Mission Valley Bank News

OUR EIGHTH CONSECUTIVE WIN!

OUR EIGHTH CONSECUTIVE WIN!

Congratulations to PAULA BAHAMON, Vice President, Business Banking Officer for Mission Valley Bank. Paula received the 2018 Most Trusted Advisor Business Banker CLIENT SERVICE EXCELLENCE AWARD by the San Fernando Valley Business Journal.

Paula has spent her career specializing in the support and growth of small to mid-sized businesses. She has extensive commercial banking experience, specializing in small business, business development, and client relationship management. As a results-oriented banker with broad-based management skills, she has earned a solid reputation as a skilled and knowledgeable business banker. Paula possesses a depth of experience and clear vision of our local area business climate. This coupled with her personal approach to identifying unique financial solutions -- tailored to the needs of each client -- make her a tremendous …

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Mission Valley Bank’s Eighth Consecutive Win!

Mission Valley Bank’s Eighth Consecutive Win!

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Time for Telecommuting?

Time for Telecommuting?
Article Compliments of Steve Brown – Bank Investment Daily

Summary: Workplace changes are making telecommuting more prevalent. Would telecommuting work for your business?

Data by Funders and Founders finds people live an average 78 years and like dogs and cats, we spend most of our time sleeping (36%). Rounding out the other major ways we spend time: working (13%), social networking, TV, video (12%), doing chores (8%), eating and drinking (5%), education (4%), grooming (3%), shopping (3%), child care (2%), & commuting (2%). Now you know, so spend your time wisely!

While commuting doesn't take much out of your life, it is still important to think about, as the workplace changes and telecommuting becomes more prevalent. Consider this: …

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What You Might Want to Know about the “ATM CASH-OUT” Scheme

What You Might Want to Know about the “ATM CASH-OUT” Scheme

On August 12, 2018, Kreb’s On Security reported that “The Federal Bureau of Investigation (FBI) is warning banks that cybercriminals are preparing to carry out a highly choreographed, global fraud scheme known as an ‘ATM cash-out’, in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to fraudulently withdraw millions of dollars in just a few hours.”

Since this initial report, news agencies around the globe have reported the story in an effort to forewarn ATM and Debit Card holders of the potential risk. …

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GOVERNMENT IMPOSTER SCAMS

GOVERNMENT IMPOSTER SCAMS
By Carol Kando-Pineda, Attorney, Division of Consumer and Business Education / Federal Trade Commission

You get a text, call, or email from someone who says they’re with the government. They may claim to be a U.S. Marshal, saying you must pay a fine for missing jury duty. Or the IRS, saying that you owe thousands in back taxes. Some might threaten legal action, deportation, or arrest if you don’t pay up or give them your financial information.

In other cases, it sounds less scary and more like your lucky day. The call, text, or email will say you’ve won a prize, the lottery, or a grant — but you need to pay some fees or taxes to get your winnings. …

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Scams and Your Small Business

Scams and Your Small Business
from the Federal Trade Commission / June 18, 2018 / 
by Rosario Méndez / Division of Consumer and Business Education, FTC

At the FTC, our mission is to protect consumers, including small business owners. That’s why, when we see scammers taking money from small businesses, we step in. Today, the FTC announced Operation Main Street: Stopping Small Business Scams, a coordinated law enforcement and education effort with state and federal partners, as well as the Better Business Bureau (BBB), to stop scams that target small businesses. READ MORE

What did those scammers do? The law enforcement actions in Operation Main Street involved defendants that tricked businesses into paying for materials they can get free – or paying for expensive license renewals that were not …

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Ryan Roques Joins the Mission Valley Bank Team

Ryan Roques Joins the Mission Valley Bank Team

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Operating a Franchise (Federal Trade Commission Consumer Information)

Operating a Franchise (Federal Trade Commission Consumer Information)

When you buy a franchise, you get to operate a business and sell goods or services with name recognition. You buy a format or system developed by the franchisor, and training and support. But investing in a franchise, like all investments, involves financial risk. Franchisees must commit money and time, and must operate by the franchisor's playbook.

The Franchisor's Responsibilities  -- Franchisors also have legal responsibilities, which are spelled out in the Franchise Rule. For example, franchisors must give potential franchisees important information in a Franchise Disclosure Document (FDD) at least 14 days before a contract is signed or any payment is made. In addition, some states require a franchisor to submit its FDD to state examiners for review before it can lawfully sell …

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Mastering Cash Inflows and Outflows

Mastering Cash Inflows and Outflows

In a recent business seminar hosted by Mission Valley Bank, bank consultant Robert Dyck cited a statistic that 70% of businesses – large, mid, and small – fail due to cash flow problems. With three main sources of cash flow activity – operating, investing, and financing – he stressed how vital it is to understand and monitor cash flow in your business.

