By Bruce Gemmill, SVP, John Marshall Bank
These days, we often read about security breaches aimed at financial institutions. In fact, cyber security breaches far exceed that of physical bank robberies. In a 2011 Norton Cybercrime report, it was estimated the global cost of cybercrime at nearly $400 billion per year. The report also said there are more than 1 million victims of cybercrime per day.
Let there be no mistake, Banks are very good about using technology to ward off cyber-attacks in order to protect sensitive information. Your information. But business customers need to work with their bank to stay informed and to use the products and services offered by the bank to protect their accounts.
What are these products and services? At John Marshall Bank, we encourage our business customers to take full advantage of our cash management services and the escrow manager account. The former offers security, and the latter opportunity.
Part of our standard procedure at John Marshall Bank is to provide a “Call back” on wire transfer requests. This may seem to be overkill and to some an annoyance, but the bad guys are very clever at their game, and persistent. We will not assume the email we receive requesting a wire transfer is authentic. Even if we are pretty certain, we nonetheless call the customer at the number we have on file to confirm the request. Better safe than sorry, and believe it, taking the extra time to make sure we have it right protects our customer and his or her assets.
We also offer Positive Pay. This is another service we provide to protect your business from check fraud by validating checks presented for payment to a file of issued checks. You may pay or return checks not matching your file of issued checks at your discretion.
There are other ways to protect your business. If you are a merchant of any size accepting credit cards, make sure you are complying with PCI Security Council standards. This is not optional. Besides, it pays to stay within compliance for your own security, not to mention if you don’t, there are stiff fees for not doing so.
Automated Payments and Collections, widely known as ACH transactions, allows a business to quickly, securely and easily originate electronic funds transfers to include: direct payroll deposit; vendor payments; pre-authorized payments; dues collections; subscriptions and fees; concentration of funds from one bank to another and on-line tax payments.
The Escrow Manager account relieves your business of the administrative burden of opening, tracking and reporting on your clients’ individual escrow accounts. The bank establishes and tracks your client’s escrow deposits as individual sub-accounts. You will receive a comprehensive monthly statement summarizing all activity for the individual sub-account as well as the master account. This gives you, the agent, a precise audit trail. The bank prepares the 1099-INT forms which are sent to the sub-account holder as well as the agent. Each sub-account is insured up to $250,000. Be aware many banks charge a fee for this service. At John Marshall Bank, there are no fees associated with this account.
Time Out for a Brief Commercial Announcement
John Marshall Bank is headquartered in Reston, and serves the entire Washington, DC metropolitan area with offices in Reston, Rockville, Leesburg, Falls Church, Arlington and Alexandria.
The Washington Business Journal has listed John Marshall Bank one of the best places to work based on a survey voluntarily completed by the bank’s employees. Bauer Financial awarded John Marshall Bank Five-Stars, a coveted designation assigned only to the soundest financial institutions in the nation. Finally, the Washington Business Journal reported in March 2013, that SNL Financial, one of the leading bank analysts, ranked John Marshall Bank as one of the 100 best-performing community banks in the country.
Now is the best time to make John Marshall Bank your bank. Visit http://www.johnmarshallbank.com