As you may have heard, with the Corporate Transparency Act (CTA) that was passed at the end of 2021, businesses will now have to register and report their Beneficial Ownership to FinCEN (Financial Crimes Enforcement Network) using an online portal, known as the BO IT System.

• New businesses formed this year (2024) will have 90 days to register their Beneficial Ownership Information with FinCEN.
• Businesses formed prior to Jan 1, 2024, will have until Jan 1, 2025, to register with FinCEN.
• Businesses formed on or after January 1, 2025 will have 30 days to file their report with FinCEN
• Businesses that fail to do so, MAY be fined by FinCEN.

What does that mean for RCB Bank business customers?

RCB Bank is still required to obtain the Certification of Beneficial Owners.

What do RCB Bank business customers need to know?

They can access the FinCEN BOI Reference Materials (Reference Materials | FinCEN.gov) for all the reference materials as well as the FAQs provided by FinCEN. From there they can access the BOI (Beneficial Ownership Information) E-Filing system and informational YouTube videos. Any questions about their business should be directed to their CPA, attorney or Secretary of State.

The Beneficial Ownership Information Reporting to FinCEN and the CTA marks a pivotal moment in corporate accountability. It’s crucial for companies to understand and comply with these regulations to maintain trust, integrity and legal standing. Stay informed and ensure your business stays ahead by delving into the nuances of these acts. Visit the resources listed for a guide on compliance and take proactive steps toward a transparent and responsible business future.

Source: Fact Sheet: Beneficial Ownership Information Access and Safeguards Notice of Proposed Rulemaking (NPRM) | FinCEN.gov

Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM) | FinCEN.gov

FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance | FinCEN.gov

“There are a lot of ways to do the same thing,” says RCB Bank Treasury Services manager Keith Moyer. After 25 years of helping businesses with their banking needs, Keith has learned that success is more than the products you offer. “Many banks offer similar products, but for us it is about relationships. Our goal is to find the best solution for each individual client.” A good banker will first want to get to know your business, your leadership and your goals, says Moyer. “This consultation allows us to present financial solutions that add efficiency and value to your business.”

Discussing your current systems and future goals with your banker before making decisions will help them recommend products that streamline deposits, payments and day-to-day cash flow.
This saves time, improves the accuracy of your records and helps regulate the budget, according to Moyer. “We want to give clients control over their success,” he says. “Sometimes this is as simple as converting a manual process to a system that does it automatically.”

For example, PosPay is a service that authenticates payments and validates vendors against your approved list. Not only does this make the business more efficient, it reduces the risk of losses due to fraud, Moyer explains. Nearly as important as having the right product is having a stellar treasury support team backing you up. Find a bank that provides on-site installation and training to ensure everything is set-up correctly and is available to answer questions, according to RCB Bank Treasury Support Specialist Brianna Davenport. “We want to make our customers’ lives easier, not more complicated,” she says.

A good treasury support team works in tandem with the business sales representative to ensure everything runs smooth. They also work with the business owner to help them maximize their new service. “We work closely with our sales team,” notes Davenport. “We talk with customers about the technical side and help them understand the product better.”
She adds, “We want our business customers to know they have a relationship with a whole team, not just an individual.”

When choosing a bank to partner your business with, there is more than just comparing the cost of services. Relationships, tailored financial solutions and great support services should be at the top of your list.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. See a business representative for specific questions regarding product details, qualifications, fees and restrictions for your personal situation. Call us at 855-BANK-RCB, Member FDIC. RCB Bank NMLS #798151.

By Stacy Dunn | RCB Bank Information Security

Information is as good as gold.

If you think your business is too small to be a victim of data loss, think again. Cybercriminals find small to medium-sized businesses to be more accessible targets.

While physical securities are a concern (leaving documents lying around or not shredding personal paperwork), the majority of incidents tend to be more hands off.

Hackers like to infiltrate businesses with social engineering tactics:

• Phishing & vishing
• Customer account compromise
• Vendor management intrusion

The National Institute of Standards and Technology offers a framework to help businesses protect their work spaces. Each business has unique risks and will require tailored security measures.

