5 Ways A Banker Can Help Grow Your Business

If you’re like most small business owners, then the only time you think about your bank is when you need a line of credit or another type of loan. But did you know a bank, and more specifically a business banker, can help with much more than that? 

In fact, working closely with a local community bank, like Fidelity Bank, can help streamline and grow your business. Involving your banker in your business can give you an influential advocate, ally, and representative in your community and beyond.

Don’t wait until you need a line of credit or another type of loan to contact your banker. Read on to learn five ways a Fidelity Bank Business Banker can help improve your business now. 

1. Manage Cash flow 

Most small business owners wait until they have a cash flow problem to contact a local banker. While small business community banks can help with loans, there is a better way to manage seasonal or irregular cash flow and it starts with a free business review from a local banker you can trust.  

Why choose Fidelity Bank? Our local bankers are an ally in helping you reach your goals. Our team will examine your accounts, payments, interest rates, and more to help you manage cash flow so your business can succeed. 

Interested in learning more? See what our customers have to say by clicking here. 

2. Streamline Payments 

Customers today expect a variety of payment methods including the ability to use contactless cards, mobile pay, and more. Your local banker can help you implement the latest technology to impress customers and streamline payments. 

At Fidelity Bank, we are proud to offer competitive pricing and no required contract term length for our merchant services. In addition, we offer a variety of cash management services to help improve cash flow, maximize profit, reduce costs, and give you more control over your everyday banking functions. 

3. Protect Your Accounts With Fraud Protection

A recent study shows that small businesses were three times more likely to fall victim to fraudsters than larger companies. What’s worse is the average cost to recover from a single cyberattack is just under $200,000. For many small businesses, that loss can be hard to recover from. 

If you haven’t already, now’s the time to talk to your local banker about fraud protection tools that will keep your accounts (and business) safe. 

At Fidelity Bank, we are proud to offer a variety of tools to business owners and create a comprehensive protection plan including our Positive Pay, ACH Filter, and ACH Block services. Learn more about each by clicking here. 

4. Align Business & Tax Goals

As a small business owner, you may be managing your cash flow to pay the least amount of taxes each year.  This could prevent you from getting the loan you need to expand or grow. Working with a banker and tax advisor to align your tax and business goals is key to financial preparedness and the growth of your business long term. 

5. Your Banker Is A Knowledgeable Advisor 

One of the biggest benefits of working with a local banker is having access to an expert who can help you navigate changing times, economic forces, and recommend banking solutions to meet your business needs. This can help you avoid hazards and benefit from opportunities that you might not have known about. Meeting with your banker at least once a year to review and discuss your goals should be a priority for businesses of any size! 

Looking For A Local Banker You Can Trust?

We are proud to be a local community bank that truly cares about our community. But why should you choose Fidelity Bank over a larger financial institution? Because we offer one thing they don’t—a passion for providing the highest level of customer service in whatever we do.

If you have a small business and are interested in learning more about how a local banker can help your business grow, send us a message or get directions to your nearest branch and stop in today! 

Follow Fidelity Bank on Facebook, Instagram, Twitter, and LinkedIn for more ways to grow your business!

5 Ways A Banker Can Help Grow Your Business

If you’re like most small business owners, then the only time you think about your bank is when you need a line of credit or another type of loan. But did you know a bank, and more specifically a business banker, can help with much more than that? 

In fact, working closely with a local community bank, like Fidelity Bank, can help streamline and grow your business. Involving your banker in your business can give you an influential advocate, ally, and representative in your community and beyond.

Don’t wait until you need a line of credit or another type of loan to contact your banker. Read on to learn five ways a Fidelity Bank Business Banker can help improve your business now. 

1. Manage Cash flow 

Most small business owners wait until they have a cash flow problem to contact a local banker. While small business community banks can help with loans, there is a better way to manage seasonal or irregular cash flow and it starts with a free business review from a local banker you can trust.  

Why choose Fidelity Bank? Our local bankers are an ally in helping you reach your goals. Our team will examine your accounts, payments, interest rates, and more to help you manage cash flow so your business can succeed. 

Interested in learning more? See what our customers have to say by clicking here. 

2. Streamline Payments 

Customers today expect a variety of payment methods including the ability to use contactless cards, mobile pay, and more. Your local banker can help you implement the latest technology to impress customers and streamline payments. 

