FDIC and OFR grant regulatory approval to Banesco USA for the acquisition of Brickell Bank. More information on our news section. Banesco recibe aprobación para adquirir Brickell Bank. Mas información en Noticias.

What to Look for in a Bank for Your International Business

An international business, by definition, has either clients or foreign providers. Thus, a qualified financial entity is necessary to allow it to receive and make payments and perform other relevant business transactions. 

The Cambridge Business Dictionary describes international banking as financial arrangements, such as lending money, for companies and banks in other countries. International banking is just like any other banking service, but it takes place across different nations. 

South Florida is home to many multinational companies. Therefore, we naturally have several individuals concerned with global banking services for transacting business. 

For these international businesses, having a relationship with a bank that offers international banking services is essential. These services range from payment accounts to lending. An international bank will facilitate international business arrangements and transactions that may be unfeasible for domestic banks. 

International banks are key facilitators of international trade, fulfilling an important role not covered by other institutions. These include offering payroll services for companies with employees and contractors in other countries, or letters of credit to ensure that companies in different countries pay one another for goods and services. They also offer financing services to support the capital required to import and export goods.

What is the Best US Bank for International Business? 

Here are some important things to consider:    

  • Currencies: In many cases, it will be essential that the bank you select deals in multiple currencies regularly as Banesco USA does. 
  • Accessibility and Presence: An international bank should provide the customer the ability to do business with ease in foreign countries, and in some cases even have a branch presence in relevant local markets. 
  • International Transactions: The ability to make international bill payments without major interruption is critical to these companies as they pay and also receive money. 
  • Qualified Customer Support: It’s also important that the bank you choose has personnel and call center support that is experienced and trained in the transactions and languages common to your international business.  
  • Robust Online and Mobile Banking Platform: These platforms can be essential to doing business across countries with different time zones and bank holidays that differ from your own, helping to reduce unnecessary delays and interruptions in business throughout the year. 
  • Specialized International Teams: Having bankers with a deep understanding of various industries, cultures, and business environments is invaluable in running an international business. 

best US bank for international business

Banesco USA International Banking Services 

Banesco USA offers a wide range of international banking services including: 

  • Experience: Banesco USA’s international roots create an institution attuned to the needs of diverse and increasingly international communities. This includes international personal banking services that are attractive to many business owners.
  • Presence: Representative offices in 13 countries and territories via its affiliation with Banesco International and partner companies (Argentina, Colombia, Dominican Republic, France, Germany, Mexico, Panama, Portugal, Puerto Rico, Spain, Switzerland, United Kingdom, and Venezuela).
  • Business Checking Accounts: With features like unlimited checks, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, electronic statements at no charge. 
  • Business Savings Accounts: With features to open savings accounts online, interest earned credited into your account at the end of the statement cycle, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, and electronic statements at no charge.
  • Money Market Accounts: Immediate account access, interest earned credited into your account at the end of the statement cycle, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, electronic statements at no charge. 
  • Certificates of Deposits: Competitive rates and a wide variety of terms for international business customers, from 30 days to 5 years. You can choose your own payment schedule, either monthly, quarterly, semi-annually or at maturity. CDs are subject to early withdrawal penalties.
  • Partnership with Local Agency: Where we refer our customers for investment needs. 

Don’t forget to make sure to have all your documents are up-to-date to open an account.

What Will an International Bank Need From You?

For international banking, the bank will:

  • Confirm your identity: Normally, all banks will need official documents to confirm your identity for safety purposes. 
  • Ask about your overall business goals and expectations: a bank will need to understand the nature of your business and what you want to achieve moving forward. 
  • Inquire about the origin of your deposits: a bank will need specific information on large deposits. 
  • Ask for legitimate references: banks need to confirm if it’s a reputable company. 
  • Analyze your risk as a customer: banks need to know if you would be able to pay back loans. 

If you are looking to open an International Business Account, you can reach one of Banesco USA’s experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

The Benefits of Doing Business in South Florida 

Doing business in Florida sounds like a good idea, right? Not only is South Florida a warm and sunny place to live, but it’s also actually an excellent location to start a business. Whether you are starting a company, opening a new location or moving your headquarters, the Sunshine State has some great advantages to enjoy. 

Florida is home to the fourth-largest economy in the nation. Its growth in 2018 significantly outpaced the U.S. at large at a rate of 3.5% compared to 2.9%. Small businesses form a big part of Florida’s economic landscape, making up 99.8% of all businesses and employing 3.3 million people, representing more than 42% of the state’s workforce.

Financial Freedom and Taxes

Florida is one of only seven states in the country that doesn’t have a personal income tax making it a very attractive location for corporate legal entities, such as LLCs. The state’s sales tax for rented or purchased goods sits at 6% and corporations must file a corporate income tax return at a low top rate of 5.5%. This means you’ll be able to keep more of your money exactly where it belongs — in your bank account. If you’re looking for a prosperous place to start a business, South Florida may well go to the top of your list. 

Recognizing that businesses need certainty, predictability, and efficiency, Florida’s regulatory agencies and local governments have in recent years made efforts to provide quicker, less costly and more predictable permitting processes for significant economic development projects. Ready assistance and access to enterprise bonds, micro-loans, and a growing venture capital sector further contribute to Florida’s reputation as a great place to do business.