Preventive measures:

• Limit employee access to sensitive data.
• Use strong passwords that expire.
• Use multi-factor authentication.
• Train staff on information security.
• Reduce risk with effective policies and procedures.
• Encrypt all data, especially email and mobile devices.
• Use reliable endpoint protection, firewall and email filtering.
• Update and patch systems regularly.
• Protect all facets of your business, e.g., websites and vendor access.

Your network is only as strong as your weakest user.

Hackers are one step ahead in trying to steal information. Take steps to not become their next victim.

Information security training is a must-have in today’s environment.

Invite RCB Bank’s Information Technology and Business Services teams to speak about cybersecurity at your workplace. Call 918-342-7379 to schedule an appointment, or connect with our business services representative in your area.

Invest in your business.
RCBbank.com/BusinessSolutions

This article is published in Value News, February 2019 Issue, valuenews.com.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. See a business representative for specific questions regarding PosPay details, pricing and fees for your personal situation. Call us at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

By Stacy Dunn, Information Security, RCB Bank

Is this the year you have resolved to start your own business?

First, I suggest you get to know four people:

• A banker
• A CPA
• An insurance agent
• An attorney

Building good relationships with these invaluable resources will help you and your business succeed.

Now, let’s talk about applying for your business loan.

Prepare a solid business plan

Before you apply for a business loan, you need to have a good business plan. A lender’s main concern: are you going to be able to repay the loan?  You need to be clear on how you plan to build and sustain your business.

Understand what lenders look for

When deciding to loan you money, most lenders look at the five C’s of credit.

1. Credit – Your credit report is a detailed list of your credit history and provides insight on how you manage credit and make payments. Lenders are looking to see if you pay back your creditors.
2. Capacity – Do you have the means to repay your loan? How much debt do you have compared to how much you earn? Lenders want to know if you can comfortably manage your loan payments.
3. Character – Character is tough for a lender to assess in the brief time loans are considered. This is where a good-standing relationship with a banker, who is likely to be your lender, is beneficial. They want to know if you are trustworthy. Will you repay your loan? Lenders will review all available information, such as credit reports and public records, to see if you’ve met past obligations or have a history of legal problems.
4. Conditions – These are economic and other outside circumstances that may affect your ability to repay, like your business industry, the local market and competition to see how your business may fare.
5. Capital – Do you have some of your own assets invested or a financial base to help you weather changes in the marketplace? Trying to start or sustain a business without any owner investment is considered very risky – what’s to keep you from walking away in hard times? Most lenders want to see some financial investment from the business owner.

Build relationships

While you want to score as high as possible on each of the five C’s, all loans are different and not every borrower will have an A+ rating on each category.  Having high scores on some factors may compensate for less-than-perfect scores on others. The key is to be open and honest with your lender.

If you’re interested in starting a small business, check out local resources available to help, such as:

• The SBA Score Program – free mentoring and education for aspiring entrepreneurs and business owners.
• Oklahoma Small Business Development Center – helps you think, start, grow and reinvent your small business.
• Kansas Small Business Development Center – Start, grow and learn about business.
• Technology schools, community colleges, universities – business and industry training services to help you get a better understanding and foundation for business.
  Oklahoma colleges and universities
  Kansas public colleges and universities.

Our lenders and business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a lender and/or business services representative in your area.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only.  RCB Bank is an Equal Housing Lender.  RCB Bank NMLS #798151. David Goodwin NMLS#449727. Member FDIC.

When I think of small town local businesses, I’m reminded of Mayberry from The Andy Griffith Show. In Mayberry, everyone is treated like family. Life was slower and townsfolk looked after one another with genuine care.

Things are little bit different now, but even in our fast-paced modern world, the spirit of Mayberry can still exist at your business. It begins by cutting down on the time you spend away from your customers.

Skip your daily trip to the bank.

Seriously.