At Fidelity Bank, we are proud to offer competitive pricing and no required contract term length for our merchant services. In addition, we offer a variety of cash management services to help improve cash flow, maximize profit, reduce costs, and give you more control over your everyday banking functions. 

3. Protect Your Accounts With Fraud Protection

A recent study shows that small businesses were three times more likely to fall victim to fraudsters than larger companies. What’s worse is the average cost to recover from a single cyberattack is just under $200,000. For many small businesses, that loss can be hard to recover from. 

If you haven’t already, now’s the time to talk to your local banker about fraud protection tools that will keep your accounts (and business) safe. 

At Fidelity Bank, we are proud to offer a variety of tools to business owners and create a comprehensive protection plan including our Positive Pay, ACH Filter, and ACH Block services. Learn more about each by clicking here. 

4. Align Business & Tax Goals

As a small business owner, you may be managing your cash flow to pay the least amount of taxes each year.  This could prevent you from getting the loan you need to expand or grow. Working with a banker and tax advisor to align your tax and business goals is key to financial preparedness and the growth of your business long term. 

5. Your Banker Is A Knowledgeable Advisor 

One of the biggest benefits of working with a local banker is having access to an expert who can help you navigate changing times, economic forces, and recommend banking solutions to meet your business needs. This can help you avoid hazards and benefit from opportunities that you might not have known about. Meeting with your banker at least once a year to review and discuss your goals should be a priority for businesses of any size! 

Looking For A Local Banker You Can Trust?

We are proud to be a local community bank that truly cares about our community. But why should you choose Fidelity Bank over a larger financial institution? Because we offer one thing they don’t—a passion for providing the highest level of customer service in whatever we do.

If you have a small business and are interested in learning more about how a local banker can help your business grow, send us a message or get directions to your nearest branch and stop in today! 

Follow Fidelity Bank on Facebook, Instagram, Twitter, and LinkedIn for more ways to grow your business!

How do I receive help with Apple Pay®, Google Pay™, or Samsung Pay®?

We’re always here to help! Contact our customer service department at info@fidelitybanknc.com or call 1-855-547-1385 and press 5 for credit cards or press 6 for debit cards.

Learn more about Apple Pay® here.
Learn more about Google Pay™ here.
Learn more about Samsung Pay® here.

Commonly Asked Questions Concerning COVID-19 & Your Finances

Keeping you and your finances safe during these unusual times is of utmost importance to us. As the Coronavirus COVID-19 pandemic continues to evolve, we want to ensure customers that Fidelity Bank is safe, sound and open for business.

We are here to help customers during these trying times. If you are facing financial hardship due to these unprecedented circumstances, please reach out to your banker to discuss what options may be available to you. It’s all about doing things Right by You. Find your local branch here.

In the meantime, we want to set your mind at ease. Please see the following for our responses to several common questions from our customers.

 

Q: Can I still come in the branch if I have a need that can’t be handled using the drive-thru?

A: Absolutely! While we are encouraging the use of our drive-thru and Digital Banking tools, we understand that some customers would prefer to come in the branch or have banking needs that require an in-person conversation. If you need to visit with you banker in-person, simply call your local branch to arrange a time that is convenient for you to come by! Our team will be delighted to see you.

You can find your local branch here.

Q: Do I need to have more cash on hand than usual?

A: In this digital age, most personal and business transactions can be done electronically. Services such as Online Banking with Bill Payment, Zelle® and others make it easy to pay businesses or people without cash. However, we understand that having some additional cash on hand may make you feel more at ease. If that is the case, our associates are happy to help. If your cash withdrawal needs are what you would consider to be significantly larger than usual, you may want to call your banker first.

Keep in mind that the safest place for your money is at an FDIC insured bank.

Q: Will Fidelity Bank run out of cash?

A: Fidelity Bank is extremely well capitalized, safe and sound. Additionally, the Fed, which is essentially a bank for banks, has reduced rates which allows banks that need to borrow cash to do so with ease. Customers should rest assured that our Bank has ample cash to meet our customer’s needs.

 Q: Is my money safe in the Bank?

