Online Library
This page shows a summary of all article categories and latest articles in the Learning Center.
Home Ownership
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Tapping Into Equity to Improve or Maintain Your Property
When the housing supply is tight and interest rates are on the rise, you might just choose to just stay put and enlarge or enhance your existing home until the market is more favorable. While renovations can be planned, the longer you stay in your home, the greater the chance that a significant home-related expense will pop up unexpectedly. When paying cash is not an option, consider tapping into the equity you've built in your home.
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Mortgage Rates Wax and Wane: When do you seize the moment?
Buying a home in a rising rate environment can be tough. Will they keep climbing? Will they ever go lower? Is now the right time, or did I miss my chance? And will we have to win a bidding war to get a contract? Follow these guiding principles for any market environment.
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How to Keep Cool in a Hot Mortgage Market
It’s hot out there in the housing market. New construction and current inventory are low. Demand is high following the safer-at-home orders of 2020, due in part to the transition of many jobs to a virtual office environment. Buyers outnumber sellers, and many are making cash offers, sometimes even above the asking price--and prices are skyrocketing. The National Association of Realtors (NAR) data shows house prices are rising at the fastest pace since 2006. As a prospective buyer, how can you keep a cool head and succeed in this harried housing pursuit?
Investing
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Rising Interest Rates: What Investors Need to Know
The low interest rate environment we’ve enjoyed since the Federal Reserve’s last rate increase in 2018 will begin to shift in 2022. On March 16, the Fed increased rates by 25 basis points (0.25 percent), bringing it to .50 percent. While the Fed is forecasting seven rate hikes this year, some pundits still believe we will only see four or five, depending on future inflation readings. What does this mean for you and your investments?
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Investment Basics
Investments are not just for the wealthy. Whether you’re in your first job, your prime earning years, or nearing retirement, it’s never too late – or too early – to use personal investments as a savings vehicle for your future. There are several types of accounts for this purpose and a multitude of funds to invest in.
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4 Steps to Prepare Your Financial Plan for Economic Uncertainty
2020 was a year unlike any other, dashing expectations we had for our personal lives, politics and the economy. Look back one year ago at the economic outlooks and forecasts, and you’ll see predictions that were comically out of date before the end of the first quarter. Yet we forge ahead now with a look at what to expect for 2021 and, more importantly, how people can prepare for the unpredictable nature of the world today.
Managing Your Money
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Teaching Children About Money
How soon should I be talking to my children about money? It’s a question we hear a lot. Parents know it’s an important life skill that their children need, but knowing what’s developmentally appropriate is vital. We offer suggestions for parents as well as links the FDIC's Money Smart for Young People curriculum and games for kids.
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Saving, Investing and Finding Balance in the Sandwich Generation
Supporting your kids and your parents at the same time can be tough. So how do you find balance – and space for your own needs – when you’re part of the “sandwich generation”?
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Six Steps for Personal Budgeting
Does it seem like your money disappears as quickly as you earn it? Curiosity about that “phenomenon” is a great cue for the start of a successful budget plan. Follow that spirit of inquiry to find out where all your money has been hiding and put some structure in place in the form of a personal budget.
Retirement
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How Secure 2.0 Makes Retirement Plans Easier and Better for Employers and Employees
Passed with bipartisan support late in 2022 as part of an overall budget package by Congress, the so-called Secure 2.0 provisions represent some of the most significant changes to federal laws around retirement plans. Even more than the original Secure Act from 2019, Secure 2.0 will make retirement savings easier and more accessible to many Americans and will make it easier for businesses of all sizes to offer plans and encourage their employees to participate.
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Medicare is a Milestone for your HSA
Think you’re too young to consider Medicare? No matter your age, if you are covered by a qualified high deductible health plan (HDHP) with a health savings account (HSA), Medicare should be on your timeline. It’s a milestone you need to include in your long-term HSA planning. Here’s why: Once you enroll in Medicare, you can spend your HSA funds, but you can no longer contribute to your HSA. Our Compliance Officer Ferne Emery offers some guideposts for along the way.
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Build a Flexible Financial Plan with Asset-based Long-term Care Insurance
Long-term care insurance isn’t new, and you may even have a policy already. Affluent families, however, have another option that can leave your plans—and your legacy—intact. Asset-based long-term care insurance can help you meet any healthcare needs you might face without having to change your financial plan and without sinking money into recurring premiums that you may never see again.