Tourism 

Of course, South Florida is one of the most popular tourist destinations in the country. The relatively mild year-round weather and stream of events make for a favorable climate for steady sales and welcoming new opportunities without some of the more profound seasonal shifts found in other parts of the country. In fact, South Florida’s tourism today supports many businesses throughout the year.

Entrepreneurial Scene and Location 

South Florida has a dynamic and active entrepreneurial environment with annual small business startup activity growth hovering around 3.7% and SBA loan approvals increased by more than 56% between 2012 and 2015. That’s great news as having a thriving entrepreneurial community helps create a business atmosphere with the ongoing demand for various types of resources and support. 

Growth Economy

Florida is also a strategic and economic center of the Americas. A prime geographic location offering relative economic and political stability has put Florida at the center of trade and finance throughout much of the Western Hemisphere.

Florida is also home to a growing body of investment capital from venture capitalists and angel investors, making it an increasingly attractive place to start or growing a business. 

“The idea that you have to be in huge metropolitan areas like New York or Silicon Valley for access to capital is overblown,” said Andy Latimer, founder, and CEO of Bluewater Media. “The stable business environment in Florida makes business here ripe for investment.  Also, the walls of access to large markets have been broken down by technology.”

Today, Florida is home to several economic hubs considered to be incubators of innovation and startups. 

Diverse Communities 

Florida’s workforce is also one of the most culturally and linguistically diverse in the nation. More than 3.2 million Florida residents were born outside the U.S., and 4.4 million are speakers of languages other than English. Best represented are speakers of Spanish (3.2 million), Indo-European languages (875,000) and Asia and Pacific Islander languages (218,000).

With more than 150 banks across the state, South Florida has a great sense of community and supporting local businesses. Banesco USA offers a wide variety of services and loans to support many different businesses looking to grow in South Florida. To learn more about Banesco’s business loans please read our business loans (linked) article to learn about our services. With five business centers in South Florida – Coral Gables, Doral, Hialeah, Weston, and Aventura, we are here to help you grow and succeed. 

If you are looking to starting a business in South Florida, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

The Imagination Factory and Banesco USA: A Success Story

Every company has to start somewhere. The Imagination Factory, located in Doral, Florida, shares their amazing success story and what Banesco USA’s support has meant.

The Imagination Factory is a preschool with over 40 years of experience focused on the concept of early childhood education. When it was time to buy the lot where the preschool was located, Banesco USA came to help. As an institution willing to support big ideas and innovation, Banesco USA found and instant connection.

With their focus on providing the necessary tools to allow children to develop their communication, social, emotional, physical and cognitive skills, Banesco USA was moved to partner with such an impactful institution, focused on fostering a healthy and safe environment that meets children’s social, physical and intellectual needs.

In spite of being one the hardest economic years in the U.S.  due to the 2008 economic crisis, Banesco USA opened its doors to The Imagination Factory and decided to partner together for an incredible journey ahead. The Imagination Factory explains that from the beginning Banesco USA provided a strong team that would be by their side in their day to day. Not only did Banesco support them financially, but it also got to know them intimately in order to be able to better understand their weaknesses as well as their strengths, building a personalized approach that would help the business succeed.

Today, the preschool is forever grateful for its relationship with Banesco USA, something key to their story and success.

What You’ll Need to Open a Business Checking Account

Understanding the importance of business bank accounts

The U.S. Small Business Administration recommends opening a business checking account whenever your business is ready to start accepting or spending money. That’s because combining your personal and business financials is not recommended. In fact, some business owners even prefer creating separate accounts at separate banks in these matters. 

That’s because having a business account is not only more professional, it actually provides greater security, clearer accounting and other benefits and features that personal bank accounts simply do not offer.   Let’s have a look:

  • Professionalism: Remember hearing about the importance of making a great first impression? Well, it’s true. Individuals and businesses perceive other businesses more favorably when they write checks to and receive checks from a business account as opposed to a personal one.  Having a separate business account gives you the possibility of having checks in your business’ name, a company debit card, as well the flexibility to have authorized employees, like a bookkeeper, perform financial tasks directly to your account.  
  • Protection: Business banking services offer limited liability protection by keeping personal and business finances separate. Business checking accounts also tend to be more secure in that they may have stricter anti-fraud rules.
  • Organized Bookkeeping: Can you imagine the mess of having to untangle all of your personal and business transactions every month? Having your finances separate is a must for having clean, organized financial records especially at tax time. Your accountant will thank you.  
  • IRS: The IRS can decide whether it deems your business a ‘hobby’ or a legitimate business by tracking activity over the years. A business checking account helps ensure a degree of transparency as well as a well-maintained set of business books.
  • Additional Valuable Service: Having a business account can help you qualify for a business line of credit. Building a strong credit history is one of the more important things an owner or principal can do for a growing business. Lines of credit are there to help you with key purchases when cash flow is tight and in case of emergencies.

open a business checking account
 

Lastly, let’s talk about what you need to open a business checking account and what to look out for. 

Here are some of the most common documents you need to provide to open your account: 

If you have a Sole Proprietorship 

  • Business Tax Identification Number (EIN): It’s an identification number assigned to your business to have a tax presence independent of your Social Security Number (SSN) and is needed for filing taxes. To obtain an (EIN) you need a valid Social Security Number and file on behalf of a company in the United States. This can be done online if you gather all the required information. 
  • Business license: Is a license from a state that gives you permission to run your business in that state.  
  • Business name filing document: This means to have your business’s name registered with the government. You have to file a business name filing document to get it processed.