A: Yes. Fidelity Bank is safe, sound and well capitalized. We are also FDIC insured. The FDIC insures up to $250,000 per depositor for every FDIC-insured bank. The FDIC has an Electronic Deposit Insurance Estimator (EDIE) tool to help you determine deposit insurance coverage based on your financial scenario.

Q: Does the Bank plan to close?

A: No. Since 1909, Fidelity Bank has focused on what’s important. Our customers. We’ve persevered through wars, the Great Depression, and we will continue to remain strong for our customers today. Learn more about our history here.

Q: Can COVID-19 be transmitted through cash?

A: Experts say that some viruses can survive on surfaces for varying lengths of time. However, there is still a lot to learn about COVID-19, including how long it can survive on surfaces like money. Our suggestion is to follow the recommendations from the Centers for Disease Control (CDC), including washing your hands often and avoid touching your eyes, nose and mouth.

Additionally, some customers are choosing to use their debit and credit cards more frequently, as well as Digital Wallet and Zelle, which allow payments to happen digitally. These are great tools to help you reduce the handling of cash.

Q: Are there any tools to help my business adapt to the new environment?

A: Absolutely! First, if your business is experiencing financial hardship due to these unprecedented circumstances, please reach out to your banker to discuss what options may be available to you. Find your local branch here.

Fidelity Bank also has several tools that can help you manage your business’s finances digitally. Our Business Online Banking allows you to transfer funds, view statements and pay bills electronically. And our Business Mobile Banking app allows you to do all this from your smartphone or tablet, too.

Merchant Services from Fidelity Bank allows businesses to take card payments at point of purchase (including Digital Wallet payments) at your office or from a mobile device. We also have solutions that enable you to take payments online.

Additionally, our Remote Deposit Service helps business customers deposit checks electronically from your office.

Q: Is there any financial relief available to help my business get through these challenging times?

A: Yes. Fidelity Bank wants to work with business customers to help you get through these challenging times. We ask that you reach out to your banker to discuss your specific needs. Find your local branch here.

Beyond Fidelity Bank, there are relief programs that may be able to offer assistance to your business. The U.S. Small Business Administration (SBA) has Coronavirus (COVID-19) Small Business Guidance & Loan Resources to aid small business.

The IRS has established Coronavirus Tax Relief to help those affected.

We suggest contacting your local Chamber of Commerce or other area business support groups to learn more about additional resources that may be available in your area.

 

If you are negatively affected by the Coronavirus situation, we’re here to help. Our associates are committed to working with our valued customers to reduce financial stress during this challenging and uncertain time. Please contact your local banker to learn more about the options that may be available to you.

We encourage you to use our convenient Digital Banking and Business Mobile Banking services to manage your accounts, check balances, and deposit checks. Automated account information can also be obtained around the clock by calling 1-800-816-9608 or en Español at 1-800-998-9608. For additional customer service, you can also call 1-855-547-1385 weekdays from 8:00 a.m. to 6:00 pm ET.

Fidelity Bank is committed to doing things Right By You.

Moving Businesses Forward
Q1 2023 Lending Recap

Inflation, interest rates, and supply chain issues dominated the news during the first quarter of 2023 and presented new challenges for business owners across the country. As in prior years, loans and funding play a crucial role in helping business owners navigate uncertain economic times. However, talks of a potential recession, interest rate fluctuations, and the increasing market unpredictability caused banks and traditional lenders to “tighten up” during the first quarter of 2023. The shifting economic landscape has made it difficult for small business owners to take out loans and access money the way they did before.

Despite the challenges, our team of experts was able to help small business owners get almost $4 million in funding to help them grow. Continue reading to see how our lending options kept business moving forward during Q1 2023 and learn about recent changes to the SBA lending process.

$3,837,900 In SBA Loans Funded

From January – April 2023, Fidelity Bank helped business owners secure almost $4 million in funding to start, grow, or expand their businesses.

SBA 7(a) loans were the most popular loan for business owners this quarter, likely due to the flexible financing options for a variety of business purposes, including capital and equipment purchases.

However, SBA 7(a) loans aren’t the only option business owners have! The SBA 504 loan, USDA loan and Express Line of Credit can also help you get the funding you need to start, grow or expand your business.

