The convenience of a global card, with local service
With the Bank of American Fork VISA® Business Rewards credit card, you’ll have the convenience of a global card, with local service. Most businesses today use a credit card for business expenses. Use this card with a low, fixed rate, a no-fee rewards program and no annual fee. Points for business purchases add up quickly and can be redeemed for brand-name merchandise and travel.
• One reward point for every two dollars spent
• Reward points can be redeemed for merchandise and/or travel
• No specific airline you have to use for reward travel
• No blackout dates on reward travel
• No cap on annual rewards earned
• No fee for rewards
Other perks include free concierge service, up to $1 million automatic travel accident insurance and fraud monitoring.
Our VISA® Business Rewards credit card is also ideal for international travel. You’ll save money with better currency exchange rates and can use the card anywhere in the world VISA® is accepted.
If you are disciplined about paying off the balance in full each month, credit cards can be a good resource. You can make online purchases, you might get cash back or other rewards, credit cards can help you build your credit and they can be life-savers in an emergency. With a credit card, you have until your monthly payment due date before remitting payment, allowing you more time to review your online transactions for suspicious activity—when you use a debit card, funds are immediately deducted from your account.
Talk to your banker, visit www.bankaf.com or call 800-815-BANK to learn more or apply.
VISA® and the name Visa are federally registered Trademarks of Visa.
Guest post by Richard Swart
The Goldman Sachs 10,000 Small Businesses Program at Salt Lake Community College is probably the single most impactful program for small business owners in Utah—and one that most small business owners don’t know about. All banks have an obligation to give back to their communities as part of the Community Reinvestment Act. Goldman Sachs has taken an innovative approach. After spending more than a year doing research on the U.S. economy and small businesses, they realized the best way to jump start the economy is to equip small business owners to grow their businesses.
The Goldman Sachs foundation has committed $500,000,000 (no, that is not a typo) to training 10,000 small business owners in the United States to grow and scale their existing businesses. Utah is one of 11 sites in the United States, and it should not come as a surprise that the first cohort of Utah small business owners to graduate from the program set national records for job creation and revenue growth.
This first class of 33 small business owners completed the program in May of 2013. They have so far hired at least 74 full-time employees—and they have increased their sales by tens of millions of dollars. How does Goldman Sachs 10,000 Small Businesses program pull this off? The program is an intense mentoring and education program, but unlike an MBA program or college class, participants work on their own businesses—studying them and making changes to improve their business. Several businesses are posed for major growth and expansion.
The program is competitive. Small business owners have to apply at slcc10ksb.com and it requires that participants be committed to growing their businesses and be able to step away from running their businesses every Friday for about 20 weeks to work on learning to grow. Instructors come from the community. Instead of college faculty, they are highly regarded experts from Utah with an average of more than 20 years’ experience. You will learn from the best and you will learn what works in this market.
Is there a secret to the success of this program in Utah? One explanation may be that the program has had 44 percent women-owned businesses. Nationally, women-owned businesses represent less than 20 percent of scholars in the Goldman Sachs 10,000 Small Business Program. While there are many reasons why Utah is leading the nation in outcomes, it is clear that these women business owners bring different ideas, experience and a drive to the program that are part of the secret of its success. The dynamics of the cohorts is amazing and these business owners are doing amazing things.
If you have been in business two years, have at least four employees, and revenues of at least $150,000 a year, you should consider applying. Goldman Sachs 10,000 Small Businesses Program is fully supported by the foundation. There is no catch—you don’t owe the program anything but your willingness to work hard and grow your business to improve our economy.
Richard Swart is a leader in Utah’s Entrepreneur Community, founder of the Entrepreneurs Circle, and a recognized world-wide authority in crowd funding. He has taught at Utah State University, the University of Utah and is now directing a research program at University of California, Berkeley. He is a consultant for the Goldman Sachs 10,000 Small Businesses Program in Utah.
