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.
Opening a small or medium business may be one of the most exciting and scariest things you’ll ever do. It takes a village to make a new business successful, and smart entrepreneurs know they need all the support they can get. While you may use a significant amount of personal savings to get your business off the ground, or even crowdfunding and support from your family and friends, it’s extremely important to plan out your finances ahead of time.
Here we offer some tips for those of you who are considering to apply for a loan to support your new business, or the growth of your current business endeavors.
1. Before you apply for a business loan, make sure your personal credit is in good standing. Consider any debts you have and whether or not they will affect your loan payments. Will you be able to maintain a consistent payment schedule?
2. Know exactly how you’ll spend the money from the loan you’re seeking. Will the loan cover materials for your business? Is it intended for commercial real estate? Who will be in charge of managing the loan?
3. If you are a new company, you must decide how to incorporate your business and determine its legal structure as this information will be presented during your loan application.
4. Gather information regarding your current bank accounts, income earned in the last year, number of employees, cash balance, taxes, etc.
5. Ask for guidance from an accountant, financial advisor, or legal advisor to figure out your fiscal assets, decide whether to apply for a joint application with your business partner or spouse, determine your guarantee, etc.
Banesco USA offers customized loan options to support small and medium businesses. Contact us to answer your commercial loan questions and see which loans work best for you. Send an email to commercialloans@BanescoUSA.com.
Do you know a single person who is not interested in saving money? No matter how much you earn or what kind of budget you have––if you have one at all––we are willing to bet that you want to save money and be financially secure. If so many people want to save, why is it so hard to know where to begin and how to actually do it?
Only 17 states in the U.S. require high school students to take a course in personal finance, and studies show that students without a financial education are more likely to suffer financial problems in the future. To help anyone who has not studied finance or learned how to save, we’ve put together a guide to help you get started. The best thing you can do now is educate yourself to help protect your financial future! It’s never too late to learn the following tips.
This is the most helpful way to start saving money. Put together a list of how much money you earn and how much money you spend. List monthly expenses like rent or mortgage, utilities, food, entertainment, travel, and subscription services. Many people use the 50/20/30 rule: divide your money from each paycheck into 50% essential needs, 20% savings and debts, and 30% wants.
How much do you want to save? What are you saving for? Take into account any future events you should plan for, such as buying a home, paying off debt, college funds, retirement savings, or taking a vacation.
How many of your ‘wants’ are things you could easily live without? Cancel any subscription services you’re not using. Adjust your spending in areas such as dining out or shopping for new clothes if you notice high amounts of spending in those areas. How can you adjust your spending to accommodate for more saving?
Keep your savings in a secure account that offers the possibility of growth. Opening a Certificate of Deposit savings account usually gives you the highest interest rate and limits your access to funds, so the money stays put and grows over time.
Let us know what you are currently doing to save. Do you have any tips you’d like to share with the Banesco community? Comment below!
Council for Economic Education 2018 Survey of the States: Economic and Personal Finance Education in Our Nation’s Schools
We spoke with our Information Security Officer, Ronald Arias, to get his best advice on staying safe online.
Here is what he had to say:
It is important to educate and protect yourself when using Internet-connected systems and applications. The best way to avoid becoming a victim of a cyberheist is not to let your cybersecurity guard down. The surest way to do that is to enhance your security footprint for all online services. In a field where malicious tactics change on a daily basis, taking every available precaution helps!
The following are a number of measures you can take to help limit your online banking risk.
1. Ensure that PCs used for online banking activities are up-to-date with Antivirus, Malware Protection and Operating System Patches.
2. Never share passwords or passphrases. You go to lengths to secure your passwords, why would you share them? Most online banking applications allow you to create separate users with limited access features. Take advantage of this option and take control of your account access.
3. Do not bank on unknown/unsecured networks. Just because your favorite coffee shop has free Wi-Fi does not mean it’s secure. Most shops that offer free Wi-Fi as a courtesy often do not take the necessary steps to secure these networks. Hackers prey on insecure/misconfigured networks to monitor online banking activity.
4. Ensure you log out and close all sessions when you have completed your online banking activities. Most web browsers clear out private information once the window is closed, limiting the information stored on your PC.