Challenging Lending Environment

Traditional bank loans, credit cards, lines of credit, and other means to access capital quickly are often a lifeline for small business owners, especially during a period of market unpredictability. However, these methods are often out of reach for small business owners who no longer meet the loan requirements when lenders increase restrictions as they did in Q1 of 2023.

The good news is that the Small Business Administration (SBA) isn’t as influenced by market volatility and actually relaxed lending requirements this year, making it easier for business owners to access capital.

If you have questions about the SBA loan process or are interested in seeing if you could qualify, reach out to our team of experts and start a conversation! Click here to get started.

Top SBA Loan Questions During Q1 2023

The SBA loan process witnessed several notable changes in Q1 2023,  including enhanced loan programs, streamlined forgiveness processes, a focus on underserved communities, and increased collaboration with lenders. We sat down with members of our Government Guaranteed Lending division to get answers to the most asked questions during Q1 and get insight into current market conditions.

How Is The Market Shaping Business Lending Opportunities?

In the current environment, some banks are not doing any SBA or commercial lending until the market stabilizes. The banks that are still lending have built in extra requirements for equity injection, increased the contingency for construction projects, and are being very selective on the types of deals they want to pursue.

What Can Business Owners Do To Prepare For The Loan Process?

A well thought out business plan and projections are very important. Projections should be based on true expectations (rather than “worst case” or overly optimistic scenarios) and include all relevant expenses, such as payroll costs, insurance, accurate rents, etc. Your banker should also be able to understand how revenues are projected.

The SBA funds several resources such as SCORE and SBTDC to help entrepreneurs put these together. You can also speak to your banker about industry benchmark information. Borrowers should take these items seriously. Bankers want to see that the borrowers have given thought to how they will run their business.

How Can Business Owners Improve Their Chances Of Loan Approval?

Borrowers should pay attention to their credit score, credit history, and credit utilization. Take advantage of free credit report resources to understand how the bank will perceive your payment and debt utilization history. If the report has issues, dispute them before you apply for a loan. Borrowers should also proactively discuss their credit history with the banker BEFORE the bank pulls their credit report.

What Are Lending Trends To Watch Out For In 2023?

Credit is tightening in general, even if every bank is not tightening in the same way. Borrowers should be prepared to fully explain how they will utilize any borrowed funds (especially working capital) to improve their bottom lines.

Is Fidelity Bank Stable?

Fidelity Bank is safe, sound, and well-capitalized. We are and have been a safe haven since 1909, surviving the Great Depression, the Savings and Loan crisis, the Great Recession, and World Wars. Our balance sheet is built so that we can be here for at least another 100 years. Click here to learn more about our history and commitment to being Right By You.

 Have other questions? Follow Fidelity Bank on LinkedIn for more tips and information on the SBA lending process and to connect with our team of experts.

We Help Small Businesses Think Big

In today’s economic climate, business owners need a bank and lender that they can rely on. Our dedicated team of lenders helps businesses across the United States secure the funding they need faster.

As a Preferred Lender, we can manage the loan process from start to finish without having to submit an application through the SBA first. This can save weeks in processing time. Our responsive and personalized service is what’s helped rank Fidelity Bank among the top ten SBA lenders in North Carolina.

Click here to learn more, or get in touch with an SBA lending expert and learn how an SBA loan can help you reach your goals.

Moving Businesses Forward
Q4 2022 Lending Recap

Small business owners seeking funding have faced unique challenges for the past several years, and 2022 was no different! Supply chain disruptions, a rise in interest rates, and talks of a recession are just a few of the hurdles owners across the U.S. experienced. Despite the challenges, our team of experts was able to help small business owners get almost $8 million in funding to help them grow.

We are proud to spotlight how our team contributes to economic growth in North Carolina and beyond. Continue reading to see how our lending options kept business moving forward from October – December of 2022. 

$7,684,300 In SBA Loans Funded

From October – December 2022, Fidelity Bank helped owners secure almost $8 million in funding to start, grow, or expand their small businesses. 

We’re Taking Care Of Business 

It’s estimated that only 33% of small businesses will hit the 10-year mark. Why do so many small businesses fail? According to a recent survey, running out of working capital and not being able to secure more funding ranks as the top reason. 

