Keep your personal and business accounts separate. Here’s why:

The separation makes it easier to authorize employees to handle day-to-day business banking tasks on behalf of your business without accessing your personal accounts.

The Internal Revenue Service recommends separating your personal accounts to make recordkeeping easier for tax time. Your accountant will thank you!

Some consumer laws do not apply to business accounts — for example, the Electronic Fund Transfer Act and Regulation E, which establish liability limits for unauthorized electronic fund transfers, error resolution procedures, and certain disclosure requirements; and the Truth in Savings Act and Regulation DD, which require disclosures about the terms, fees, and other features of deposit accounts.

Maintain a good business credit history

If you are an established business, having good credit history may help you negotiate better terms on loans, which in turn can help save you money. Loans to most new businesses are reviewed based on the personal credit of the owner. Money Smart for Small Business provides ideas on maintaining and improving your credit history.

Manage your business credit well to increase the likelihood of getting approved for a loan when you need it. Good credit also helps you qualify for better loan terms. An accurate credit history will help you guard against identity theft and avoid unexpected credit issues when you go to apply for a loan.

Avoid scams targeting small businesses

Scammers are out there and will do what they can to exploit your business. Here are a few scams to watch out for, so you can protect your business and your money.

Ransomware is a type of malware created to lock or encrypt files on an electronic device like a smart phone or computer. The sender of the ransomware then demands a ransom — generally in the form of a digital asset — in exchange for unlocking or decrypting the information on your electronic device. The scammer typically threatens to publically disclose or sell the compromised information, if the ransom is not paid. If you believe your business is a victim of a ransomware attack, contact law enforcement immediately. You can also contact a local field office of the Federal Bureau of Investigation (FBI) or U.S. Secret Service to report a ransomware attack and ask for assistance.

Phishing is a term for scams commonly used when a criminal uses email to ask you to provide personal financial information. The sender pretends to be from a bank, a retail store, or government agency and makes the email appear legitimate. The approach is often threatening or appears urgent in nature. Criminals also use text messaging and phone services such as a live phone call, a “robocall,” or a voicemail too. Do not open links or provide financial information unless you are sure of the party who is interacting with you.

Smishing is similar to phishing, but instead of using email, the criminal uses text messaging to reach you. Same idea, they pretend they are from an organization you might know and trust (such as a bank or the IRS) and try to get your personal information.

Vishing, similar to phishing and smishing, is when scammers use phone services such as a live phone call, a “robocall,” or a voicemail to try to trick you into providing personal information by sounding like a legitimate business or government official.

Online Cash Management services streamline your administrative duties and improve efficiency at a competitive cost to you!

ACH Services lets you process payments electronically to increase sales, customer satisfaction, and efficiency.

Wire Transfer Services allows you to initiate domestic and international wires online.

Remote Deposit Capture allows you to never miss another deposit when you can deposit checks from your office around the clock.

Merchant Card Services allows you never to deny another sale due to cash-only policies with this service lets you accept major credit and debit cards for payment.

As always, we are here to help you have financial success. Feel free to contact any of ESB’s commercial lenders or the Treasury Management Officer. You can find our contact information on our website at esbfinancial.com or give us a call at 620-342-3454.