that offer call backs, device
authentication, multi-person approval processes, batch limits, and other
tools that help protect you from unauthorized transactions.
Pay attention to suspicious activity and react quickly.
Put your employees on alert. Look out for strange network activity,
do not open suspicious emails, and never share account information. If
you suspect a problem, disconnect the compromised computer from your
network and contact your banker. Keep records of what happened.
Understand your responsibilities and liabilities. The
account agreement with your financial institution will detail what
commercially reasonable security measures are required in your business.
It is critical that you understand and implement the security
safeguards in the agreement. If you don't, you could be liable for
losses resulting from a takeover. Talk to your banker if you have any
questions regarding your responsibilities.
To learn more, see the American Bankers Association's Small Business Guide to Corporate Account Takeover. //
AMERICA SAVES WEEK IS FEBRUARY 25 TO MARCH 2, 2013
Saves Week is coming soon and TAB Bank is pleased to be a participating
organization for this year's event. With spending being so easy these
days, it's no surprise that saving isn't. But if you put your plastic
back into your wallet and say "later" to your latte, you will soon
discover the power and peace that come from having a savings plan. Open
a savings account and start making automatic deposits. You could soon
be savings thousands of dollars a year—money that could go toward early
retirement, a new car, or even a new home. Because what starts with
something as simple as rolling your loose change or bringing your lunch
to work, could lay the foundation for a wealthier future.
Open a TAB Bank Premium Savings Account, Money Market Account, or Certificate of Deposit and discover just how simple saving can be. For more savings strategies and tips visit www.AmericaSavesWeek.org. //
RECENT FUNDING ACTIVITY
asset-based line of credit for A&W Products Company, Inc. of Port Jervis, NY
asset-based line of credit for Eagle One Golf of Anaheim, CA
asset-based line of credit for Cosmos Communications, Inc. of Long Island City, NY
accounts receivable line of credit for ProStar Trucking, LLC of Salt Lake City, UT
CONSIDERING SWITCHING BANKS? DO IT THE RIGHT WAY.
It's not easy and it's rarely painless, yet at some point in every
company's life-cycle there comes a point when the thought of changing
banks becomes a topic of deliberation. Whether you're dissatisfied with
your current financial institution, offered new time-saving products or
features, or presented with a cost savings that cannot be ignored, the
reasons to consider a switch are many. Unfortunately many companies are
swayed too easily before all of the risks involved with changing banks
are considered. This can leave business owners in sometimes devastating
situations that could easily have been avoided.
Before you make a change, here are some key points to consider that will
help make your transition as smooth and seamless as possible:
Make sure all of your needs are addressed. Lost in
the shuffle of a fancy, well-presented proposal or a slick new product
demonstration can be the fact that although a new bank may offer you
something your current bank does not; they may not offer you everything
you need. Make sure you take the time to compare apples-to-apples and
confirm with the new bank that all products and services that you
currently need and use are available to you before ever making a change.
Make sure all transactions are accounted for. Take some
time to reconcile your accounts before closure. Closing an account too
soon can result in returned check fees and other charges that will make
your life miserable. Making sure all outstanding items have been paid
and all automatic transactions have been moved will help to avoid
unneeded hassles and headaches. Your checks, card swipes, wires and
ACH's— both incoming and outgoing— all need to be accounted for so that
none are lost in limbo.
Consider all of your options. If you've done your
due-diligence and have decided that the time is right, do yourself a
favor and look at all available options first. Don't short-change
yourself and jump on the first offer presented to you. Talking with
multiple banks may uncover additional opportunities that may otherwise
have been missed. At the end of the day if you're going to make a move,
make it count.
Be prepared. There is nothing easy about changing
banks. New accounts, cards, checks, bill payments, treasury services,
the list of things that need to be set up, ordered, received, etc. goes
on and on and the experience can be very taxing for those who approach
it the wrong way. Be prepared and don't make any changes until you are
sure the new account is ready to begin handling your business.
When it comes to banking services and their associated costs it's never a
bad idea to look around and consider what the market has to offer.
Though changing financial institutions may seem like a difficult
undertaking, if you are prepared, if you approach it the right way, and
if you follow the advice above you will likely find the experience very
worthwhile in the end.
Ready to make the switch to TAB Bank? TAB's Commercial Banking
Supervisor, Thomas Karren, can help you do it the right way. Contact
him today at 801.624.4971 or at email@example.com.
TAB BANK IS INVOLVED IN THE COMMUNITY
TAB Bank Provides Sponsorship for 2012 Golf Classic for CURE Childhood Cancer
Based in Atlanta, CURE Childhood Cancer
is dedicated to conquering childhood cancer through funding targeted
research and through support of patients and their families. CURE got
its start back in 1975, thanks to Dr. Abdel Ragab, the first pediatric
oncologist located at Atlanta's Emory University. Dr. Ragab saw the
need for a pediatric oncology research program as well as the need to
support programs for families facing childhood cancer. Of course, he
also saw a lack of funding. His solution? Organize a group of parents
to form CURE Childhood Cancer and start raising money.
As a result of research funded by CURE, several new therapies and drugs
continue to be tested at Emory University. Funding from CURE supports
collaborations such as that between Emory and the National Cancer
Institute. This partnership has led to the testing of a new drug
targeted at pediatric acute lymphoblastic leukemia with very promising
results. With backing and support from CURE, programs like this will
continue to make headway in the battle against childhood cancer.
One of the key fundraising activities for CURE is the annual Golf
Classic. We were pleased to support and sponsor this fundraising effort
for the 2nd consecutive year. This year's event took place at The Oaks Course
located in Covington, GA. We were well represented at the golf
tournament by our Vice President and Business Development Officer
located in Atlanta, Rob Gole.
"CURE provides critical support to patients and their families,
establishing supportive relationships at the time of diagnosis which
last throughout a family's journey with childhood cancer and beyond,
whatever the outcome. The Golf Classic, always held on the last Friday
in September, has been a steady and much needed support for CURE for 23
years," commented Joseph Coleman, CURE Golf Classic Chairman.
TAB BANK TRUCKING REPORT // Winter 2012
Click here for our latest TAB Bank Trucking Report.
We feature industry-specific metrics as well as analysis from our large
portfolio of transportation receivables for the purpose of offering
insight into the health of the trucking industry as well as the economy
at large. //