Mission Valley Bank News
About Chip-based Payment Cards (from the American Bankers Association)
A chip card is a standard-size credit card plastic with an embedded microprocessor chip that stores and protects cardholder data. If your card is lost, stolen or compromised in a data breach, the embedded microchip makes the card extremely difficult to counterfeit or copy. Although chip cards are not yet common in the U.S., this technology has been used around the world for many years and some U.S. banks already issue chip cards. The global standard is called EMV, short for Europay, MasterCard, Visa. There are currently more than 1.5 billion chip-enabled cards issued across the world.…
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• Report any suspected fraud to your bank immediately.
• Use online banking to protect yourself. Monitor your financial accounts regularly for fraudulent transactions.
• Sign up for text or e-mail alerts from your bank for certain types of transactions, such as online purchases or transactions of more than $500.
• Beware of phishing scams. Never give out personal financial information in an e-mail or over the phone unless you have initiated the contact.
• Monitor your credit report. Order a free copy of your credit report every four months from one of the three credit reporting agencies at annualcreditreport.com.
• Check your monthly banking and credit card statements carefully as soon as they arrive – report any questionable activity immediately.
If You …
Continue Reading "The Simplest Steps to Fight Fraud…"
The Federal Trade Commission is warning small businesses that an email with a subject line “NOTIFICATION OF CONSUMER COMPLAINT” is not from the FTC. The email falsely states that a complaint has been filed with the agency against their company. The FTC advises recipients not to click on any of the links or attachments with the email. Clicking on the links may install a virus or other spyware on the computer. …
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Most businesses prepare for crises of the corporate sort – contracts, worker’s compensation insurance, financial pitfalls, bankruptcy protection. What many businesses, particularly small businesses, aren’t ready for is natural or man-made disasters. Any event that causes serious loss, destruction, hardship or death – whether it’s natural or man-made, can destroy or decimate your business. Earthquakes, fires, electricity outages, floods, influenza outbreaks, terror attacks – your business is as susceptible to these types of emergencies as you are.…
Continue Reading "Disaster Planning and Recovery for Businesses…(Yes, ANOTHER Reminder)"
Even though the first two months of the year are already in the rearview mirror, it’s not too late to ring out the old and ring in the new, to ditch bad habits and replace them with good ones. We can’t guarantee you’ll lose weight, or become a better human being, but we can give you some suggestions to help you whip your finances into shape. Here are some tips for the rest of 2014:…
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We recommend you closely review the information provided in this letter for some important steps that you may take to protect yourself against potential misuse of your credit and debit information.
As reported in the news, Target reported a breach to their security that resulted in unauthorized access to Target payment card data. This includes both credit and debit cards used to make purchases in its stores from November 27, 2013 through December 15, 2013. Protecting customer and account information is a top priority for Mission Valley Bank that we take very seriously. As such, we are taking extra precautions to try and keep your accounts safe.
If you made purchases at Target during the affected dates, we ask that you monitor your accounts more …
Continue Reading "An Important message for our customers regarding the Target data breach."
Sun Valley, California – November 21, 2013 – Mission Valley Bancorp (OTCBB: MVLY.OB) President & CEO Tamara Gurney announced today that the company achieved record third quarter year-to-date net earnings of $1,195,000 for the period ended September 30, 2013, up more than 240% from September 30, 2012.
President and CEO Tamara Gurney stated, “I am pleased to report that 2013 continues to be a strong year for Mission Valley Bancorp. Net income of $1,195,000 (after provision for income taxes) represents the best September 30th close in the history of our company, marking our second consecutive record quarter for the year.” …
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By Chuck Kiskaden, CHC
A lot has happened regarding the Affordable Care Act (ACA) since our last report. In this column, we will look at the roll out of Covered California and touch on the key points that will affect California employers.