In today’s economic climate, business owners need a banking and lending partner that they can rely on. Our dedicated team of lenders helps businesses across the United States secure the funding they need faster. As a Preferred Lender, we can manage the loan process from start to finish without having to submit an application through the SBA first. This can save weeks in processing time. Our responsive and personalized service is what’s helped rank Fidelity Bank among the top ten SBA lenders in North Carolina.

Flexible Lending Solutions 

The SBA 7(a) Loan was the most popular loan for business owners this quarter, and for a good reason! This loan was designed to help people get the working capital they need to start, acquire, or expand a small business.

We are able to offer a variety of loans and lending options, including SBA 504 loans, USDA loans, and express lines of credit. Which is right for your business? Access our online learning center or request a free consultation with one of our experts! 

We’re Right By You

Business owners have many options when seeking funding. Traditional lenders, online or alternative lenders, marketplaces, and peer-to-peer lenders are among the most popular. However, not all lenders are created equal! 

From October to December 2022, our team helped businesses in 5 states across 9 major cities. Our lending experts will work with you to understand your unique goals and then recommend the best solution to meet your needs. No matter where your business operates, we’ll be Right By You.

SBA Lending In Uncertain Economic Times

With rising interest rates, many business owners assume they will have a harder time getting the funding they need. While this may be true for conventional loans, the SBA lending volume often increases in difficult economic conditions. 

SBA loan programs are focused on capital preservation, requiring lower down payments and providing longer loan terms than traditional conventional products. In tough economic conditions, these lending options can be the lifeline small businesses need to keep going. 

We Help Small Businesses Think Big

In the most recent quarter, we helped small businesses secure funding to finance real estate purchases, equipment, working capital, and more. Our team of knowledgeable SBA lenders is ready to get to know you, and your goals and recommend the most valuable solutions to get you there. More importantly, we’ll be right by your side every step of the way. 

Click here to learn more or get in touch with an SBA lending expert and learn how an SBA loan can help you reach your goals.

Moving Businesses Forward
Q3 Lending Recap

In addition to some impressive stats this quarter, Fidelity Bank’s Government Guaranteed Lending division was ranked as the #9 SBA Lender in North Carolina for 2022! For an entity that was just created last year, this is a truly remarkable feat!

We are proud to spotlight how our team contributes to economic growth in North Carolina and beyond. Continue reading to see how our lending options kept business moving forward from July – September of this year.

$8,887,000 In SBA Loans Funded

As an SBA Preferred Lender, we are able to offer a variety of loans and lending options to business owners across the U.S. From July – September 2022, Fidelity Bank helped owners secure almost $9 million in funding to start, grow, or expand their small business.

It’s estimated that 99.7% of all businesses in the U.S. fall into the small business category. Most, if not all, will need funding at some point. SBA loans are often the best choice for those in need of funding when compared to traditional financing options. Partially guaranteed by the SBA, these loans of up to $5 million include repayment terms of up to 25 years. They also offer competitive rates.

Personalized Loan Options

The average loan amount this quarter totaled $1,110,875, with the majority of the funds used for business and real estate acquisitions. However, SBA loans can be used for a variety of purposes, including:

  • Establish, expand or acquire a new business
  • Buy buildings and land needed to operate a small business
  • Construct a new building or renovate an existing one for business operations
  • Purchase furniture, equipment, supplies, and other materials to operate a business
  • Refinance existing business debt

The ability to wrap multiple funding needs into one loan is one of the biggest benefits of getting an SBA loan. Instead of having several conventional loans pieced together at different terms and rates, business owners can have everything rolled into a single loan.

Having one loan with one rate can help business owners, especially now when interest rates are rising. In addition, SBA fees decreased for the fiscal year, making it easier to get the funding needed and preserve existing capital.

What type of SBA loan is right for your business? Click here to learn more and get in touch with one of our experts!

We Love Helping Small Businesses

Without funding, a business stops growing, lays off employees, and loses out on sales – none of which helps a business succeed. In fact, a recent survey reported that 82% of business owners cited cash flow problems as the primary reason their businesses failed.

Business owners today need a banking and lending partner they can rely on, especially when seeking funding. Our commitment to personalized service is what helped rank Fidelity Bank among the top 10 SBA lenders in North Carolina this year.