Michael Dell, founder of Dell Technologies, summed up his company’s lack of attention to cash inflows and outflows with an analogy. “We were always focused on our profit and loss statement. But, cash flow was not a regularly discussed topic. It was as if we were driving along, watching only the speedometer, when in fact we were running out of gas.”

Cash flow …

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IT’S ALL ABOUT BUILDING RELATIONSHIPS

IT’S ALL ABOUT BUILDING RELATIONSHIPS

It’s all about building relationships. Recently, Mission Valley Bank’s Vice President and Business Banking Officer Paula Bahamon participated in a Women’s Collaborative Colloquium at CSU, Northridge with the purpose of elevating women business owners. Here is what the hosting organization, Women’s Collaborative Mentoring Program (WCMP), said about Paula --

“Paula Bahamon is an exceptional banker who understands how to support Women in Business. Last October, the WCMP held a Women’s Collaborative Colloquium at CSU, Northridge with the purpose to elevate women business owners. The Colloquium began with a leadership/mentoring award followed by industry expert panels and concluded with a speed mentoring (matchmaking).    Paula, was paired with three mentees for the speed mentoring event. Her consultative, thoughtful approach towards working with people illustrates her care to …

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Safeguarding Your Information for You & Your Business

Safeguarding Your Information for You & Your Business

Did you know, community banks adhere to rigorous laws, regulations, guidance, and voluntary frameworks to safeguard client information, according to the Independent Community Bankers Association. In a statement for a Small Business Committee hearing on small-business cybersecurity, ICBA said Congress and the federal banking agencies should recognize community banks’ flexible approach to cybersecurity and preserve this approach in any new laws or regulations.

The U.S. Department of Homeland Security warns to never give sensitive information to anyone unless you are sure they are, who they claim to be and that they should have access to the information. It’s every business owner’s worst fear that they could be the next target. …

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Mission Valley Bank’s TOP TEAM!

Mission Valley Bank’s TOP TEAM!

Mission Valley Bank’s top management team received the Business Team of the Year Award at this year’s Women’s Council hosted by the San Fernando Valley Business Journal. Congratulations to Tamara Gurney, CEO; Marianne Cederlind, Executive Vice President and Chief Business Banking Officer; Diane Auten, Executive Vice President and Chief Financial Officer; Linda Rousseau, Executive Vice President and Chief Administrative Officer; and Jill Clements, Senior Vice President and Deputy Chief Credit Officer.

 …

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Managing the Financial Health of Business

Managing the Financial Health of Business

Most independent business owners are challenged by having to play multiple roles with limited time. They put on – and take off – many management hats, often wearing them simultaneously. But the one that can never be shed is that of Financial Manager and Planner. With the responsibility of managing your company’s finances comes the requirement to understand them.

When viewed together, the balance sheet and income statement represent a complete and, hopefully, accurate financial picture of the company. Unfortunately, some businesses produce two or three sets of financial statements – one for the IRS, one for the banker, and one for themselves. Whatever the reasoning, it is important to remember that the worst possible person to kid is yourself. Every business owner needs clear, …

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CELL PHONES & THE DO NOT CALL REGISTRY

CELL PHONES & THE DO NOT CALL REGISTRY

The Federal Trade Commission strongly urges consumers to place their cell phone numbers on the National DO NOT CALL Registry to notify marketers that they don't want to get unsolicited telemarketing calls. Despite viral email, there is no new cell phone database.

The truth about cell phones and the Do Not Call Registry is:

  • The government is not releasing cell phone numbers to telemarketers.
  • There is no deadline for registering a cell phone number on the Do Not Call Registry.
  • Federal Communications Commission (FCC) regulations prohibit telemarketers from using automated dialers to call cell phone numbers without prior consent. Automated dialers are standard in the industry, so most telemarketers are barred from calling consumers' cell phones without their consent.
  • There is only one Do Not

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SCAM ALERT from the FEDERAL TRADE COMMISSION

SCAM ALERT from the FEDERAL TRADE COMMISSION

According to Colleen Tressler, Consumer Education Specialist with the FTC, they’re at it again...tax scammers scheming new ways to steal personal information and money.

In the first scenario, identity thieves file a fake tax return and have the refund deposited into your bank account. The thieves then contact you, often by phone, and — posing as the IRS or debt collectors for the IRS — demand you return the money to the IRS. But following the thieves’ instructions actually sends the money to them.

In another version, after you get that erroneous refund, you get an automated call, allegedly from the IRS, threatening you with criminal fraud charges, an arrest warrant, and “blacklisting” of your Social Security number. The caller gives you a case number …

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