CEObuilder and Bank of American Fork invite you to join us on Wednesday, October 16, 2013 for a forum and presentation by Mark H. Hansen, assistant professor of organizational leadership and strategy, department of organizational leadership and strategy, BYU Marriott School. Hansen’s presentation will focus on strategic thinking and leadership. You can also join the conversation on Twitter at #ceobuilder or LinkedIn.
At this forum, we will study the strategic thinking of the Allied Supreme Commander and some of his key generals during the Battle of the Bulge, officially known as the German Ardennes Offensive. We will also briefly examine the strategic thinking of the German High Command.
The Battle of the Bulge is considered to be a decisive turning point in World War II. After the Battle of the Bulge there was little, if any, question as to the ultimate outcome of the war. The Germans had engaged in an absolute, last-hope gamble. In hindsight, it seems easy to see that the gamble was ill-advised. However, if a few things had gone differently, the gamble may have paid off for the Germans.
Our study of these generals at the Battle of the Bulge will focus on the initial reaction of the Allied generals, the formulation of the Allied response, and the execution of that response. General Eisenhower’s decision making and strategy execution will be the main focus of our discussion. His decision making was swift at times and slow and deliberate at others. He seems to have had keen insight into how to balance decisiveness and deliberateness.
Another main point of the day will be Eisenhower’s decision to transfer the command of two armies from General Bradley, a friend of many years, to Field Marshall Montgomery, the British commander. This decision speaks volumes about placing the good of the organization ahead of friendships.
We will watch several video clips from documentaries and the Band of Brothers miniseries. We will then discuss the principles of leadership and strategy evident in these clips. The main learning points from our morning together will include:
1. Recognizing threat and opportunity, sometimes even recognizing the opportunity in the threat
2. Great strategy depends on accurate information
3. Recognizing the time to be deliberate and the time to be decisive
4. The importance of being specific in communicating strategy
5. Managing the interests of the organization and friendships
Please read the entire packet titled The Battle of the Ardennes: Analysis of Strategic Leadership and Decisions (participants who RSVP by October 11 will receive it in the mail). This packet is about 65 pages, double-spaced so it’s not really very long. From the book titled Generals of the Ardennes, please read the following passages: 47-82, 119-136, 182-205, 345-350 (not required, but can be ordered on Amazon).
We will focus primarily on Eisenhower and Bradley. Pages 182-205 are focused on Patton (there are really only about four pages of text here, the rest are pictures). Pay attention to what the authors have to say about Field Marshall Montgomery. You can go to books.google.com and look up The Longest Winter by Alex Kershaw. You can scroll down and read from the bottom of page 172 to 174 about the friction between Montgomery and Eisenhower. This is clearly an American point of view, but it adds an important dimension to Eisenhower’s decision to turn over command of the northern forces to Montgomery.
This forum will be held at Bank of American Fork, Riverton Branch Conference Room, 2691 West 12600 South, from 8:30 a.m. to 4:30 p.m. on Wednesday, October 16. Please RSVP by Monday, October 14 by contacting Heidi at Heidi.firstname.lastname@example.org or 801-642-3139.
We launched a new mobile banking application for iPad, making it easier for customers to bank on the go. Bank of American Fork mobile banking is now available through apps on iPad, iPhone® and Android™, or smartphone and tablet users can visit mobile.bankaf.com on their mobile device.
“We’re excited to be able to extend our mobile banking footprint to accommodate our iPad users,” said Josh Everton, eSolutions manager. “Our online customer base is more mobile than ever and they really like using the mobile handheld device apps, especially to be able to deposit checks. Our tablet users have anxiously awaited the launch or our native iPad offering and we are glad to provide another option to make their banking experience as easy as possible.”