A General Partnership/ limited partnership/ limited liability partnership 

  • Business Tax Identification Number (EIN)
  • Partnership agreement: It is an agreement between company founders on key issues the company will face, and how it will conduct business. 
  • Organizing documents
  • Business license 

A Limited Liability Company 

  • Social Security Number (SSN) or Business Tax Identification Number (EIN)
  • Articles of organization: It is a document by the state containing important information like name, address, members, registered agent, management structure, and the activities it will conduct.
  • Certificate of organization: This certificate recognizes formally the articles of organization
  • Certificate of assumed name

An S-Corp

  • Social Security Number (SSN) or Business Tax Identification Number (EIN) 
  • Articles of organization
  • Certificate of organization
  • Organizing document filed with a state
  • Certificate of assumed name
  • Balance sheet 

What to look out for and things to consider when opening a business checking account:

  • Introductory fees
  • Interest rates for savings and checking accounts
  • Interest rates for lines of credit
  • Transaction fees
  • Early termination fees
  • Minimum account balances fees 

At Banesco USA we offer a variety of services and benefits for our business clients including:

  • No maintenance fees when maintaining the minimum daily required balance
  • First 150 items per month at no cost 
  • Banesco VISA check card at no cost
  • First check order at account opening at no cost
  • Online and mobile banking
  • Electronic statements at no cost 

Opening a business account is easier than you may think. If you are looking to open a business checking account, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

Choosing the Best Bank for Your Business

Understanding the importance of choosing a bank for your business

Are you interested in finding the best bank to open a business account? Choosing the right banking relationships to meet a business’s financial needs is one of the most important decisions that owners and principals can make. It is also very different from addressing personal banking needs. To make the best decision requires research, not only of the different services, rates, and fees, but also of the not so obvious added value, and yes, community ties, a bank brings to the table.  

One of a business owner’s most crucial responsibilities of maintaining a sound financial state of affairs. With so many transactions and variables to deal with throughout the year, keeping matters organized and sufficiently scrutinized can diminish an owner’s ability to proactively grow their business. 

Part of the task has to do with ensuring that a business is using the right financial products and using them wisely. The degree to which this happens often leads back to their choice in banking relationships and how close or transactional they are. 

Here are 5 tips for finding the best bank to open a business account:

Set and understand your priorities

It’s important to know what you need and want from your bank. Are you looking for business loans? For what purpose? Are loan decisions made locally? Naturally, this comes with learning what type of business loans a given bank offers and what their application processes are like. For example, did the banker take time to truly understand your company history, its strengths, weaknesses and the opportunities you’re pursuing? 

At Banesco USA we offer several business loans depending on your specific reality and needs. As a community bank, growing and supporting our local businesses and the broader economy is part of our focus. That’s why our decision-making process is local and takes place right here in our Coral Gables headquarters by people that understand local dynamics, know the neighborhoods and have the pulse of the area.

Are the latest technology and convenience like automatic bill payment or credit card processing important for you? Taking the time to have a better idea of what a business needs helps us narrow down the choices that can best help owners gain back some of the time they need to grow their companies. 

If technology and personalized service is a priority for you, get to know the bank you are considering. At Banesco USA, you can enjoy the convenience of connecting to your accounts with free, secure, easy access from any computer or device. We also offer a mobile check deposit feature to conveniently deposit checks using your mobile device anywhere and anytime. That’s a big deal when you take into consideration the toll that local traffic can take. Most importantly, you can rely on us for client support 24/7 with Banesco’s Voice system. 

Banesco’s USA digital competency and use of technology to serve customers in innovative ways is uncommon among banks of its size. Not only are we technology-driven but we are also differentiated by our emphasis on local and personalized banking. 

best bank to open a business account

Small or Big Bank? 

“Smaller, regionally focused banks may be better because they know local market conditions,” notes The Wall Street Journal. “They often provide more one-on-one access to a loan officer and put more emphasis on a borrower’s character rather than just applying a credit-score model. And they can be more flexible during tough times, such as covering overdrawn accounts without imposing stiff penalties.”

National banks may offer a wide selection of products and services but, local banks are often better at applying and customizing them actual customers. In some cases, community banks can have a better chance of granting a business loan or finding a more flexible interest rate. 

Fees?

Fees are one of the main things to look out for when opening an account. Make sure to research and compare banks’ fees for ATM use, check writing, monthly account statement fees, and interest rates. Also, take into consideration wire transfers and credit card processing fees, if either of those is important to your business.

The Bank’s Credibility 

Most importantly, make sure to know if a bank qualifies as a Small Business Administration Lender. Having an SBA-sponsored bank may be a big help in the loan approval process. 

Banesco USA provides long-term financing, SBA approved loans for example for the purchase and construction of commercial real estate. Financing can be used to acquire existing property or for the purchase of land plus construction costs.