Ask your bank about Remote Deposit Capture (RDC)*, which lets you process and deposit checks from your customers into your bank account without leaving the office.

Let’s look at two business owners. Are you business owner A or B?

Business owner A: You collect checks. Fill out a deposit slip, adding up your total once, twice and however many times until it balances. You leave your shop and drive to the bank. You wait in line to make your deposit. Then, you head back to the shop; maybe run an errand on the way.

Business owner B: You don’t have time to run the bank every day, so your checks pile up in a drawer until you make your weekly trip. Did you know the longer a check sits un-deposited, the higher risk it may bounce?

Streamline cash flow and save money.

Both business owners can improve efficiency with the convenience of RDC.  Plus, they can keep their cash flow going by adding funds to their accounts quicker.

Did I mention you can save money and possibly a lot?

If you want to see just how much, check out the RDC Business Value Calculator, available at remotedepositcapture.com. Enter in a few details and you can see your personal cost savings for mileage, labor and productivity by using RDC.

Miles cost money. If your bank is just one mile from your business, that is two miles a day round trip, 10 miles per week. That’s 520 miles a year; and with the standard mileage rate at 54.5 cents, you’re spending nearly $283 a year traveling to the bank. How far are you from your bank?

Time is money. If an employee makes $10 an hour and they spend half an hour a day processing your payments, you’re paying roughly $1,300 in wages for trips to the bank each year.

Things have changed since Opie walked the streets of Mayberry, but one thing remains the same – the value of quality customer service.

RDC lets you focus on building relationships with your customers by spending less time managing your daily finances.

Ask your banker for details.

Our business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a business services representative in your area.

* See your Business Services Rep for more details. Funds may not be available for immediate withdrawal.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

By Eddie Curran, RCB Bank Business Services

Ever wonder if you’re paying too much for credit card processing? Follow this guide to discover if you can reduce your costs.

1. Gather Knowledge

To know if you’re getting the best deal from your merchant service provider (MSP), you first need a basic understanding of credit card processing and fees, according to Eddie Curran, RCB Bank vice president of business services.

Fees vary among companies, based on a wide range of variables.

“Familiarize yourself with the interchange rate,” Curran says. “This is the fee credit card companies charge MSPs to process their cards. This isn’t a flat rate fee but a range.”

Multitudes of factors affect it. For example, is the card a debit or credit? How is the card information entered, swiped, inserted or hand keyed? Is it a consumer or commercial card? Are there rewards like miles or points?

“These variables impact the interchange fee per card transaction,” Curran says.

MSPs decide how they charge for interchange fees and other costs for credit card processing.
A popular payment method is a flat rate. You pay the same price per transaction plus additional costs.

Another option is a cost-plus, or interchange-plus-pricing rate. You pay the actual interchange rate per transaction plus additional costs. This fee option adjusts per transaction.

“While a flat rate may sound convenient, you may get better transaction pricing with a cost-plus program,” Curran notes.

2. Compare Pricing

Processing fees and services are not the same across the industry.

Compare pricing to make certain you are getting the best deal.

Request an itemized list of all fees and services. Then, ask questions. When are fees taken out? How are they calculated? What assistance is provided in the event of a chargeback? What happens if there is a problem with the equipment? Am I buying or leasing equipment? When will I get my funds? What are the terms? What support is available and when?

“In any discussion, answers to questions should be very clear,” Curran advises. “If you feel you’re getting the run around or you don’t understand completely, step away and seek help before you make any decision. Not paying attention to details may get you locked into a long-term contract that may end up costing you lots of money in the long run.”

3.Choose Wisely

Don’t be afraid to ask questions. Get a second opinion. Understand the terms of the deal completely, and have it spelled out clearly in writing.

“Take time before you sign,” says Curran. “Make sure the service provider is working to secure a deal that works best for you and allows you to process cards in the manner you need.”

Our business services representatives are happy to answer your questions, even if you are not an RCB Bank customer. Connect with a business services representative in your area.

Invest in yourself.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.