Some of the expanded features unique to the app for the iPad include:
• Online consumer check and savings account applications
• Live customer service chat
• 30 days of transaction history
• 18 months of archived eStatements
• Advanced location and contact tools
Mobile banking with Bank of American Fork is safe and allows customers to bank on-the-go. All of the mobile apps allow customers to do the following:
• Deposit checks†
• Check account balances
• View account history
• Pay bills‡
• Transfer funds
• Find Bank of American Fork branch contact information and locations
To ensure safety, we recommend that customers only download our native mobile apps from the following sources: download our iPhone app or iPad app from the iTunes Store® or App StoreSM and the Android app from the Android Market™. Customers can also visit the mobile site from their devices at mobile.bankaf.com without installing a mobile app.
For questions about mobile banking call 800-815-BANK or use the “Live Chat” feature on the bank’s website at www.bankaf.com.
Although mobile banking is provided by Bank of American Fork free of charge, you may be charged access rates depending on your mobile carrier. Web access is needed to use mobile banking. Check with your service provider for details on specific fees and charges.
† Enrollment in Mobile ExpressDeposit is available in mobile banking and includes meeting eligibility requirements. For consumer accounts there is a $0.50 service fee per deposit on the first 20 deposits processed in the calendar month and a $1.00 service fee per deposit on each deposit over 20. For business accounts there is a $0.50 fee per deposit on the first 60 deposits processed in the calendar month and a $1.00 fee per deposit on each deposit over 60. For full details, please visit the Mobile ExpressDeposit product page.
‡ Online customers must first enroll in PowerPay™ and establish payees in online banking prior to using this function in mobile banking.
iPhone, iPod Touch, iPad and iTunes are registered trademarks of Apple Inc. App Store is a service mark and iTunes store is a registered service mark of Apple Inc. Android and Android Market are trademarks of Google Inc. PowerPay is a trademark of Jack Henry & Associates, Inc.
CEObuilder and Bank of American Fork invite you to join us on Wednesday, September 18, 2013 for a forum and presentation by Tim Schaeffer, vice president of strategic development for Listen Technologies Corporation. Schaeffer’s presentation will focus on best practices for sales management. You can also join the conversation on Twitter at #ceobuilder or LinkedIn.
Some people feel like “sales” is a dirty word. “Salesperson” brings up visions of used-car salesmen. Tim Schaeffer will explain how to overcome this perception and what it means to be a professional salesperson. He will help to demystify the sales process and explain the seven steps to a guaranteed close.
We will also discuss best practices for sales management and sales reporting, including the benefits (and pitfalls) of CRM tools.
This forum will be held at Bank of American Fork, Riverton Branch Conference Room, 2691 West 12600 South, from 8:30 a.m. to 4:30 p.m. on Wednesday, September 18. Please RSVP by Monday, September 16 by contacting Heidi at Heidi.email@example.com or 801-642-3139.
Guest post by John H. Rees, Attorney, Callister Nebeker & McCullough
Facebook™’s terms of service give Facebook the unlimited right to use any photos, videos, and other intellectual property content posted on the site. Facebook acknowledges that ownership of the content is retained by the user, but the ownership rights are subject to the license granted by the user to Facebook. Twitter™ similarly acknowledges that ownership of content remains with the user, but also claims an unlimited license to use the content.
It’s quite tempting to use content posted by friends and others on social media sites. Whether the use is personal or commercial, or for public or private use, some content is simply very good, and users may want to use the content for a variety of purposes. The rights granted to Facebook, Twitter, and other social media sites are very broad, and sharing takes place freely, but the sharing rights are not unlimited.
In a case decided earlier this year in the United States District Court of the Southern District of New York, the court decided what rights third parties had to photos posted on Twitter. Daniel Morel, a photojournalist, was in Haiti at the time of the devastating earthquake in January 2010. He took several photographs of the scene after the earthquake, and posted them on Twitter through his TwitPic account. Shortly after Morel posted his photos on Twitter, they were reposted to the account of Lisandro Suero. Through a series of events, some of the photos were downloaded by Agence France Presse (“AFP”), a French news agency that maintains an online photo database, and some of the photos were licensed by AFP to Getty Images through a reciprocal license agreement to display images.