Health and Benefits
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Making Optimal Choices During Open Enrollment
Open enrollment season for employer benefits can be stressful. It only happens once a year, and with changing options and plans plus the time pressure of the deadline, it can feel overwhelming. You’re choosing plans for the entire upcoming year, and features vary widely, so how do you make the best choice when it feels like you’re comparing apples to oranges?
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Why You Need to Keep Receipts for Your Benefits Accounts
If you’ve ever been asked to submit documentation for expenses on your flexible spending account (FSA), health reimbursement account (HRA) or dependent care account (DCA), you may have wondered, “Why do I need to provide a receipt when it’s my money in the first place? And why do they ask some times but not others?” Some very good reasons are behind this.
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What’s the Difference between an HSA and an FSA?
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) both help you reduce your taxable income by putting money away for healthcare expenses. However, there are some major differences between the two.
Starting a Company
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Getting Your Idea Ready for the Bank
You have a business or want to start one. You know the bank is your next stop, but you’re concerned you might not be ready. What do you do? Get started now, before your first meeting. The key is to ask yourself every question you can think of, prepare the answers and gather any documents you need. The more prepared you are, the better your banking experience will be. It can cut down review and decision time and starts your new banking relationship on the right foot.
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What I Learned in the Marines: Helping Veterans Become Entrepreneurs
What does it take to turn veterans into entrepreneurs? There’s no straight line from the military to the business world, but what you learned then can help you now. These are the issues most often faced and the lessons you can use to solve them.
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Building Great Places to Work
Pinnacle recently hosted a panel of business leaders who have been recognized by the Nashville Business Journal for building great places to work. Here are some takeaways that you can implement in your own company.
Managing Your Business
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Partner with Your Bank to Remove Irritants and Mitigate Risk
When you’re running a commercial or middle market business, plenty of things are challenging. Banking shouldn’t be one of them. If you picked a bank based on a flashy rate and found the grass isn’t as green as you expected, seek a partner who is dedicated to you for the long haul. Here's how to identify the team that will serve you best.
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Caring for your employees’ financial fitness is the right thing to do and good for your business
Taking care of your employees' financial wellness is the right thing to do - and it can be good for your company. People who are financially stable are happier, healthier and more productive. As your employees’ main source of income, health insurance and retirement plans, you may be best positioned to help. So what can you do about it?
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Creating an Insurance Captive Can Bring Broader Coverage, More Cost Control
For all businesses, insurance is a necessity. There are policies to cover the business and its property, policies to cover its employees and owners, and policies to protect against special risks like cyberattacks. While trusted, experienced insurance brokers are valuable to most businesses, there is a point at which commercial companies should consider creating their own insurance company. Our expert shares why and how.
Finance and Money Matters
- Carefully Designed Account Structure Can Protect and Enhance Cash Flow
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SBA Reduces Upfront Guaranty Fees to Spur Lending to Small Business
In a rising rate environment with turbulent economic conditions, many small businesses seeking capital may have trouble obtaining the needed financing to maintain or grow their businesses. According to the Small Business Administration (SBA), in 2022, two out of three business owners who sought credit did not receive what they needed. That’s why the SBA has made some changes this year to its programs.
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Moving from Paper Checks to Electronic Payments
There are more ways to take payments than ever. If your small business is still primarily taking payments by cash or check, use this guidance to make the shift to card and electronic receivables. It's a great way to streamline operations, reduce costs and improve security.
How Pinnacle Protects You
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Team Up with your Bank to Stay Safe from Fraud
While new credit and debit card technology has come with security improvements, the frequency of card transactions and the speed of daily life have contributed to more card fraud. Under federal regulations, your bank or card issuer may be more limited than you think in what they can do to help, especially with debit cards. Read up on the regulations and our tips to thwart fraudulent use of your cards.
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Keep Holiday Shopping Safe with Card Controls and Alerts
Holiday shopping isn’t quite ready to go back to normal. While you try to navigate crowded spaces safely, manage delivery delays and prepare for possible toy shortages, you can take one concern off your plate. Debit card controls and alerts can help keep your bank accounts secure by proactively protecting you from unauthorized transactions and disallowing any transactions if your card is stolen or compromised.
