Fraudulent calling attempts are on the rise. Scammers are posing as WSFS Associates – using fake caller IDs and personal details to gain your trust. NEVER share your account passwords or verification codes on unsolicited calls. Verify the call by hanging up and notifying us directly at 888.973.7226 7am‑7pm ET (M‑F) and 9am‑3pm ET (on weekends).
Fraudulent calling attempts are on the rise. Scammers are posing as WSFS Associates – using fake caller IDs and personal details to gain your trust. NEVER share your account passwords or verification codes on unsolicited calls. Verify the call by hanging up and notifying us directly at 888.973.7226 7am‑7pm ET (M‑F) and 9am‑3pm ET (on weekends).
Retirement—the end of perhaps a thirty-to-forty-year career. You have worked, saved aggressively, paid off your mortgage, met with your financial advisor and now it’s time to pack it in. Whether it’s moving south to Florida or heading west to Arizona, year-round warm weather may be what you have in mind for retirement. However, what happens…
Many small business expenses are unavoidable and even critical to operating and growing the business. These expenses include payroll, healthcare, supplies, costs of goods to resell, and everyday operations expenses, like utilities. On the other hand, there are expenses that are critical to a small business’ success that are investments that should not be ignored….
Every relationship, no matter where you find it, is unique. And relationships are at the core of every enterprise, whether that’s a business, a friend, or a banking partner. TSG Plumbing is comprised of three business entities — Simon’s Hardware & Bath, Hardware Designs Inc., and Central Plumbing — with focuses on wholesale plumbing and…
The hustle and bustle of the holidays typically brings with it increased purchases and the hunt for the best bargains. But sometimes a deal can be too good to be true, which is why it is vital to take steps to protect yourself from scams. According the Federal Trade Commission, consumers lost nearly $8.8 billion…
Interest rates continue to rise, and inflation is still relatively high, while the cost of supplies and services aren’t steady. All this amounts to higher costs for not only consumers, but also business owners. While the economic landscape might seem uncertain, now is not the time for business owners to take a ‘wait and see’…
Today, the term ESG (Environmental, Social, and Governance) has become a catch-all for different types of investing, and it has become a lightning rod for criticism. Proponents say it is a way to drive environmental and social initiatives forward. Detractors argue that ESG investing is a breach of fiduciary duty to pursue the highest returns…
In a high interest rate environment, it’s critical for small businesses to optimize cash flow, operations, sales and profits. Sometimes, balancing cash needs with investing in the business can be a challenge, but there are ways for small businesses to do both simultaneously with a money market account. Easy Access to Your Cash Money markets…
With interest rates rising to levels not seen in years, now is the time to ensure you have a firm grasp on your debts and manage your credit and borrowing responsibly. A recent WSFS Bank Money Trends study found that rising costs and inflation topped the list of why regional consumers are spending more (72%),…
If you have a cellphone, tablet, laptop or PC, odds are you’ve received at least a few messages through the years with suspicious links – that you hopefully did not click. Phishing is the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to trick you into sharing…
The holiday season is already almost here! Which often brings with it a season of cheer, quality time with friends and loved ones, and of course, some added expenses. A recent WSFS Bank Money Trends study found that nearly four in 10 regional residents (38%) are spending more money now compared to last year, and…
Social Security’s 2023 Cost of Living Adjustment (COLA) was one for the record books at 8.7% marking the biggest adjustment in more than 40 years. It provided many retirees with a much-needed reprieve from the impact of decades of high inflation. Social Security’s COLA will not be as generous for 2024 at 3.2%. While this…
With interest rates reaching levels not seen in years, many consumers are taking a close look at their spending and borrowing needs to evaluate their options. One borrowing option that can be particularly valuable to homeowners is a Home Equity Line of Credit (HELOC). An optional feature to consider with most HELOCs that can be…
As interest rates continue to rise, many consumers are homing in on their borrowing habits to avoid overextending themselves. Borrowing can play an important role in achieving your financial goals, so while it is important to manage your credit carefully – particularly while interest rates are elevated – finding the right lending option for your…
Fraud remains at all-time highs, particularly in the business world. According to the Association of Finance Professionals’ (AFP) 2023 Payments Fraud and Control Survey, 65% of businesses said they’ve been victims of fraud attacks or attempts in 2022. Of those that were payments fraud victims, more than one-quarter (27%) were able to successfully recover at…
2023 has presented many challenges for small businesses, with inflation and rising costs impacting many owners’ bottom lines. Why it matters: Difficult economic conditions are expected to continue well into 2024, so small business owners should be looking at their 2023 results to guide 2024 planning. Your planning checklist: Optimize your cash flow. Consider financing…
In a world driven by empathy and social media’s ability to persuade even the best of us, the innate desire to help others financially is a noble sentiment that speaks to the core of human nature. From supporting family members during challenging times to contributing to charitable causes, the act of extending financial assistance reflects…
How does a new small business owner build credit? What are their options for accessing capital, and how do they build it all into a solid business plan? The WSFS Bank Small Business and SBA teams were joined by members of the African American Chamber of Commerce at the Philadelphia Union’s home, Subaru Park, for…
WSFS Bank announced the launch of its annual Food Drive to combat food insecurity across the Greater Philadelphia and Delaware region. WSFS banking offices in Delaware, New Jersey and Pennsylvania will serve as deposit centers for nonperishable donations from WSFS Associates, Customers and Community members through December 31. WSFS officially kicked off the Food Drive…
The past few years have presented challenging – and rapidly evolving – financial situations for many consumers. The economic climate has resulted in many regional consumers making changes to their spending behaviors to combat increased prices and rates, according to a recent WSFS Bank Money Trends study. The survey found that 38% in the Greater…