To qualify for SBA 504 financing, the qualifying business must have:

  • Tangible net worth of less than $6 million
  • After-tax profits of less than $2 million
  •  Fewer than 500 employees
  • Other eligibility requirements may apply

SBA 504 Loans may be used for financing with conditions such as: 

  • Acquisition of fixed assets such as land and building – the owner must occupy at least 51% of   leasable space
  • New construction – the owner must occupy at least 60% of leasable space
  • Purchase and Renovation – the owner must occupy at least 51% of leasable space

Relationships 

Most successful business owners and principals will agree that building a solid relationship with a business banker who understands your business is key. A good banker can help an owner throughout many years including different business cycles and stages of growth. 

If you’re interested in finding the best bank to open a business account and are considering exploring your options with Banesco USA, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

How Cash Management Service Can Benefit Your Business

Understanding cash management services

 

A cash management account is a multi-use brokerage account that is designed to manage cash, make payments and earn interest, typically used for business finance management. 

These accounts are an all-in-one service, offering a mix of a checking and savings account: A checking account with the use of a debit card and ATM withdrawals, as well as an interest-bearing savings account. This all-in-one type of account will typically pay a higher interest rate than traditional savings accounts. 

By offering multiple services in only one account rather than meeting the same purposes separately, a cash management account offers an ideal option for businesses that would like to have group and integrate services together in one tool. 

That’s because monitoring different accounts can be confusing, time-consuming and not in a business’s best interest. Having accounts combined, helps financial managers achieve more in less time. 

Benefits of a Cash Management Account

  • – Visibility: A cash management account offers clear and easy tracking of all that’s happening with a business’ money in one place. It allows business owners and operators to monitor and view all their cash movements. The more visibility, the more control these businesses can have over their goals by having a better understanding of their financial position at any given time.  
  • – Simplicity: One of the biggest benefits of having a cash management account is having only one financial institution, like Banesco supporting a principal financial need. It means fewer statements and paperwork at tax time but also the ability to concentrate your savings and investment plans in a single relationship.
  • – Time savings: Having multiple accounts functions combined into one account also saves companies time from the point of view of customer service. Instead of contacting different parties for different accounts, a cash management account with Banesco USA allows you to be more efficient, having an easier customer service experience via one party that can guide you through any matter. 

what is a cash management account

What to look for in a Cash Management Account 

Security

It’s important your cash management account is FDIC-insured (Federal Deposit Insurance Corporation). The FDIC will protect your money in case something happens. Banesco USA is completely independent of Banesco in other countries and all of its deposits are insured by the FDIC. 

Because peace of mind is such a priority, the bank also offers additional advanced secured features such as:

  • ACH (Automatic Clearing House): services that allow you to securely send and/or receive electronic payments. 
  • Trusteer: a security software that detects malware risks
  • Digital Token: a security feature enabled by an App that allows you to process online transactions quickly with an additional layer of security.
  • Positive Pay: A free service for business accounts that protects you from check fraud. 

Interest Rate

The national average interest gain, of course, varies in a traditional savings account (currently .08%). With a cash management account, you’ll be able to get a higher rate of interest.

Accessibility 

A cash management account with Banesco USA also allows you to use a credit card or debit card that is linked directly to your account, providing easy access to funds at the time. 

The account offers several flexible features like allowing you to withdraw money and set up bill pay and accessing your money without limits. 

Banesco USA offers a wide variety of features to your cash management account to better serve your needs with maximum flexibility. 

  • The ‘remote deposit capture’ feature allows you to deposit your checks to your account from any computer with internet access. 
  • Through the Banesco Online Banking platform, you can transfer funds domestically and internationally, making wire transfers easy, fast and secure.
  • Its merchant service lets you accept payments anytime, anywhere. 

A cash management account not only serves a business’s financial needs but it’s also an excellent resource to save up for short- mid-term goals, such as a down payment for expanding a business, purchasing equipment or emergency funds.

If you are looking to better organize and maximize your finances, consider a cash management account with Banesco USA that consolidates and elevates your banking experience and meet your broader financial goals. 

If you’re interested in a cash management account, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

 

Understanding Different Types of Business Loans

Businesses may from time to time require cash and capital to fund a variety of expenses, operational changes and investments. As such, companies often take out business loans to satisfy these needs. A business loan is a debt that the company owes to the bank they partnered with and will need to be paid according to the loan’s terms. 

Companies use business loans for a variety of needs like paying salaries, buying office supplies and inventory or developing business projects. In order to get started the bank needs to understand how the business will use the funds provided and the debtor must create a plan to explain how the money will be spent.

There are many different loan options to choose from. Traditional banks have been the most popular choice of funding; however, applying for a business loan at a ‘big’ bank’ can have its setbacks. When applying for a business loan at Banesco USA you will be pleased to hear that our loan process is made and decided locally—in person. 

Our local decision-making feature facilitates the loan application process for business owners. From the first initial consultation to reviewing and approving the application, we take care of it all whether at our Coral Gables, Doral, Hialeah, Weston or upcoming Aventura branch. 

Loans, of course, are repaid with an added interest rate. Banks charge different interest rates for loans depending on the terms and conditions under which they are signed. 

An important difference to understand is whether the interest is fixed or variable. A fixed rate means the interest rate will remain the same for the duration of the loan. A variable rate means that the interest rate can fluctuate based on different circumstances.

At Banesco USA we offer long term fixed rates, meaning the interest rate will remain the same for the full payback period and at the same time offering longer payback periods than usual. 