AFP brought the action against Morel seeking a declaration that its acts did not constitute copyright infringement. Morel filed a counterclaim against AFP, Getty Images, and the Washington Post seeking a determination that they each willfully infringed his copyright in the photos.
One of the arguments made by AFP was that it was not liable for copyright infringement, because Morel granted it a license to use the photos by posting the photos on Twitter. AFP acknowledged that the act of posting photos online did not eliminate Morel’s copyright in the photos, but argued that it had a license to use the photos through the Twitter terms of service. Alternatively, AFP argued it was a third-party beneficiary of the Twitter terms of service. The court was not persuaded by either of these arguments.
The court acknowledged that Twitter encouraged and permitted broad reuse of content, but also found that Twitter did not grant an express license to AFP to use the photos for purposes other than reposting. The Twitter terms of service provide that the user, by posting content, grants to Twitter a worldwide, non-exclusive, royalty-free license to use content in any and all media or distribution methods. The terms of service further provide that Twitter may make content available to other companies, organizations, or individuals who partner with Twitter. But the court found that the terms of service did not give AFP the rights of use it claimed in the litigation.
Photos and other content on social media sites generally may be reposted. The current Twitter terms of service provide that “this license is you authorizing us to make your Tweets available to the rest of the world and to let others do the same.” Facebook’s terms of service are similar. However, the rights granted are not unlimited, and specifically do not include the right to download and license photos posted on Twitter or Facebook to third parties.
There are two potential ways to have permission to repost or otherwise use a photo or other content posted on a social media site. One is to contact the owner of the copyright and obtain permission directly from the owner. The second way is to fall within the terms of the terms of service of the social media site. Before relying on the site’s terms of service, however, it should be clear that the use falls within the scope of the license granted in the terms of service, and that the person using the content is an intended licensee or beneficiary under the terms of service.
As Agence France Presse learned the hard way, using without permission another’s content posted on a social media site is still copyright infringement.
This article was first published at Consider The Law (and don’t worry, we have permission from the author to publish this content).
John Rees is a business lawyer with the law firm of Callister Nebeker & McCullough who helps clients find solutions to their business legal needs, particularly in a complex legal and business environment. He focuses on corporate and intellectual property issues, particularly relating to licensing and doing business on the internet.
Facebook is a trademark of Facebook Inc. Twitter is a trademark of Twitter Inc.
We’re celebrating one hundred years of serving Utah communities with free cookie Fridays. Each month one of our 13 branches will be spotlighted—for that month, the spotlighted branch will have free cookies in their lobby. You can read a little bit about the history of Bank of American Fork below, with a history of the spotlighted branch. For a deeper history and to view photos visit here and select “downloads”.
Bank of American Fork was established in 1913 as The People’s State Bank of American Fork. The first two decades after opening brought success for the bank and its reputation for being safe and sound was solidified. Challenges came in 1932, when the People’s State Bank of American Fork closed its doors to prevent a run on deposits. While a third of the nation’s banks did the same and never reopened, the People’s State Bank was open for business nine months later after tremendous sacrifice on the part of its management. The 1940s and ‘50s were better years for banking, and the People’s State Bank of American Fork thrived. In the 1960s the name was shortened to Bank of American Fork and proved itself a technological leader when it made a large investment in upgrading to advanced computerized systems. In the ‘80s and ‘90s, Bank of American Fork began to receive national recognition for being safe and strong. It was during this time that the bank began strategic expansion across Utah, finding communities where Bank of American Fork fit and filled needs. Today, we are proud to be a part of 13 communities, and Utah’s community bank leader.
Sandy Branch October 1, 2001 For its ninth branch, Bank of American Fork departed from its usual process when it purchased a building and a portion of a portfolio from Morgan Stanley Dean Witter Bank, Sandy. The board and management had been weighing the option of purchasing a branch versus starting from scratch. Morgan Stanley Dean Witter announced its building, loans and accounts were up for sale and the Bank of American Fork purchased a part of this, continuing its foray into Salt Lake County.
