In this episode of Your Money Playbook, host Lynne Jarman-Johnson and Coach Keith Wright tackle a listener’s question about shifting from in-person to digital business banking. They explore the convenience of online tools, including real-time account access, mobile deposits, and features like Positive Pay that help prevent and detect fraud. The conversation also addresses common concerns about security, emphasizing how digital banking can actually enhance protection when used consistently. Ultimately, the episode encourages business owners to find a balance, leveraging digital tools for efficiency while maintaining personal relationships with their financial team to support growth.

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0:00:05.8 Lynne Jarman-Johnson: Welcome in to Money Playbook. I’m Lynne Jarman-Johnson. I’m here today with Coach Keith. Now, Keith is our Office Manager here in Lansing. Go Green!

0:00:09.9 Coach Keith: Go White!

0:00:14.4 LJJ: Gosh, I’m glad you said that because I know you.

0:00:16.8 CK: You do. I am a “Go Blue,” guy, but just for you, I threw the “Go White” out there, Lynne.

0:00:21.0 LJJ: And for our members here in East Lansing, listen up because we have a great caller today. Bill is talking about business banking and online. Some of the pitfalls. Let’s listen in.

0:00:31.7 [Caller] Bill: Hi, this is Bill. I own a business and I’ve always done my banking in person at Consumers Credit Union. I love stopping by during the week to drop off cash and visit with my local employees. My wife thinks I should move everything online so we can travel more, but honestly, I’m not so sure about that. I’m worried about scams and I really like the speed and personal help I get. So, is going digital safe and will it actually make things easier for me? Thank you.

0:00:56.7 LJJ: Wow, Bill, those are amazing questions. And we’ve got our coaches on standby. Let’s take a look.

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0:01:01.9 Coach Sandy: Let’s log in to the winning strategy for your business: going digital with your banking. Having online access to your accounts gives you real-time info on balances, deposits, cleared items and even alerts you to fraud. It’s a great way to keep your finger on the pulse. Your business doesn’t stop at 5:00 PM and neither should your banking. Digital banking lets you check your accounts from the office, the couch and even a kayak. And don’t forget, social media isn’t just for scrolling. Use it to connect, advertise and grow your reach. Digital payments make it easy for customers near and far to pay you quickly. Want to learn more? Let us know. Consumers, we’re your team to count on.

0:01:43.9 LJJ: Well, Coach Sandy, the only thing I think you’re missing, you’ve got to make sure your phone’s protected in waterproof bags in that kayak.

0:01:51.2 CK: Absolutely. That’d be a mess.

0:01:53.0 LJJ: Well, I’ll tell you what, you know what Keith? This is a very interesting topic because you work with businesses all across our state. A lot of people love to come into the office and we’re saying, “Hey, there’s also digital available.” What’s your thoughts?

0:02:05.8 CK: We love having you in the office, but let’s do a little bit of both. It gives great flexibility to do banking how and when you want. Take care of that mundane stuff online and then come in, have a cup of coffee and hang out and chat and help us learn more about your business.

0:02:20.6 LJJ: Do you think the word scam comes up a lot? You’re worried about security, you hear about online hacks that are going on. How can we make sure that people understand, “Hey, we are very secure and we can help”?

0:02:35.9 CK: I think the part that’s missed is that the online banking and the tools that come with it are really phenomenal at preventing fraud and catching it in the event that it were to happen. From Positive Pay to account alerts, just to simply reviewing your accounts on a more frequent basis are all going to reduce the likelihood that you’re going to have fraud on your account or fall victim to a scam.

0:02:58.4 LJJ: You bring up a great point. Remember the days when you had the ledger and you would get your statement at the end of the month or the beginning of the next one and then all of a sudden, you found out there was fraud and it was almost too late?

0:03:11.0 CK: Yeah, absolutely. Even recently we’ve had increase in fraud, of course, as that’s becoming more prevalent in the world, and we’re able, with Positive Pay, able to have great impact on saving members’ money.

0:03:22.6 LJJ: So, Keith, tell me, what is Positive Pay?

0:03:25.0 CK: Positive Pay is a feature available within our online banking that allows our business member to input who the check is payable to, the dollar amount of the check, and the check number, and then allows the credit union to verify that same information when the check comes through to ensure that the right person is getting the right dollar amount when the item clears their account.

0:03:44.9 LJJ: Oh, that’s awesome. Now, some of the other things, you talk about checks, what about depositing checks? You can easily do it now.

0:03:51.1 CK: Yeah, making a deposit through either remote deposit or even mobile banking, so anywhere on the go. And then the other thing, I love it, you can actually have somebody in your office make those deposits for you using remote deposit capture as well.

0:04:04.8 LJJ: For those who are still reticent, you’re saying, “Hey, you can still come in.”

0:04:09.1 CK: Absolutely. We love seeing our members in office. Love to hang out with them, get to know them better. This allows us to focus on what’s new and what’s happening and how we can help you grow your business even more so you can travel and go enjoy your life as a business owner or go find more business. So many different options.

0:04:24.9 LJJ: It really becomes family, right?

0:04:26.3 CK: Yeah, absolutely.

0:04:27.7 LJJ: Keith, we’ve been talking all about digital banking, but relationships are really what underscores it all, and why is that important for us to know our business members?

0:04:36.6 CK: Well, the better we know our members, the more that we can be aware of those fraud or scam situations, right? We love to be proactive, and the better relationship we have with our business member, the more apt we are to catch that before they even catch it. In addition, it helps us help them grow their business, and that’s one of the parts that we love. I love being able to ask questions. Tell me what’s happening with your business. And then understanding it and then making suggestions based on what I know about my member and what’s important to them and where their business wants to grow. It’s a partnership that we have together that is beautiful and is the key to both of us being successful.

0:05:15.2 LJJ: Keith, I absolutely love the word beautiful. I think it really just; it speaks volumes about how Consumers banks with our business members and how you also do. So, thank you for that.

0:05:20.9 CK: Yes, thank you.

0:05:26.5 LJJ: Now let’s wrap it up. Give me your top three banking tips digitally for our business members.

0:05:32.3 CK: Yeah, I think the number one is to embrace it. It’s … Makes life super convenient for you, and the more you use it, the more you’re going to love it. Make sure you take advantage of the roles within our online banking that allows you to assign responsibilities to other team members on your business team, and you can still control what they have access to and what they don’t have access to. And one of my personal favorites: give your accountant or your bookkeeper, your CPA, access to your books. Make their life easier, make your life easier. They don’t have to chase you down for those statements every month. So, it’s just one more way to make life easier for everyone.

0:06:10.2 LJJ: And Coach Keith is another way that we are making life easier for you. Do us a favor. If you’d like to call into Money Playbook, just pick up the phone. 269-213-3360 is the number. We thank you so much, and we want to keep your money playbook right in your hands.

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