The Bank’s approach to underwriting commercial credit risk is to evaluate each loan request on a case by case basis, the bank will seek to analyze the overall soundness of each loan proposal based on traditional credit underwriting criteria

Banesco USA is proud to offer multiple business loans to support its beloved community. Our most popular loans are:

Types of Business Loans

Income Producing Commercial Real Estate Loans

A commercial real estate mortgage is a real estate secured loan mostly used to purchase or renovate a commercial property. Including:

1. Multifamily (apartment buildings, combined duplex/triplex/fourplex buildings, non-conforming apartment buildings)

2. Retail (Unanchored shopping/retail centers, anchored shopping/retail centers, retail properties for owner-users, single Rated tenant      property)

3. Warehouses (multi-tenant warehouses, warehouses for owner-users, light Industrial properties, warehouses/showrooms

4. Offices (Multi-tenant office buildings, single-tenant office buildings, office/showrooms, office buildings for owner/users)

As a local lender, Banesco USA understands the commercial real estate market in South Florida. We have the lending capabilities, flexibility, and local decision makers here to help you achieve your goals.

Owner Occupied Commercial Real Estate Loans

An owner-occupied commercial real estate loan is used to buy your commercial space for your business. If you are a business owner looking to own your existing or a new commercial building for your company, this may be the right loan for you. 

According to the SBA (U.S. Small Business Administration) for lending purposes, a property is considered owner-occupied when 51 percent or more of the property’s space is occupied by the owner’s business, and the owner pays at least 51 percent of the rent.

Commercial and Industrial Loans

One type of commercial and industrial loans is a line of credit. For example, if you own a landscaping business, and you need to buy trucks- we would finance the trucks, and this would be called equipment financing. This type of credit will allow you to buy the equipment necessary to operate your business whether it’s machinery, transportation or products. Another option would be for cash flow purposes, and we would provide the line of credit in order to allow you to operate your business. Whether you’re looking to expand your business or purchase new equipment, we’ll help you find a solution that fits your needs. 

Banesco USA believes in giving companies the best possible chance at success. Loans are in high demand, but not every company that applies for one will get it approved. That’s the nature of lending. At Banesco USA we promise to carefully evaluate all aspects of your loan application. We strive to deliver innovative, responsible, and quality service to our customers in our community.

If you’re interested in a business loan, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

If you’re interested in learning more about Banesco USA and our FDIC insured financial products, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.

The Benefits of Banking Locally

Here’s why you should consider a community bank.

Local banks or community banks as they are also known, are a valuable option versus large national and regional banks, especially for small and medium-sized businesses and individuals. A community bank is a locally-owned and operated financial institution whose size is defined by the Federal Deposit Insurance Corporation (FDIC) as having around $1 billion in assets. According to the Federal Reserve’s Small Business Credit Survey, community banks are the small business lender of choice.

Among the banks in South Florida in this category is Banesco USA, a banking institution with $1.3 billion in assets based in Coral Gables that serves the South Florida area with four business centers.

Banesco USA is known for bringing global expertise to local banking, providing a community bank attuned to the needs of a diverse and increasingly international community.  

Today’s technology allows these smaller institutions to provide customers with state-of-the-art services on par with the bigger institutions but also boast a series of unique advantages. For example, Banesco USA can service clients with a wide range of personal and commercial needs and prides itself as being at the intersection of digital innovation, with a human touch.

It is not surprising then that according to the Federal Reserve’s Small Business Credit Survey, 73% of independent businesses that used community banks report they were satisfied with their overall experience, compared with 49% for large banks.

Personal Service

Given their size, community banks can often offer a more personalized service than their larger counterparts. They tend to have close ties to a community and a more intimate feel than national banks whose businesses tend towards large metropolitan areas and volume business. On the other hand, at a community bank, it is not unusual to work with the same people over many years, allowing them to get to know you and with that the ability to offer relevant services over time that align with your needs.

For example, when considering banks in South Florida, Banesco USA takes pride in offering Relationship Banking, providing customers a single point of service for a range of products and services.

Local decision-making

Typically, community banks also have more flexibility in the decision-making process. This means that, for example, approval of a small business loan may take less time than one at a larger institution. Also, community banks in South Florida often are often better at taking local needs into consideration, as they’re leadership have first-hand knowledge of the local challenges and opportunities that small businesses have.  

Headquartered in Coral Gables, Banesco USA’s team is right in the middle of the community they serve.

 

The Benefits of Banking Locally

Lower cost for services

Community banks also may offer lower fees than big banks, but not always. Services like online bill paying, debit and credit cards checking accounts, savings accounts are often offered at a lower interest rate with better terms. Competitive services

Today, community banks can offer many of the same quality services and conveniences as larger banks like online and mobile banking. The difference is that these services are often tailored to the needs of the clients, making the banking experience better.

For example, Banesco’s USA digital offerings include:

  • – Online account opening
  • – Omnichannel user interfaces
  • – Personalized banking experiences
  • – Real-time transactions
  • – Enhanced digital security features
  • – Bill Payments
  • – Fund Transfers
  • – Personal Finance Management Tools

Community involvement

Community banks are also community members, which means they tend to invest in the communities they serve. As part of the local economy, supporting small businesses, in particular, is of major importance. The Corporate Social Responsibilities (CSR) programs of a local bank will likely be focused on the needs of the community, rather than broader national causes. Therefore, supporting your local bank also translates to supporting your community.

