Business First Online
News From
2nd Quarter 2020
PLANTERS FIRST BANK
NEW SOLUTIONS CENTER
Planters First Bank officially launched a Solution Center (AKA Call Center) on June 1, 2020. The Solution Center was created to assist both personal and business customers with their banking needs via the telephone. The solution center is staffed with friendly, local bankers who are ready to assist. 

Team members can assist our business customers with the following types of questions:
  • General questions about your account(s) 
  • Online Banking questions and requests
  • Mobile Deposit Exceptions 
  • Check orders And Much More 

You can reach our Solution Center through our new toll-free number,
 833.PFB.TEL1 (833.732.8351) 
Dan Duchnowski
Chief Deposit Officer &
Chief Marketing Officer 

1400 Sam Nunn Blvd, Perry, GA 31069
478.971.8031
ANNOUNCEMENT

We are excited to announce that Dan (Dutch) Duchnowski joined the Planters First Bank team as Chief Deposit Officer/Chief Marketing Officer in February 2020. 

“Dutch” has extensive knowledge in Digital/Online banking, Treasury/Cash Management, Digital marketing, Customer Relationship Management (CRM) systems, Customer Service Call Center operations, Deposit operations, and overall customer sales and service. 

Dan will work with Tracy NeSmith to assist our business customers with Treasury services. 
NEW TREASURY AGREEMENTS
At Planters First Bank, Customer security is always top of mind and because of this we’re constantly evaluating enhancements. Because of this constant commitment to our customers we occasionally need to update our cash management agreements, but we want to make this process as simply as possible. To simplify the process, we will begin using a program called ProSign. This solution offers a secure and convenient way to sign your documents electronically while being able to download/print the document when the process is completed. 

You will get an email from noreply@prosignonline.com  telling you that Planters First Bank has sent documents for you to review and to click on a link to access the documents. 

If you need assistance please contact Tracy NeSmith at 478-892-4024 or you can email tnesmith@bankpfb.com and request a call. (Please include the best time to call back) 
REMINDER FOR ACH ORIGINATORS:
NEW RETURN REASON CODE
R11 NOW IN PLACE 

The National ACH Association (NACHA) passed a rule change that became effective April 1, 2020. The rule re-purposed an existing, reason code (R11) that will now be used when a receiving customer claims that there was an error with an otherwise authorized payment. 

Currently, return reason code R10 – Customer Advisors Unauthorized Improper, Ineligible, or Part of an Incomplete Transaction is used a catch-all for various types of underlying unauthorized return reasons, including some for which a valid authorization exists, such as a debit on the wrong date or for the wrong amount. In these types of cases, a return of the debit still should be made, but the Originator and its customer (the Receiver) might both benefit from a correction of the error rather than the termination of the origination authorization. 

The use of a specific return reason code (R11) enables a return that conveys this new meaning of “error” rather than “no authorization.” This differentiation will give ODFIs and their Originators clearer and better information when a customer claims that an error occurred with an authorized payment, as opposed to when a customer claims there was no authorization for a payment. ACH Originators will be able to react differently to claims of errors, and potentially could avoid taking more significant action with respect to such claims. 

It is important that ACH Originators train their staff on understanding the meaning of this return reason code and understand appropriate actions to take when receiving this return code from our financial institution. 

Return Reason Code R10 will be defined as “Customer Advises Originator is Not Known to Receiver and/or Originator is Not Authorized by Receiver to Debit Receiver’s Account”. 

Return Reason Code R11 is now defined as Customer Advises Entry Not in Accordance with the Terms of the Authorization.” It will be used by the RDFI to return an entry for which the Originator and Receiver have a relationship, and an authorization to debit exists, but there is an error or defect in the terms of the authorization.
NACHA RULE ON DATA SECURITY DELAYED
NACHA has extended the effective dates for the Data Security Rule. This rule has been extended by one-year. In November 2018, the NACHA membership approved rule changes related to the quality of the ACH network and risk management. As part of these rules is a supplement on data security. ACH Originators and third parties will be required to further protect account information when stored.

In response to requests from some covered parties for additional time to come into compliance with the Rule requirements, NACHA is extending each of the two effective dates by one year:
  • Phase 1 of the Rule, which applies to ACH Originators and Third Parties with more than 6 million ACH payments annually, is now effective on June 30, 2021. 
  • Phase 2 of the Rule, which applies to ACH Originators and Third Parties with more than 2 million ACH payments annually, is now effective on June 30, 2022. 

BUSINESS EMAIL COMPROMISE (BEC) IS STILL AT THE HEART OF FRAUD AGAINST BUSINESSES  

Business Email Compromise was where “the majority of payments fraud attempts/attacks” originated last year, a new report found. Below you will find important information regarding BEC according to the 2020 AFP Report and what you can do to prevent this type of crime against your business. 

  • More than 60% of treasury and financial professionals surveyed for the “2020 Payments Fraud and Control Survey Report” said BEC was the source. 
  • The report, released April 7 by the Association for Financial Professionals, also found that while three-quarters of companies were impacted by BEC, that is down from the record 80% in 2018, and the lowest level since 2016. Still, AFP cautioned against letting your guard down. 
  • “Even though this is less than the last two years, it is still an elevated percentage,” the report noted. 
  • And while eight-in-10 companies say they are educating staff about BEC, the report said fraudsters “have become more sophisticated in their techniques,” including making emails look authentic. 
  • “Respondents indicate that their organizations are often victims of emails from fraudsters pretending to be senior executives directing employees to transfer funds into fraudsters’ accounts,” the report said. In fact, 17% of those surveyed said this sort of attempt happens between 26 and 100 times a year. 
  • But the report also found that only 38% of firms suffered a financial loss from BEC, the lowest figure since AFP began keeping track in 2015. 
  • Overall, 63% of companies reported zero dollars lost because of fraud. Another 17% lost less than $25,000. 

“However,” the report added, “loss of confidential and personnel information, while not a direct impact on the bottom-line, requires extensive efforts to resolve.” 
FRAUD TIPS 

Employees should be educated about and alerted to this scheme. Training should include preventative strategies and reactive measures in case they are victimized. Among other steps, employees should be told to:
  • Have additional controls/procedures in place during a contingency such as
  • COVID-19 when fraud attacks increase. 
  • Use secondary channels or two-factor authentication to verify requests for changes in account information. 
  • Ensure the URL in emails is associated with the business it claims to be from. 
  • Be alert to hyperlinks that may contain misspellings of the actual domain name. 
  • Refrain from supplying login credentials or PII in response to any emails. 
  • Monitor their personal financial accounts on a regular basis for irregularities, such as missing deposits. 
  • Keep all software patches on and all systems updated. 
  • Verify the email address used to send emails, especially when using a mobile or handheld device by ensuring the senders address email address appears to match who it is coming from. 
  • Ensure the settings the employees’ computer are enabled to allow full email extensions to be viewed. 
LET US KNOW IF YOU HAVE ANY QUESTIONS: We are happy to provide you with additional information on how to protect your account and comply with network rules and regulations. 
ACH PICKUP TIMES:
8:00 AM - 12:00 PM - 4:30 PM 
About Planters First Bank:
Founded in 1896, Planters First Bank, the 8th oldest financial institution in Georgia, is headquartered in Cordele, Georgia, and operates seven full-service locations throughout Middle Georgia. Follow us on Twitter @bankPFB and Facebook @PlantersFirstBank.

Contact Planters First Bank Toll-Free at 833.PFB.TEL1 (833.732.8351) or email us .


Member FDIC | Equal Housing Lender | Bank NMLS#500174