Don’t forget to stop by the Sandy branch on Fridays this month and grab a cookie! For the full parade and community appreciation day schedule, see here!
CEObuilder and Bank of American Fork invite you to join us on Friday, September 6, 2013 from 9:00 a.m. -4:00 p.m. for a presentation by Dr. Michael Kane, General Manager for Zion Ponderosa Ranch Resort. His presentation will focus on Manly’s experiences that are a model of curiosity, tenacity, integrity and compassion—valuable leadership lessons for anyone facing the challenges of life and business. You can also join the conversation on Twitter at #ceobuilder or LinkedIn.
Within the western migration of a newly forming America, thousands of men, women, and children bravely sacrificed all in the hopes of reaching the new lands of freedom and opportunity. During the mid-1800s, a young 29-year-old ’49er, William Lewis Manly, was en route to the goldfields of California.
Traveling across the open lands known as the Utah Territory in 1850, William came to a crossroads of land, water and life. Following the emigrant trail to the banks of the Green River, Manly and six other men decided to risk all and venture down the Green River in the hope of reaching California by way of the uncharted river.
The significance of the decision to float a river rather than traveling on the established emigrant trail created a new chapter in American western history. Twenty years later, in 1869, and with the financial support of the U.S. government, Major John Wesley Powell’s expedition followed much of Manly’s route down the Green River. For his journey, Powell received considerable notoriety and acclaim for hardships endured and environments assessed. Manly’s expedition, however, went largely unnoticed. Even so, it was—in fact—the first expedition by an American within these remote regions of the Green River.
In 1894, Manly published the book, Death Valley in ’49, recording the events of his journey from memory. Michael Kane’s research as an historian and outdoorsman was dedicated to documenting Manly’s expedition, while understanding his thoughts, relationships with others, and the environment he encountered. He did this through comprehensive research of Manly’s writings and the journals and historical accounts of his contemporaries, as well as following Manly’s stated path down the Green River and over the Utah deserts. This made it possible for Michael to corroborate the landmarks Manly described—and thereby validate his record.
Michael’s expedition embarked on August 13, 2006, floating a distance of 430 miles on the Green River in wooden canoes similar to the watercrafts that Manly constructed and described. This was followed by walking 175 miles to Hobble Creek/Fort Utah, in the same months of the calendar season. Michael’s on-site research has been augmented by over seven years of detailed analysis, and provided the opportunity to identify all aspects of the 1849 Manly expedition. Retracing Manly’s expedition first hand, created a window of opportunity to look into the past—and with accepted scientific methods—gives an accurate appreciation of the man’s accomplishments, failures, and convictions.
While Michael’s research serves to verify the adventure of this intrepid explorer, perhaps the greatest benefit of his academic efforts have been to learn about the character of William Lewis Manly. Manly’s experiences serve as a model of curiosity, tenacity, integrity and compassion—valuable leadership lessons for anyone facing the challenges of life and business. Samuel Taylor Coleridge wrote: “If men could learn from history, what lessons it might teach us!”
This event will be held at Bank of American Fork Financial Center Conference Room, 6 West Main Street, American Fork. Please RSVP by emailing firstname.lastname@example.org or by calling 801-642-3139.
Guest post by Lane Wilson, senior vice president and chief sales officer
Just as a personal credit score helps or hinders a consumer’s ability to obtain credit, businesses also have credit scores that play a key role in securing financing. Do you know what your business’s credit score is? If you will need a loan within the next few years, it would be wise to find out.
Scores are given by business credit bureaus, which include Dun & Bradstreet, Business Credit USA, Experian Business and Equifax Business. Business credit scores range from 0-100 with 75 or higher considered an excellent rating. Scores are based on many factors, including whether or not bills are paid on time, the amount of available credit on bank lines of credit and credit cards, the length of time you’ve had a credit profile and the number of inquiries made on your credit profile.