According to the Federal Reserve Bank of New York, small businesses were also more likely to be approved for some form of a loan from community banks — 76%, compared to 58% at national banks.

Banesco’s USA CSR program is dedicated to local initiatives, giving not just money, but employees’ time, working hand in hand with the organizations they support. Some of the groups the bank currently works with are Voices for Children of Broward County, Kapow, St Jude Children Hospital and the Network for Teaching Entrepreneurship (NFTE).

In addition, Banesco has an integrated social responsibility strategy to address social, economic and environmental challenges in the area over the next five years through products and services, culture and operations. First-year efforts will focus on education and entrepreneurship. As part of this effort, the bank has partnered with Steps Up for Students, Cristo Rey Miami High School, and Junior Achievement.

Another example of how local banks work with communities is Banesco’s Corporate Work Study Program of Cristo Rey Miami High School. Through the program, students earn about half of their education, gain job experience, and realize the relevance of their education while providing real services to local businesses. Students work one day per week at Banesco to earn most of their tuition and gain valuable work experience for life after college.

Banking locally provides valuable advantages: personalized service, locally relevant products, and services, local decision making, and competitive rates. 

Now that you learned more about banking locally; join our community at Banesco USA.  You can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

Banesco USA Welcomed Future Banker’s Camp Interns

This June, Banesco USA welcomed a group of high school students participating in the Future Bankers’ Camp to intern. Miami Dade College’s (MDC) School of Business, the center for Financial Training at MDC, CareerSource of South Florida and Cuban American National Council (CNC) come together to host their 12th Annual Future Bankers’ Camp.

Future Banker’s Camp provides a hand-on experience for high school students interested in a financial services career. The program allows students to further develop their math, communication and financial literacy skills by participating in a specialized internship program. Upon successful completion of the camp, students are eligible to receive the American Bankers Association Bank Teller Certificate and can continue working on obtaining an associate degree in financial services.

With more than 31 local banks/ financial institutions participating in the Future Bank’s Camp, Banesco USA is proud to collaborate and host 4 students in this innovative educational program. “We are honored to have hosted 4 interns who had the opportunity to learn from our experienced team of bankers. Nothing makes us prouder than educating young students about a future finance career with real world examples” said our CEO, Jorge Salas.

4 Reasons to Bank with Banesco USA

Get to know South Florida’s best community bank

There is certainly no shortage of banks in South Florida from which to choose. From the national megabanks to tiny credit unions, our area features plenty of a selection when it comes to financial institutions. However, there is one community bank that has recently been standing out among its peers and consistently winning over South Florida’s choosy and diverse customers, and that bank is Banesco USA.  

To answer why, here are four reasons to bank with Banesco USA:

1. More Than Local

 Banesco USA is local in a way that is different from other community banks. Headquartered in Coral Gables, Banesco has four branches in South Florida including Doral, Hialeah, Weston, and its newest branch coming soon to Aventura. In addition, for those in the community with business ties to Puerto Rico, there is also a branch on the island. And, this is one of the key things that makes Banesco different: Banesco USA is an independent offshoot of Banesco International, a worldwide group of financial institutions with a presence in 15 countries.

Banesco USA’s international roots reflect South Florida’s own makeup, creating an institution attuned to the needs of a diverse and increasingly international community.  This is of major importance to a great many residents. That’s because for years, many of South Florida’s personal and business bank customers have struggled with local and national banks that have failed to properly understand their realities.  

Families and entrepreneurs from different countries have often found it hard to get their local bankers to appreciate that they may, for example, have incomes and assets in other markets, or skills and experience from companies and institutions that may not immediately recognize, but that are nonetheless transferable and valuable in the marketplace.  Banesco understands this customer just as much as they understand the native and long-standing resident that calls them neighbors, customers, and business partners.

2. Financial Strength

 An FDIC insured and Florida chartered bank, Banesco USA has been on a roll, experiencing solid, steady growth and projecting a very positive outlook for the future. In fact, 2018 was a record year for the bank and is also notable for a major vote of confidence given to it by its stockholders.

In fact, for the year ending December 2018, the bank recorded growth in all of the major categories that one expects from a healthy and thriving bank, increasing loan totals by 16 percent, increasing assets to the tune of 19 percent and an increasing deposits by 20 percent. Top marks for any bank and especially for a local community bank in a competitive market like South Florida.

That performance and the success of its formula for winning over customers was rewarded by stockholders in January 2019 with a capital injection of nearly $12 million dollars. What formula, you ask?

banesco bank in florida

3. Digital Convenience and Human Touch 

Let’s face it, not all banks get technology right and some even forget the importance of personal attention along the way. Not Banesco USA. The bank’s customers will tell you that Banesco USA is able to service clients with a wide range of personal and commercial needs, and strikes a great balance of digital innovation with a human touch.  This feedback is born out of countless satisfaction surveys and has the bank innovating at a rate uncommon for an organization of its size.

This is most evident in Banesco USA’s best-in-class online and mobile banking solutions, as well as in its practice of making real people readily available to customers. You see, the community bank succeeds where other banks often struggle to properly balance efficiency and real customer service. 

