Christmas Club accounts (or Holiday Club accounts) are short-term savings accounts offered by financial institutions to help consumers set aside money for holiday expenditures. These accounts take a designated amount from each paycheck throughout the year and set it aside in the holiday account. This amount could be as small as 5 or 10 dollars per paycheck.
Have you heard the buzz about how your Netflix bill can help boost you credit score? Experian Boost is a free service that first launched in early 2019 and is helping those who are looking to increase their credit scores. Unlike Credit Management Services or other “quick” methods of credit building, Experian is a trusted and established company in the credit score world and this free service will boost FICO scores instantly.
Teslar Software, a provider of automated workflow and portfolio management tools designed to help community financial institutions thrive, today shined a light on predictions and opportunities for community bankers to develop their business relationships in 2021.
The modern community banker is caught in the crossfires of remaining traditional and being expected to adapt to accommodate a new generation of customers. Let’s face it—community bankers are expected to be all things to all people. Many community banks are juggling trying to serve rural customers with no internet access or even an email address, while simultaneously meeting the digital needs of younger and more fast-paced lifestyles.
So far this year has been, quite literally, unbelievable here at Teslar Software. So many great things have been happening and we’re excited to share just a few of those things with you today as we say goodbye to this third quarter of 2020.
50 New Banks Leverage Teslar Software for PPP Forgiveness and Lending Initiatives
Fintech helps community banks support their local businesses in time of need
While the number still remains small, the amount of Paycheck Protection Program (PPP) fraud cases continues to rise.
PPP loans have provided a much-needed lifeline to many small businesses, non-profits, and sole proprietors during the Coronavirus pandemic, however the rushed creation of this program is starting to show its negative side effects. Just this week, we’ve seen two new arrests in relation to PPP fraud.
The coverage of the Paycheck Protection Program and PPP forgiveness has been so vast that many of the additional loans, grants, and other aid given since Coronavirus shutdowns began in March have been brushed to the side. With such a focus on the forgiveness of PPP loans, many loan recipients who received additional government aid may be in for a shock when they determine their forgiveness amount.
You may have already heard about our PPP Forgiveness solution, Teslar PPP Forgiveness, but did you know we are integrated with SBA’s API? The direct API connection allows the lender to submit the application form with supporting documents to the SBA for approval easily through Teslar, saving you from having to use 10+ documents, answer questions and submit for each loan on your own to the SBA.
Teslar Software will be hosting an ICBA webinar in September! Join David Hamrick, Account Executive at Teslar, to see why bankers choose Teslar Software and how we can empower community bankers.