We’re Right By You

Business owners have many options when seeking funding. Traditional lenders, online or alternative lenders, marketplaces, and peer-to-peer lenders are among the most popular. However, not all lenders are created equal!

As an SBA Preferred Lender, we aim to leverage our 100+ years of combined experience to create an affordable and customized solution to help you access the funding you need, regardless of where you do business.

SBA Lending in Challenging Economic Times

With interest rates rising and concerns about challenging economic conditions, borrowers often wonder what impact these challenges may have on a company’s ability to get a business loan.  Conventional loans can often be harder to get in this environment, but SBA lending volume often increases in difficult economic conditions. SBA loan programs are focused on capital preservation, requiring lower down payments and providing longer loan terms than traditional conventional products.  SBA lending often increases in tough economic conditions.

We Help Small Businesses Think Big

From July – September 2022, we helped small businesses secure funding to finance real estate purchases, equipment, working capital, and more. Our team of knowledgeable SBA lenders is ready to get to know you, your goals and recommend the most valuable solutions to get you there. More importantly, we’ll be right by your side every step of the way.

Planning for 2023? Click here to get in touch with a business lending expert and learn how an SBA loan can help you reach your goals.

5 Signs It’s Time To Switch Banks

If you’re like most people, you’ve probably never switched banks. In fact, one study reported that the average amount of time a person has had their existing checking account is over 14 years!

In today’s digital age, it’s hard to imagine not shopping around for better options. Can you imagine going 14 years without comparing car insurance rates, cell phone plans, or any other service that helps you on a daily basis? Making sure you have access to the best checking and saving options shouldn’t be any different!

If you’ve had your current checking account for a while or are not in love with your current bank, then it might be time to compare your options. Keep reading for five tell-tale signs that it’s time to switch banks!

1. You’re Always Waiting On Customer Service

Chances are you talk to your bank more often than any other financial institution. What was your last interaction like? Were you on hold forever, talking to someone in a different state, or having to chat with a robot before being transferred to a person? Does your bank know you by name and find ways to help you reach your goals?

If the customer service at your current bank doesn’t make banking easier, it might be time to switch banks.  

One of the best ways to gauge a bank’s level of customer service is by checking their online reviews. Seeing what others say about their experience can help you know what to expect. As a bank with over 1,600 5-star reviews, we can promise this helps! Click here to read ours and see for yourself.

2. High Minimum Requirements

Some banks advertise a lot of perks but hide the fact that they are only available if you have a high minimum balance. What’s worse is you may incur additional fees if you don’t keep and maintain that balance. That essentially leaves you with a checking account that doesn’t do much and requires you to pay a storage fee for your money.

If you feel you are being held hostage by account requirements and fees, it might be time to switch banks. 

When comparing checking and saving account options, make sure to choose a financial institution that is transparent with fees and offers tools to make banking easier for you. View our checking account options as an example!

3. Mobile App & Digital Banking Options Are Lacking

If you’d rather not drive to your local bank, you’re not alone. One study found that over 75% of people use a mobile banking app to manage their money, and 60% of those people use it in place of going to a branch.

If your current bank doesn’t offer a mobile app, or if it lacks features that would make your life easier, it may be time to switch banks. 

What features should you look for? Mobile check deposit, the ability to set customized alerts, the ability to turn a debit card on/off, and the ability to transfer money are just a few benefits you should look for in a mobile app, but options can vary between banks. Take a tour of our mobile banking options and use them as a comparison to your existing account!

4. Perks Program Is Lackluster Or Nonexistent

You work hard for your money, and your bank should work hard to help you save money with a comprehensive perks program! While programs can vary between banks, there’s one thing for certain: there shouldn’t be any challenging or hidden requirements.

If your bank makes you jump through hoops and navigate mountains of fine print to access your perks, it might be time to switch banks. 

At Fidelity Bank, our Preferred, Elite, Student Plus, and At Work Plus accounts come with premium perks, savings, and everyday protection. And they are powered by the BaZing network, which features the nation’s largest network of coupons and discounts! Click here to learn more and see all the benefits.

5. You’re Worried About Getting Hacked

Protecting your accounts online, especially ones connected to your finances is a big deal! While you may not have a say in your bank’s safety protocols, you should check to make sure your bank offers fraud prevention tools to help keep your accounts safe.