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What Additional Security Features Does Pinnacle Provide?
Beyond the security of all Pinnacle systems and technologies, there are some very simple ways that Pinnacle clients can monitor their accounts to be sure they are free of fraud.
Safe Online Practices for Consumers
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Treat Mobile Payment Apps Just Like Real Money
Mobile payment apps like Venmo, Cash App and Zelle make it easy to send money virtually between friends and family. Just download the app, set up a free account, connect it to your bank account or debit card, and voila! You can pay your babysitter, reimburse a friend for picking up groceries or chip in for a group birthday gift. Easy, right? Yes, as long as you treat it like cash, because there are no strings attached. "Cash" sent through a mobile payment app can’t easily be retrieved or refunded if you send it to the wrong person or don’t receive what you paid for.
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How to Spot a Money Scam
You may have learned to spot a scam that’s phishing for your personal identifying information, like your social security number or birthdate, but some scams are just out to take your money right then and there. Even worse, when tricksters con you into completing a voluntary transaction, even under false pretenses, it’s extremely hard to retrieve your money. It’s important to be familiar with the common types of scams designed to separate you from your money.
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Password Management
If you do any amount of business online or through mobile apps, you’re familiar with password protection. It can be pesky, but passwords are part of life, and they’re absolutely critical for keeping your private information secure. The “old” way of keeping track on a post-it note or a document on your computer was never really secure. Here's our advice for managing and remembering all those complex passwords.
Safe Practices for Businesses
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Protect Yourself from Fraud by Verifying Payment Requests
Fraudsters pose extreme threats to our clients if we fail to know who we are working with and ensure they have the authority to provide instructions for payments or alter account information. We strongly recommend that our clients perform similar due diligence. Money sent by wire transfer is highly unlikely to be recovered. Working together, we can protect you from phony requests.
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Five Ways to Reduce Fraud and Protect Your Business
Financial fraud has surged, with crooks working banks and their clients. According to Banking Journal, fraud attempts have as much as tripled since early 2020, with an ever-widening variety of new scams. Human vigilance is your front-line protection, but it's not perfect. Better to have some block-and-tackle services to help tighten security and prevent fraudulent transactions. Here are five to consider.
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The Cybersecurity Landscape: A Look at Current and Future Challenges
Cyber terrorists and small-time fraudsters can wreak havoc on businesses. Beyond the annoyance is the very real potential for damaging or bankrupting your firm. In this video, our panel of experts cover the latest information about ransomware, top threat actors, how to protect your business, the growth and direction of the cybersecurity industry and more.
Tips on Reporting Fraud
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How to Report Identity Theft
While dealing with problems resulting from identity theft can be time-consuming and frustrating, most victims can resolve their cases by being assertive, organized, and knowledgeable about their legal rights. Read this for steps you should take immediately.
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Report a Lost or Stolen Debit/Credit Card
If you believe your Pinnacle debit or credit card is lost or stolen, call us immediately.
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Finding a Legitimate ID Theft Protection Service
Depending on the services you want, you should be able to discover an option that fits your needs and your budget.
Fraud and Security Alerts
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This Email from Pinnacle is Real and Safe to Click
Pinnacle often advises clients to be very careful about email fraud, particularly phishing attempts that appear to come from a trusted source but actually want to steal your passwords or install malicious software. Because we know you’re cautious, this time we want to give you advance notice of an email that is legitimate and safe that we will soon send to many clients.
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Avoid Telephone Scams with These Tips
Anyone with a phone is familiar with the nuisance of robocalls, unsolicited telemarketing calls and scammers seeking quick cash through a variety of fraudulent claims. Some even pretend to be the FBI, the IRS or law enforcement.
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Stay Calm but Vigilant: How to Protect Yourself from Russian Cyber Attacks
Through both state-sponsored and independent actors, Russia is one of the world’s biggest sources of cyberattacks. Cybersecurity experts are on heightened alert for attacks on government entities, infrastructure targets and private citizens and businesses. What does that mean for you? Do you need to hit the panic button and disconnect entirely? No. Heightened alert is good. Panic is not. Here is what you can do right now.
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