Whether you’re a new business that hasn’t had time to build up an adequate credit score or your business has run into a streak of financial bad luck, here are some ways to improve your credit score so your business will be a qualified candidate come loan approval time.
Analyze current credit reports. Request your business’s credit reports from the various credit bureaus and pay attention to items that are poorly rated. Negative items may be due to mistakes, fraud, identity theft or outdated information. Work with credit bureaus to correct false information. If the negatives are accurate, be aware that they can stay on your credit report for up to seven years.
Separate your business and personal scores. Sole proprietors or those in a partnership may have their personal credit information on their business credit report, and vice versa. Forming a corporation or LLC allows business and personal profiles to remain separate. If doing so doesn’t make sense for you, be sure to improve your personal credit score if necessary.
Pay off credit card balances. Experian states that decreasing the balance on your business credit cards can have an immediate impact on your business’s credit rating. If you must keep a balance, make sure it is less than 30 percent of your credit limit.
Request credit-lending companies to report. Credit bureaus create business credit reports with information provided by creditors. The problem is that creditors are not required to send in such information. When a lender extends credit to your business, ask that they report your payment history to credit bureaus. The more vendors that report a positive credit history to the agencies, the higher your business credit rating will be.
Add credit references. If your business doesn’t already have a profile with a business credit bureau, set one up (there will be a fee). You can then add credit references, such as suppliers you’ve worked with, to support your business’s credit profile.
Increase capital and assets. Credit is determined using a complex algorithm, a key part of which is how much worth your business has compared to its debt. By building up your assets and capital, you weight the ratio in your favor.
Build credit before you need it. Begin building a business credit history by getting and using a business credit card. (Do not open too many credit cards, however, as this can decrease your score.) Once you’ve established a payment history, request an increase on your credit limit, even if you don’t need it. Once a higher limit is granted, don’t utilize it. Instead, keep a healthy credit-to-debt ratio that doesn’t push your balance too close to your credit limit.
Build relationships with your lenders. Get to know the employees—particularly the loan officers and managers—at your bank. Community banks are an especially good place to get to know your banker, as their lenders often have a say in loan decisions made by local approval boards.
Pay to play. Some of the credit bureaus offer credit score improvement tools for a fee. You’ll need to evaluate them carefully to see if the cost results in significant benefits.
For more information about how you can prepare or to talk to a business banker, call 800-815-BANK.
This article was first published in The Enterprise.
Lane Wilson, senior vice president and chief sales officer for Bank of American Fork, takes the lead in developing the unique, service-oriented sales culture at Bank of American Fork. Wilson began in the banking industry in 1977, with the last 21 years at Bank of American Fork. He has worked in residential construction lending, mortgage lending and commercial lending and served on the bank’s loan committee. He lives in American Fork where he coached little league baseball for 20 years, has participated in city committees and is involved in religious capacities.
The Goldman Sachs 10,000 Small Businesses program at Salt Lake Community College is a practical business management education program to help business owners develop skills to grow small businesses in the U.S.—and business owners in Utah have a chance to participate. This $500 million national program was designed to help small businesses create jobs and economic growth by providing you with a practical business education, access to capital and business support services.
If you’re interested in this program, an introduction seminar will be held on September 12 from 11:30 a.m. – 1:00 p.m. The presentation will be held at the Bank of American Fork Riverton Branch, 2691 West 12600 South, Riverton, 84065. At this presentation, you’ll learn more about the program, like how to apply and what this education could mean for your business. To RSVP for the introduction seminar, call 801-642-3139 or email Heidi.email@example.com.
Applications are being accepted now through October 4, 2013, for the next 22-week program, beginning January 2014. If you are selected to participate you will also receive a series of one-on-one business advising sessions from dedicated professionals to help develop a tailored growth plan.
To apply now or learn more about the program, visit the Goldman Sachs 10,000 Small Businesses website.
You can also check out some videos that show how others have made practical application of the education they received in this program.