1. Employers with 50 or fewer full time equivalent (FTE) “benefits eligible” employees know they do not have a requirement to provide benefits or pay a penalty. What they may not be aware of is the responsibility to provide a notification to each employee of the availability of the insurance exchange. There is a federally approved letter of notification that must be used for this communication and beginning in 2015, a financial penalty if the employees do not receive this communication. …
Continue Reading "Health Care Reform Update – 4th Quarter 2013"
Using a bank or a money transfer company to “wire” funds electronically is an easy and convenient way to send cash to someone. And when consumers wire money to people they know, the transaction typically takes place without a problem. But wiring money to strangers — in the U.S. but especially in another country — is risky because often they could be scam artists.
“Crooks like their victims to use wire transfers because the money moves fast and they can take the money and run before the victim discovers the truth,” explained Michael Benardo, manager of the FDIC’s Cyber Fraud and Financial Crimes Section. “Con artists also know that the transaction is difficult to reverse, and the money is difficult to get back. That’s why …
Continue Reading "Don’t Get Taken by Wire Transfer Scams – from the FDIC Consumer News"
Cybercriminals are targeting small businesses with increasingly sophisticated attacks. Criminals use spoofed emails, malicious software and online social networks to obtain login credentials to businesses’ accounts, transfer funds from the accounts and steal private information, a fraud referred to as “corporate account takeover.”
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. Companies should train employees about safe internet use and the warning signs of this fraud, because they are the first line of defense.
As part of National Cyber Security Awareness Month coming in October, Mission Valley Bank offers small businesses these tips to help …
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At Mission Valley Bank we are well aware of the complexity (and resulting confusion) of the health reform act that is officially called The Affordable Care Act and unofficially known as “ObamaCare”. To better understand how this law will affect you and your employees, we believe that you need to receive timely & direct information. To this end, we have called upon Chuck Kiskaden – an expert in the health insurance industry to contribute columns and updates on the latest ACA news for our monthly eNews. Additionally, Mission Valley Bank will be hosting a complimentary Breakfast Seminar on Wednesday, October 30th wherein you and your guests will get an in-depth view of the ACA and how it will affect you & your business (please see …
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More on California’s AB93 – Sales Tax Exemption
As reported in MVB’s last newsletter, AB93, enacted in July, effectively eliminates the enterprise zone program as we know it. The best thing to be said about AB93 was its enactment of the sales tax exemption for manufacturers, which finally attempts to put California on par with other states that have had similar legislation in place for years.
Under the new section 6377.1 of the Revenue and Taxation Code, qualified taxpayers engaged in manufacturing and similar physical processing activities, which include processing, refining, fabricating or recycling (but not extraction), or research and development, may purchase machinery-related equipment used to operate, control, regulate or maintain machinery, pollution control equipment and certain special purpose buildings used as an integral …
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The New $100 Note – Know Its Features — Know It’s Real
We wanted to take a moment to introduce you to the newest $100 Bill being released by the U.S. Treasury on October 8, 2013. Our Government is continuously evaluating counterfeit threats across all denominations and introducing new designs helps the government stay ahead of currency counterfeiting.
Here is what you need to know: …
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President & CEO Tamara Gurney recently announced that the company achieved record second quarter earnings of $947,000 (after provision for income taxes), up more than twentyfold from June 30, 2012.
“I am pleased to report that 2013 continues to be a strong year for Mission Valley Bancorp. Net income of $947,000 after provision for income taxes represents the best June 30th close in the history of our company. While there are a number of contributing factors to this improved performance, two key contributors are expense reductions and improved credit quality. We are beginning to see the benefits of a number of cost cutting decisions that have been implemented over the past several months. In addition, as a result of focused and proactive credit management, …
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Very recently, in an odd twist of political fate, Governor Jerry Brown signed AB 93, legislation that effectively eliminates California’s coveted Enterprise Zone Program and replaces it with three new tax incentives designed to grow local economies and create new jobs. One of the three upcoming programs creates a one-year sales tax exemption for research and development equipment for biotech and manufacturing companies, and all manufacturing equipment. A second bill, SB 90, extends the sales tax exemption on manufacturing equipment to the year 2022.…
Continue Reading "Equipment Purchase Tax Incentives Replace EZ"