On Our Minds

Avoid Corporate Account Takeover

Cybercriminals are targeting small businesses with increasingly sophisticated attacks. “Corporate account takeover” is a form of identity theft of a business. Criminals phony emails pretending to be someone you know to trick you into clicking on links or attachments that can lead to malicious software being installed on your computer. Once this happens, they will ask you to enter credentials where they will gain access to your email account. At that point, they will send emails to the bank appearing to be from you to initiate ACH and wire transactions.

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Initial market in President Biden's first days

The S&P 500 Index was down 1% in January based on investors’ revised expectations of corporate revenue growth and earnings. First, the COVID-19 vaccine distribution and inoculation process is proceeding slowly while the virus is mutating. The new strains appear to be slightly more virulent and the vaccination timeline will take longer and delay economic normalization. Second, the peaceful installation of the Biden Administration with impactful policy changes have added uncertainty. New executive orders are being launched daily with an emphasis so far on changing carbon emissions, raising the minimum wage and bringing about social justice. Third, the expectation for further fiscal stimulus in the next 100 days is losing its enthusiasm. The passage of another $1.9 trillion relief package so soon after the recently passed $900-million package seems excessive even for the new Congress.

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Why should I use my debit card?

One reason is our new “Use It. Love It. Win It.” Sweepstakes.* You can earn $500 just by using your Crews Bank & Trust Visa® Debit Card for everyday purchases. Sound good? Check out the official rules and details.

The sweepstakes is not the only reason to use your debit card. You may already be using it for dining and entertainment, groceries, gas, shopping online, and monthly bills like utilities, cell phone plans, gym membership, auto insurance, and much more.

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Investment Market Update, Q3 2020

The S&P 500 and Nasdaq index had wonderful performance during the third quarter, with returns of 8.5% and 11%, respectively. However, pre-election politics obstructing a new federal stimulus package and an escalation in COVID cases caused both indexes to decline in September. The political stalemate over aid to bailout states and cities is dampening confidence. A multi-trillion-dollar stimulus package will eventually be implemented that should focus support for small businesses and unemployed individuals. The interminable wait for a COVID vaccine is also weighing on the markets and suppressing economic activity. The year-end target for a vaccine is unlikely, although a “cocktail” of antibiotics and steroids has shown to help patients recover, so the management of the virus is becoming more tenable. With the health crisis reduced, we should expect a gradual return to a stable growth economy.

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Growth is on the Horizon

The S&P 500 Index has rebounded 35% from the low on March 23 and is now only down 6% year-to-date. The rally was slow and deliberate as the headlines shifted from a virus-induced economic lockdown to a gradual re-opening. The economic re-start will revitalize small and large business activity and inspire consumers to emerge from their shelter-in-place.

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Growth Poised to Follow Re-opening of the Economy

Investors reconsidered the emotionally-oversold market in the month of April and bravely pushed the market higher by 12.7% even before news about the virus infection curve flattening. Since the “shelter-at-home” policies have reduced the infection rate, government policymakers are announcing dates for re-opening the economy. After an economic full-stop and 26 million Americans losing jobs, an economic restart will be a slow process.  By staging a deliberately slow ramp-up in economic activity, the government hopes to prevent the healthcare system from being overwhelmed. While Wall Street and the markets are anticipating a “V-shaped” economic recovery, Main Street may experience more of a Nike “swoosh-shaped” recovery. 

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COVID-19: Investment Update

The equity and fixed income markets are experiencing unprecedented volatility and fear about the coronavirus. This is a health crisis that has evolved into a financial challenge for policy makers as they attempt to suppress the spread of the virus while not closing down the economy entirely. Unfortunately, the only way to deter the spread of the virus is to reduce or close transportation and impose a quarantine. Since the only way we know to limit the number of infections is to reduce social interaction, we expect more states will join California, Illinois and New York in a “lock down.” For a historical comparison in 2009-2010 the H1N1 “Swine-Flu” virus infected 60 million Americans and killed 12,500, and yet the panic was not as prevalent. 

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Has Your Email Account Been Hacked?

Unfortunately, email hacking is one of the most common instances of cybercrime these days and something that probably has affected all of us at one point or another. Fraudsters are becoming increasingly virulent in their ability to hack into your email.

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Overlooked Methods to Control Business Expenses

Before you can begin to control expenses en route to lowering them, you must know where your money is going. Numerous financial management programs are available to help you keep track of your expenses, but they won’t help unless you or your business manager enters the proper information.

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