5. Create notifications within your online banking account. If a hacker manages to access your account, these notifications will ensure you receive immediate notification, allowing you to take swift action.
6. Password protect your mobile devices. Unlike your PC or laptop, your smartphone’s mobility makes it easier to lose. Create a password, PIN, swipe function, or make use of the phone’s biometric abilities to ensure that a lost phone does not become a security risk.
7. Alter the response to your security/challenge questions. You don’t need to stick to the script. Everyone knows what your first car was, but how many know what your favorite car is? Substitute your mother’s maiden name with the nickname she used when referring to you. These subtle changes make it improbable that a hacker will bypass online banking security challenges.
Unfortunately, the world of online communication is not a particularly safe place. There are many people out there who want to take what is yours and who are willing to go to extremes to steal what you’ve worked so hard to save.
But you don’t need to fall for their traps. You can fight back and protect what is rightfully yours. By implementing security measures readily available to you, you can ensure that your online accounts are secure. Hackers prey on weakness, so enhancing your security will detract and deter their attempts, leaving them no choice but to move on.
MIAMI–Banesco USA announced today continued strong results for the nine months ending September 30, 2018, with record breaking figures of $7.5 million in net income, and an increase of 138 percent year over year. Additionally, the bank reported an increase in total assets of 21 percent to $1.25 billion, compared to $1.03 billion on September 30, 2017. During the 12-month period, total gross loans grew by $158 million, or 20 percent, and deposits grew by $126 million, or 14 percent, it reported.
Miami attorney Patricia Hernandez is the newest member of Banesco USA’s board of directors, the bank announced Monday.
“Patricia embodies the spirit of Miami and brings talent, expertise and energy to the table. We are very fortunate to have her by our side as we work to grow Banesco USA across South Florida,” said Banesco USA president and CEO Jorge Salas.
MIAMI–On Thursday, October 25th, Banesco USA announced its new corporate social responsibility platform and a donation of $20,000 to local charity, Fundación Comunitaria de Puerto Rico, during a client appreciation cocktail at the Condado Vanderbilt Hotel in San Juan, Puerto Rico, following its Board of Directors meeting. The donation will go toward offering aid to Puerto Rico during its time of reconstruction and growth following the devastation of Hurricane Maria last year.
“La institución financiera Banesco… anunció que se propone establecer una red de sucursales a nivel local y diversificar su cartera de servicios, para incursionar en el mercado hipotecario y de autos, entre otros. Así lo confirmó Maritza Abadía, gerente nacional de Banesco USA para Puerto Rico.”
We are proud to have Aventura Hospitality LLC as a client and support them in the development of the upcoming Aventura Hilton Hotel. Did you know we’ll be opening a new branch in Aventura very soon? Big things are coming so stay tuned!
MIAMI – May 14, 2018 – Fitch Ratings has affirmed Banesco USA’s long-term rating with Stable Outlook despite Venezuelan government’s 90-day intervention to Banesco Banco Universal.
“Fitch views Banesco USA structure as an independent entity with no direct linkage to the Venezuelan bank as a rating positive and that more tangible risks to the bank’s capital and equity are mitigated by ring fencing by banking regulators in the U.S”.
Banesco USA announced today strong results for its First Quarter Earnings of $1.8 million and an ROE of 7.81%; an increase of 129% compared to first quarter results of 2017. For the last 12 months, total assets grew 9% with loans growing $79 million or 11% and deposits growing $96 million or 11%.
The net interest margin also increased in the last 12 months from 3.53% to 3.83% and is one of the best in the South Florida market. Net interest income also increased in the past year and was 14% higher than first quarter results of 2017. Furthermore, Banesco USA is well capitalized with Tier 1 Capital Ratio of 11.40%.
“We are excited to see very positive results from our strategy to grow presence in the South Florida and Puerto Rico markets. Our bank’s continued growth and expansion in the U.S. market is a true evidence of the hard work of every member of Banesco USA, and a vote of confidence from our clients.” said Banesco USA’s President and CEO Jorge Salas.
Founded 12 years ago and based in Coral Gables, Banesco USA assets were $1.071 billion as of March 31, 2018.
Banesco USA is completely independent of Banesco in other countries and its deposits are insured by the FDIC.
The bank has four branches in South Florida: Coral Gables, Doral, Hialeah and Weston; and one in San Juan, Puerto Rico.