That’s because the bank’s approach to technology has not been about cost-cutting and pushing people to apps. Its mission has been for customers to recognize a tangible difference in Banesco USA – one that combines the personal touch of a strong local bank with the kind of convenience and time savings that today’s technologies do a great job of delivering.

4. A Great Bank for Small and Medium Businesses

Banesco USA also succeeds for local businesses where national banks often fall short, namely the SMB lending market. This is an area where the bank is particularly well-suited to compete with loans ranging from $2 million to $20 million – a sweet spot for South Florida, a market dominated by smaller businesses. 

Whether it’s businesses seeking commercial real estate mortgages, other commercial loans or SBA loans, Banesco has been proving itself as a leading and worthy contender to win their business. That’s because Banesco’s people understand the ins and out of expanding a business, the need for new equipment or simply improving cash flow, the bread and butter of banking.

There are a lot of banks in South Florida to be sure, but only one is making its mark in the way that Banesco USA is – by looking outside for innovation, but building products, services and customer experiences with our community squarely in mind.  

If you’re interested in learning more about Banesco USA and our services, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

What is FDIC Insurance and Why Does it Matter?

Understanding the history and the importance of FDIC member banks.

For decades, the gold and black FDIC logo has served as a symbol of confidence for American consumers and businesses. But what is FDIC insurance, where does it come from, what does it actually cover and is it even relevant in such relatively stable economic times?

What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) is actually an essential part of the American financial system.  It operates as an independent government agency that was created to promote public confidence in the country’s banking system. It does this by protecting depositors when an insured bank or savings association fails. It’s able to do that because FDIC insurance is backed by none other than the United States government. Today, the FDIC covers just under 4,000 institutions with assets of more than $2.8 Billion.

The Benefit of Working with an FDIC Insured Bank

– History of Confidence: This is one of the reasons why so many local and international banking customers choose the convenience and security of banking with an FDIC insured bank like Banesco USA.  FDIC member banks must meet and observe specific liquidity and reserve requirements and other oversight measures.

– Coverage is Automatic: The standard amount of FDIC coverage is $250,000 per depositor, per insured bank, for each ownership category. Ownership categories include single accounts, certain retirement accounts, joint accounts and specific types of trusts and employee benefit plans. Your total combined coverage can exceed that amount, depending on how your financial services are structured and how many banks you work with.

– Funding and Management: The type of financial product you have with a bank is also an important part of your protection. For example, FDIC Insurance covers checking and savings accounts, money market deposit accounts, and CDs, but not investment products like stocks and bonds, mutual funds, annuities, or life insurance policies.

 FDIC Insured Bank

Is FDIC Insurance Still Relevant?

If you think that bank failures are a thing of the distant past, think again. For example, according to the FDIC Failed Bank List, hundreds of banks have gone into receivership since the end of the financial crisis in 2009.

From 2016-2017 alone, 13 U.S. banks across 10 states failed and went into FDIC receivership. In each of those cases, the FDIC stepped in in a timely fashion to protect depositors.

When you work with an FDIC member bank you have the assurance that factors critical to its health such as its capitalization, the inflow, and outflow of deposits are consistently monitored and subject to rigorous standards.

A History of Confidence

Created by the Banking Act of 1933 , also known as the Glass-Steagall Act, in response to the thousands of bank failures that swept the country in the 1920s and early 1930s, the FDIC has made sure that has no depositor has lost a single dollar of insured funds due to a bank failure since its creation. It was signed into law by President Franklin Delano Roosevelt with overwhelming public support providing much-needed stability through the ups and downs of economic cycles.

Coverage is Automatic

Here’s the best part, you need only choose a bank that is FDIC insured to be covered. It’s automatic. There is no application necessary. However, not everything that looks like a bank is a bank. Take, for instance, a credit union which by definition isn’t a bank at all. Credit unions, in fact, aren’t FDIC insured, but rather are overseen and insured by a different agency of the government.

It’s also important to note that state-chartered banks have the choice of whether to join the Federal Reserve System. Non-member FDIC banks are subject to reserve requirements, which they have to maintain by placing a percentage of their deposits at a Federal Reserve Bank.

Funding and Management

The FDIC is funded by assessments on insured based on their deposits and through its own investments. It also has a reputation for acting swiftly. As the receiver of a failed bank, the FDIC acts quickly, usually paying insurance within a few days of a bank closing by supplying you with a new account at another insured bank or writing you a check for your insured balance.

The FDIC is managed by a board of directors, five in total, that are appointed by the president of the United States. They include a chairman, vice chairman, director, comptroller of the currency, and director of the Office of Thrift Supervision.

Eight decades since its creation, the FDIC continues to serve its mission of providing confidence to bank customers and the broader financial system.

If you’re interested in learning more about Banesco USA and our FDIC insured financial products, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

Poultry and Industrial Suppliers, INC and Banesco USA: Banesco Stories

Poultry and Industrial Suppliers, INC located in Pineland, Miami shares their success story and how Banesco USA has been a consistent and devoted partner through their journey.

Poultry and Industrial Suppliers, INC was founded in 1984 to serve the poultry, swine industry in Latin America and the Caribbean. They have the support of world-renowned suppliers of their quality products and services such as: Chore-Time, Brock, PORCON, Sweet Manufacturing Company, Betco and many others that over the years have formed a team providing their customers “proven quality solutions.” For example, they are the Chore-Time distributors for Mexico, Central America, the Caribbean, Colombia, Venezuela and The Guyanas.

