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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…


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…


Revamp Your Broken Financial New Year Resolution

It’s no secret that many well-intended New Year’s resolutions fail after a few weeks of diligence. People often resolve to improve their finances at the start of the New Year and set lofty goals. However, it can be hard to stay inspired to stick with your changes when significant progress isn’t made. While not seeing an instant benefit as you tackle long-term goals is common, research shows that having an immediate reward can actually help to reach those goals.

If you’ve already broken your financial New Year’s resolution, you can get back on track. There’s still plenty of time…


Don’t Let a Holiday Debt Hangover Linger for Months

Guest Blogger: Cait Klein, NerdWalletSmall-arrow-for-disclosure

If you got carried away this year with the holiday spending, you likely are in the throes of a financial hangover. This nasty ailment can cause headaches and last for months, if not longer. But there is a cure. Here are five steps to get over it:

1.  Take a look in the mirror: The first step is facing the facts—you can’t simply look the other way when it comes to holiday debt


Build a $1,000 Emergency Fund

Guest Blogger: Katie Bryan, America SavesSmall-arrow-for-disclosure

Do you have $1,000 set aside for emergencies? If you already do, you could probably use another $1,000 in that account. Experts recommend keeping at least three months expenses in a reliable, liquid account – but even an extra $1,000 can be a life-saver. However, finding $1,000 to save isn’t always easy. That’s why we’ve put together this 4-step plan on how to save $1,000 in 10 months.

Find a Safe Place to Save Your Money – You will…


Helping Your Kids Budget

Guest Blogger: Roberta Pescow, NerdWallet Small-arrow-for-disclosure

Summertime provides a nice break for children as they enjoy time off from school just being kids. However, all that free time focused on fun can lead to impulse spending if the youngsters haven’t been taught good money sense.  Here are a few ways to give your future heirs some budgeting chops this summer:

Allowances

Young children can truly benefit from a weekly allowance and the power to make their own financial decisions. Sit down with your child and encourage them to identify ways to earn…


Start Saving NOW for Your Summer Vacation

Guest Blogger: Cait Klein, NerdWalletSmall-arrow-for-disclosure

It’s always summer somewhere in the world, so don’t wait to start putting aside cash to finance your next warm-weather trip. Here are five ways to ensure your finances are healthy enough to handle a vacation.

Budget. Planning the perfect vacation is fun, but thinking about the financial side of things can be a drag, especially if you haven’t saved enough. Whether you’re venturing overseas or just enjoying a simpler “staycation” adventure, a budget is necessary to stay on the path to a specific goal. Online…

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