If it’s been a while since you reviewed your bank’s privacy and security policy, now’s the time! 

At Fidelity Bank, privacy and security are at the forefront of all we do. Learn how we protect our customers from scammers by clicking here.

About Fidelity Bank

For over 113 years, we have been helping people just like you experience a better way to bank. Our commitment is to be there when you need us, to offer sound financial advice, and to do the little things that help make your life easier. Click here to learn more about our services and find out why businesses and families come to us first – and bank with us for generations.

5 Signs It’s Time To Switch Banks

If you’re like most people, you’ve probably never switched banks. In fact, one study reported that the average amount of time a person has had their existing checking account is over 14 years!

In today’s digital age, it’s hard to imagine not shopping around for better options. Can you imagine going 14 years without comparing car insurance rates, cell phone plans, or any other service that helps you on a daily basis? Making sure you have access to the best checking and saving options shouldn’t be any different!

If you’ve had your current checking account for a while or are not in love with your current bank, then it might be time to compare your options. Keep reading for five tell-tale signs that it’s time to switch banks!

1. You’re Always Waiting On Customer Service

Chances are you talk to your bank more often than any other financial institution. What was your last interaction like? Were you on hold forever, talking to someone in a different state, or having to chat with a robot before being transferred to a person? Does your bank know you by name and find ways to help you reach your goals?

If the customer service at your current bank doesn’t make banking easier, it might be time to switch banks.  

One of the best ways to gauge a bank’s level of customer service is by checking their online reviews. Seeing what others say about their experience can help you know what to expect. As a bank with over 1,600 5-star reviews, we can promise this helps! Click here to read ours and see for yourself.

2. High Minimum Requirements

Some banks advertise a lot of perks but hide the fact that they are only available if you have a high minimum balance. What’s worse is you may incur additional fees if you don’t keep and maintain that balance. That essentially leaves you with a checking account that doesn’t do much and requires you to pay a storage fee for your money.

If you feel you are being held hostage by account requirements and fees, it might be time to switch banks. 

When comparing checking and saving account options, make sure to choose a financial institution that is transparent with fees and offers tools to make banking easier for you. View our checking account options as an example!

3. Mobile App & Digital Banking Options Are Lacking

If you’d rather not drive to your local bank, you’re not alone. One study found that over 75% of people use a mobile banking app to manage their money, and 60% of those people use it in place of going to a branch.

If your current bank doesn’t offer a mobile app, or if it lacks features that would make your life easier, it may be time to switch banks. 

What features should you look for? Mobile check deposit, the ability to set customized alerts, the ability to turn a debit card on/off, and the ability to transfer money are just a few benefits you should look for in a mobile app, but options can vary between banks. Take a tour of our mobile banking options and use them as a comparison to your existing account!

4. Perks Program Is Lackluster Or Nonexistent

You work hard for your money, and your bank should work hard to help you save money with a comprehensive perks program! While programs can vary between banks, there’s one thing for certain: there shouldn’t be any challenging or hidden requirements.

If your bank makes you jump through hoops and navigate mountains of fine print to access your perks, it might be time to switch banks. 

At Fidelity Bank, our Preferred, Elite, Student Plus, and At Work Plus accounts come with premium perks, savings, and everyday protection. And they are powered by the BaZing network, which features the nation’s largest network of coupons and discounts! Click here to learn more and see all the benefits.

5. You’re Worried About Getting Hacked

Protecting your accounts online, especially ones connected to your finances is a big deal! While you may not have a say in your bank’s safety protocols, you should check to make sure your bank offers fraud prevention tools to help keep your accounts safe.

If it’s been a while since you reviewed your bank’s privacy and security policy, now’s the time! 

At Fidelity Bank, privacy and security are at the forefront of all we do. Learn how we protect our customers from scammers by clicking here.

About Fidelity Bank

For over 114 years, we have been helping people just like you experience a better way to bank. Our commitment is to be there when you need us, to offer sound financial advice, and to do the little things that help make your life easier. Click here to learn more about our services and find out why businesses and families come to us first – and bank with us for generations.

How Young Adults Can Start Building Credit

When you’re young you have a lot going on –school, spending time with friends, working or trying to get a job, family life, and even balancing your time between it all. It seems like it doesn’t slow down either.