Banesco USA and Poultry Industrial Suppliers, INC have been together since 2013 and continue to work together towards accomplishing the company’s financial goals. Poultry and Industrial Suppliers shares how their relationship with Banesco USA has been helped them over the years. “Banesco is great, first of all because of their products, which I think are unique and second because of the people there—it’s the people who make the difference.” Explained one of Poultry and Industrial Suppliers executives.

The company explains how Banesco USA has two key components that makes their long-lasting partnership proactive and efficient: innovative products and services and personalized customer service. Personalized attention is hard to find nowadays, and they appreciate Banesco USA’s commitment, mentioning how they often come to their office to meet their clients personally. “I mean, a big bank isn’t going to do that for you, Banesco does” they explained. Not only does Banesco supports their finances, they pay attention to Poultry and Industrial Supplier’s clients.

Poultry and Industrial Suppliers, INC and Banesco USA continue working towards a big future together. Today, the company is grateful for having Banesco USA as a supportive and reliable partner.

Kramerica Lender and Banesco USA: Banesco Stories

Kramerica Lender, LLC located in South Miami shares their success story and how Banesco USA has been a reliable and loyal partner in their business journey.

Kramerica Lender, LLC is an accounting and consulting practice that offers a broad range of services for business owners, executives, and independent professionals. They specialize in Quickbooks products with solutions that include local onsite assistance or nationwide support for Quickbooks Online Accounts. The practice also provides invoicing and bill payment services as well as job costing and specialized reports.

Banesco USA and Kramerica Lender, LLC have been together since 2012 and continue to work build on their successful relationship. Kramerica Lender, LLC shares why they believe Banesco USA has been a terrific supporter in their partnership. “Banesco USA offers a partnership relationship, they are more than a bank and are really focused on their clients.” “It’s relationship banking, which is a little unique these days with the presence of big banks,” remarked one of Kramerica Lender’s executives.

He explains how Banesco maintains a personal relationship with them as clients and gets involved in important decision-making processes, something he appreciates very much. A personalized approach and a reliable customer service are a few of the things that the company points to as contributors for their continuous mutual growth and success. For example, they know they can rely on Banesco USA for any upcoming challenge, change, decision or milestone to overcome or celebrate. 

Banesco USA is proud to continue working every step of the way with Kramerica Lender, LLC on their journey to continues financial success and Kramerica Lender, LLC is proud to have Banesco USA as their loyal partner.

BBM Marketing and Banesco USA: Banesco Stories

BBM Marketing, located in North Miami shares their success story and the role Banesco USA played in their journey.

BBM Marketing is a full-service, international special events agency founded in 2004 and focused on the marketing, development, planning and management of events. Known for their strategic planning and a specific focus on the development of high-end, objective-oriented, events, the firm has earned a reputation for delivering quantifiable results for their clients.

Banesco USA and BBM first began working together in 2015 and continue to build on their mutual success. Benito Besada, BBM’s President shares with us how they first came upon Banesco USA. At the time, they were contemplating switching to a smaller bank with a more personalized approach and multiple locations in other countries. “We needed a bank that could understand the Latin entrepreneur and could assist us in our day-to-day financials, future investments and lines of credit,” said Besada.

Not only did Banesco USA support their financial needs, the bank offered BBM a one-on-one customer service experience that made BBM feel like family. According to Besada, the company felt at ease and reassured that they could reach out to Banesco USA for whatever they needed, without getting stuck on a customer service line.

Banesco’s personalized service focus has been key in their great partnership and of tremendous value. Their attitude has been one of a loyal partner always looking forward to help and finding solutions, According to Besada.

Today, BBM and Banesco USA continue to work together towards growth and financial success and are grateful for their partnership.

Family budgets

Whether you’ve been recently married or divorced, are expecting a new baby, or sending the kids off to college, life is full of huge changes that require a certain level of financial planning, and having a healthy budget can help ease the stress of any major life event. We’ve put together a list of tips to help you stay focused on your family’s needs while planning for the future and enjoying the present.

1. Track your spending for a month. Gather receipts and transactional information that reflect everything you’re spending money on, especially new payments like diapers, health care, college funds, etc.

2. Determine your financial goals and desires. Will you need a bigger home? A new car? A college savings fund? Life insurance? A family vacation? Take time to discuss these goals with your family. It’s helpful to set dates and specific amounts of money for each of your goals so you can plan accordingly.

3. Write your expenses down. Choose an online software, app, spreadsheet, or paper document to create your physical budget. The idea is for your income to be higher than your expenses so you can start saving for your family’s needs.

4. Make changes where necessary. Can you spend less in any areas? Can you pay off debit and redirect some of your earnings into savings?

5. Save! Secure your savings so you can rest assured that your money is there when you need it. This should be separate from your emergency savings. Consult with a Banesco USA representative to discuss the savings options we offer, and find the plan the best suits your family’s needs right now. Contact our Client Care Center toll-free at 1-888-228-1597, Monday through Friday from 9am to 5pm, or stop in to visit us at a local branch. We’re always happy to assist you and support your family’s financial future.

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