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Tips to Protect Yourself from Common Financial Scams

Univest, as with most financial institutions, continues to see a significant increase in fraud attempts. Based on cases Univest has investigated and reports from our customers, some common scams have emerged stolen/altered checks as well as fraudulent emails, phone calls and texts. Below is important information and tips to help protect you from becoming a victim.

Mail Theft/Altered Checks:

Financial institutions in the greater Philadelphia region, and throughout the country, have seen a significant spike in checks stolen through the mail and subsequently altered and presented for payment. Often, consumers and…

Covenants Explained: What They Mean and Why Your Bank Requires Them

Required financial covenant – the term often solicits groans from business owners, financial executives, and accountants alike when talking with commercial bankers about the structure of their debt facilities. While many borrowers have financial covenants, not every banker explains why they are implemented. At Univest Bank and Trust Co., our job is to help you manage your financing and treasury needs.  We also want you to understand the reasons behind how banks structure your loans.

Why have a financial covenant?

Financial covenants are not implemented to make doing business more difficult…

The Importance of Assessing Relationships Amid Times of Financial Uncertainty

In uncertain financial times, it becomes even more important for business owners to have strong relationships with their bank, CPA and financial advisor. But I also recommend assessing and cultivating other key relationships to help you weather the storm until market conditions improve.

Internal Business Relationships
Particularly during an economic downturn, success is all about understanding what drives your business. Looking back at the Great Recession, I believe the companies that best navigated it did a good job of recognizing and retaining the people who created value for them — rather than simply implementing widespread…

Career Advice That Helped Me Succeed in Banking

Like a lot of kids born and raised in Western Pennsylvania, my dream job was to be the general manager of the Pittsburgh Steelers. When that plan didn’t come to fruition, I gave banking a try. Fortunately, I’ve found success in the banking industry and now serve as Univest’s Market President for Western Pennsylvania.

As I start this new chapter of my career leading Univest’s expansion into Western PA, I’ve taken some time to reflect on my more than 30 years of banking experience. As I did, there are some key…

Using Credit Wisely for the Holidays

As the holidays approach, tis the season for shopping! Retailers play to our emotions and take advantage of the festive spirit to encourage our spending. The pressure of the holidays has us striving to purchase the perfect gifts, prepping to host holiday guests and dressing the part for parties, but these buying impulses can get the best of us if we don’t plan ahead. To avoid draining your bank account, here are some helpful tips to navigate your finances and wisely use credit this holiday season.   

Make a list and check it twice. To…

Financing for Private Equity Funds

Private investors often work with banks, like Univest, to support their ongoing financing needs.
Typically, a middle market investment firm falls into one of three categories: private equity,
family office or independent sponsor. Univest has a long track record of working with all of these
groups in a number of capacities including purchase transactions, ongoing financing needs, and
treasury management. For the purposes of this article, we will focus on the various types of
financing provided to a traditional, committed private equity (PE) fund.

Financing acquisitions of portfolio companies
Often when acquiring a portfolio company, the PE fund will look…

Savings Tips for Recent Graduates

It is that time of year again, when many young adults are graduating from college and facing decisions concerning money and finances. How much will I earn? How much student loan debt did I incur? Should I rent or buy a home? Or should I live at home? There is a surplus of questions, but often a shortage of thought given to savings. The expectation of most graduates is to secure a job that will provide an income that can meet all their wants and needs. But that often isn’t the case right out of school.

Seven Steps to Prevent Identity Theft

One of the most important things to protect is your personally identifiable information. Here are a few tips to help ensure that you are remaining vigilant and protecting yourself.

Use complex passwords – Avoid passwords containing personally identifiable information or simple words that can be easily replicated by fraudsters. Instead, utilize complex passwords or phrases that include letters, numbers and symbols. In addition, utilize a different complex password for each account to improve your protection and minimize the ability to compromise multiple accounts.
• Utilize payment methods that are protected…

Tips to Help Seniors Protect Their Finances

Fraud attempts targeting senior citizens are on the rise. Beyond protecting their physical wellbeing, older Americans need to stay financially secure. Here are some things to consider:

  • Understand and know common fraud scams – We’re seeing a higher number of fraudulent scams a lot of which have been aimed at seniors. Take a moment to familiarize yourself with some of the most prevalent scams. Scammers may:
    • Pretend to be an organization asking for a donation or money.
    • Call to say you have won a prize and they need your bank account information to give you your…

Four Reasons You Should Use Digital Banking

Prior to the coronavirus pandemic, digital banking both online and via mobile app was a popular way to bank. Today, conducting your banking remotely without having to visit a physical location has become essential. Here are the top four reasons to use mobile banking:

Convenience: Account access is 24/7. You can check on the balances in your accounts, deposit checks, make payments, transfer funds, and track your spending. There are also tools to locate ATM and bank locations. More importantly, you can conduct your banking on your schedule and from the comfort of wherever you like.

Security: Mobile banking allows…

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