With all that going on you’re probably not thinking about your credit score. At this point in life a credit score has never really mattered, so there has been no need for it to occupy your attention. The truth is now is the time to bring it into your thought process because by making good financial decisions now your credit score will build eventually into a great score. This can potentially enable you to get approved for good loans with a low interest rate saving you money – making you better off financially throughout life.

The Basics of Credit

It’s important to know the basics of how credit scores work to understand the importance of starting young. Credit scores were designed to help protect lenders and banks by letting them know the approximate risk they’ll take on if they lend out money, or an asset to an individual. These lenders do lose money if you don’t pay them back.

After you apply to borrow, a lender will request your credit score from one of the top three major credit bureaus of their choice. These bureaus have names (TransUnion, Equifax, and Experian), and their main purpose is to collect mass amounts of important financial data from financial institutions across the country.

These bureaus don’t necessarily focus on what you buy. They particulary want to know how much money you have borrowed and if you’ve paid it back on time.

The Purpose of FICO

It sounds simple but financial data is very complex for many reasons. Due to its complexity the bureaus rely on an organization called FICO to perform research and to develop an algorithm specifically for their bureau. This is why you might have a close but different credit score at each bureau.

Once your personal financial data is collected, the bureaus chosen FICO algorithm gives you a credit score. Score ranges are different for each bureau but your score typically will range anywhere from 300 to 850. The higher the score the better . Depending upon the lender most consider above 700 a good healthy credit score.

Importance of Payment History

Due to your age, chances are you don’t have a payment history. The FICO algorithms favor a longer, older positive history of paying lenders back. It’s estimated that your payment history can influence 35% of your credit score. Let’s use the 850 point setup for an example, if you have no payment history you may have approximately 300 points less for your credit score, easily dropping you below 600. No credit history will make it difficult to get approved for a home, or even a competitive low interest credit card that offers impressive rewards.

Effective Proven Strategies to Help You Build a Credit Score

If you get started now, paying off debts timely can make a positive difference with your credit score. Here are some strategies to consider if you’re ready to get started:

Meet With a Banker – Most bankers don’t charge to discuss financial goals. With your current situation and needs they can help you identify the best credit options which you can qualify for. They can even help you get started with any applications and help educate you on how to pay back what you’re borrowing.

Research and Apply for a Credit Card – A credit card is always a great way to start to build your credit. Be sure to do your homework. Know the interest rates. Read the small print. Research cards offered by a variety of financial institutions. Don’t get caught in rewards programs that will encourage you to spend beyond your current needs.

Pay Off Your Credit Card Monthly – The credit card you’ll be able to qualify for will most likely have a higher interest rate because you have no credit history. Regardless of the interest rate, it’s very important you pay off your card each month to avoid uneccesary interest charges. Just making the minimum payment will cost you more in the long run because interest charges will build up over time. If you can’t afford to pay it off that month – don’t buy it!

Become an Authorized User on Your Parents Credit Card – If you’re unable to qualify for a card ask your parents if you can be added onto their card. Confirm they have good credit and that they pay their payments on time. By doing this you don’t need to even spend from their card and you’ll be able to piggy back off their credit. After all – in the future they don’t want to be the ones loaning you the money.

Car Loan Co-Signers – If and only if your parents are borrowing money to buy you a vehicle, whether the car is used or brand new, have the loan in your name. If they co-sign there’s a higher possibility of the loan getting approved. A disadvantage to this is you might have a slightly higher interest rate depending on the institution but if you pay your loan on time you will build credit to your name.

Protect Your Identity – Keep important documents like your social security card, drivers license, and any account information hidden away in a safe place. If your identity gets stolen it can severely damage your credit.

If you shop online confirm you’re on secure trustworthy websites, and that you’re on a private computer at home, instead of a public computer. If you check your credit annually you’ll be able to track if anyone has stolen your information. You can check your credit score annually for free at AnnualCreditReport.com.

Work a Part-time Job During School – It’s difficult to build credit if you’re borrowing money to pay off debt. If you have an income and you can show it to a bank in your checking account it will help increase your odds of getting approved for their credit card or loan. There are many other great benefits of working while going to school – including paying off student loan debt faster which can help your credit.