Banesco USA has a 5-star rating from the Bauer Financial rating service. Visit www.BanescoUSA.com for more information about Banesco USA.
Coral Gables, FL, April 25, 2018
Banesco USA has selected nCino, the worldwide leader in cloud banking, to provide new levels of efficiency and transparency across the commercial loan process.
The nCino Bank Operating System employs automated workflow technology to control and monitor the various steps in loan processing as well as electronic document management to reduce delays and inefficiencies associated with paper documents.
It provides for automatic application routing, built-in risk management tools and customer relationship management. Moreover, it also features a decisioning and scoring system and a document management system.
“Customers will benefit from a transparent process that results in faster and easier access to credit,” Banesco USA’s CEO, Jorge Salas said. “The cloud-based platform will give Banesco USA a 360-degree view of a client’s entire portfolio, not just individual loans. The nCino Bank Operating System combines customer relationship management, loan origination, account opening, workflow, enterprise content management, business process management and instant reporting, all of which will support our loan growth.”
“We’re glad that Banesco USA recognized nCino’s potential in helping achieve their digital transformation and growth goals,” said Josh Glover, nCino’s EVP-Americas. “Banks today are being challenged to offer digital services and an enhanced customer experience. We look forward to working with Banesco USA and empowering them with the right tools to surpass the expectations of today’s digitally savvy customers while removing internal inefficiencies in order to help grow their bottom line.”
On Wednesday, March 7, Coral Gables based Banesco USA celebrated the grand opening and ribbon cutting of its newest bank branch at 795 W 49th St. in Hialeah.
Business owners and local dignitaries, including Hialeah Mayor Carlos Hernandez, turned out for the event and joined Banesco USA board of directors, executive management and CEO Jorge Salas for the celebration.
“We are humbled by the warm welcome Banesco USA has received in Hialeah,” said Salas, adding that Banesco is also committed to the Hialeah community and will support initiatives that benefit its residents and local businesses.
The new branch will offer banking products and services, to support the financial needs of individuals and businesses.
“The residents and local businesses have shown us their support,” said Luis Gonzalez, Banesco USA’s Hialeah branch vice president. “At our branch, customers can always expect a friendly smile and somecafecito, as we help them navigate all of our financial solutions. Our mission is to create lasting relationships.”
The Hialeah branch is the first of several new branches Banesco USA will open in the South Florida market. A branch in Aventura is scheduled to open in the third quarter of 2018.
Banesco USA announced today it has received the highest rating available – 5 stars – from Bauer Financial Inc., a nationally recognized financial rating agency. Last month, the bank received another rating recognition when FitchRatings upgraded the bank’s rating to BB- from B+.
“We are gratified that Bauer’s rating reflects the improved financial performance of Banesco USA,” said Jorge Salas, Banesco USA’s president and CEO. “”The ratings given by these two important organizations manifest the commitment that everyone at Banesco USA has with the increasing number of satisfied clients”.
That commitment has led to the bank developing revamped lending and cash management products to small and medium business customers, an expanded Digital Banking platform that offers domestic customers the convenience of opening additional accounts online, and a top-to-bottom focus on customer service.
Banesco USA, which was established in 2006, has announced plans to open two new branches in Hialeah and Aventura in the coming months. As of June 30, 2017, the bank assets were $1.03 billion, including a diversified portfolio of loans, real estate construction and development, and commercial and industrial loans to local businesses.
“We are glad that Fitch recognizes the sustained improvement in the financial performance of the bank” said Jorge Salas, President and CEO of Banesco USA.
Banesco USA said it will keep expanding its branch network footprint in South Florida, with new branches opening in Hialeah later this year and in Aventura early in 2018.
The bank has revamped its Small and Medium Business value proposition including, specialized lending and cash management products, and streamlined processes. It also expanded its Digital Banking platform, offering domestic customers the convenience of opening additional accounts online.
“The whole bank, from our chairman down, has been committed to serve our increasing number of satisfied clients for over a decade”, Salas said. Banesco USA, established in 2006, operates in Miami Dade, Broward and Puerto Rico. At June 30, 2017, the bank assets were $1.02billion, including a diversified portfolio of loans; real estate construction and development, and commercial and industrial loans to local businesses.