WSFS Bank hosted a Learn & Explore Workshop at its Wilmington headquarters for more than 30 students from Chester Charter Scholars Academy in collaboration with the Philadelphia Union Foundation’s iAM Project (Inspiration, Aspiration, Mentorship). The students got an inside look at the banking industry and bank office operation. During the half-day workshop, WSFS Associates from…
Homebuyers are currently facing numerous challenges in the market, the two main challenges being home inventory and high interest rates. The lack of inventory is creating a competitive market for sellers, with many homes being sold over asking price. In fact, since 2020, the median home price has increased 26%. Inflated home prices combined with…
Each October since 2004 has marked Cybersecurity Awareness Month, a collaboration between government and the private sector to educate consumers on ways to stay safe online. According to the Federal Trade Commission, consumers lost nearly $8.8 billion to scams in 2022, including $1.2 billion lost to scammers contacting victims via social media. Scammers continue to…
Franchising is a rewarding endeavor for many small business owners and entrepreneurs, but it is also a long and winding road, from meeting franchisor requirements to securing necessary financing to get the business started. Why it matters: Every step in establishing and growing a franchise small business should be planned and executed by taking these…
One might see references to a trust in publications or on television. This begs the question “What is a trust?” Merriam-Webster defines a trust as “property interest held by one person for the benefit of another.”[1] That definition just scratches the surface. A trust will have three parties to it: The grantor or settlor who…
When George Swayngim started Georgeo’s Water Ice Inc. in 1980 in Marcus Hook, Pa., he started with his own line of the summer (and all year round for some!) favorite, Italian Ice. As his Italian Ice brand grew, the company grew along with it, becoming a large regional direct store distributor of water ice, leading…
Most people are not subject to Federal Estate and Gift Tax because its exemption is currently set at $12,920,000[1], the amount one can give during a lifetime or at death to anyone, free of estate and gift tax. Once assets get above that figure, one’s estate at death could be subject to an estate tax…
Wiring money can be a quick and convenient way to transfer funds, but before sending money to anyone it is important to take steps to protect yourself from fraud. According to the Federal Trade Commission, consumers lost nearly $8.8 billion to scams in 2022, including more than $311 million to wire transfer scams. It’s important…
It’s no secret that inflation and rising interest rates over the past year-plus have impacted many consumers’ financial stability. A recent WSFS Bank Money Trends study found that nearly four in 10 regional residents (38%) are spending more money now compared to last year, while only 21% in the region are saving more. The study…
The continuity of any small business depends heavily on managing expenses, but it takes more than just looking at the books and bottom line. Why it matters: Every dollar spent by a small business contributes to cash flow and long-term profitability. “Efficient expense management requires a keen eye on accounts payables, having proper budgeting and…
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank, announced grants to four organizations located in Delaware and Pennsylvania as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the third quarter by the WSFS CARES Foundation board, will support the following organizations. American Red…
Nearly four in 10 regional residents (38%) are spending more money now compared to last year, while only 21% in the region are saving more, a WSFS Bank Money Trends study found. Continued Economic Headwinds Rising costs and inflation topped the list of why consumers are spending more (72%), followed by paying for emergency expenses…
When it comes to managing expenses for a small business owner or operator, every dollar spent contributes to cash flow and long-term profitability. Efficient expense management requires a keen eye on accounts payables, having proper budgeting and auditing processes in place, and understanding the risks associated when expenses become overwhelming—and how to prevent that from…
Revisiting your budget and financial situation regularly plays an important role in achieving your goals, particularly when facing economic headwinds like inflation and rising interest rates. A recent WSFS study found that 77% in the region were confident they would be able to meet their personal financial goals, despite 34% who were not confident they…
When Arush Pandya and his wife started their entrepreneurial journey in 2019, they expected twists and turns to open a small business. Like many small business owners, the pandemic added even more challenges to overcome. “We ultimately decided to become a Mighty Quinn’s BBQ franchisee in February 2020,” says Arush. “We connected with WSFS Bank…
Amid the excitement of operating a successful business, commercial real estate owners should put one important task at the top of their list: plan for what happens if they can no longer run it. While thinking ahead about one’s death or disability may put a damper on their excitement about their continued future success, owners…
The world has changed, and so have our households. Life spans are longer – particularly for women – and many families now live off two incomes. Today, women have reached the pinnacle of success from corporate executives to business owners to entrepreneurs. Now more than ever, they are in a better position to achieve financial…
No matter how established or new your small business is, preparing for revenue ebbs and flows is key for long term profitability and growth. For some industries, new cycles are expected and can be accounted for. For many small businesses, however, social and economic uncertainty can have a significant impact, as we’ve seen over the…
As the summer vacation season winds down, many people are already envisioning what their 2024 summer vacations will look like, and where they will spend them building new memories with family and friends. Others, even with higher mortgage rates and selling prices, envision owning property at their preferred vacation destinations. If you are in the…
Inflation and rising interest rates over the past year-plus have impacted many consumers’ financial goals, making it more expensive to borrow and more difficult to save. A recent WSFS survey found that 34% of regional respondents were not confident they could afford rising costs of living, while 33% were not confident they could afford rising…
According to the Federal Trade Commission, consumers lost $330 million to text message scams in 2022, with fake bank security messages the most common type of scam. As technology continues to evolve, the tactics used by scammers becomes increasingly sophisticated. These scams are not limited to just text messages either, as fraudsters target victims through…
At the core of every great relationship, whether business or personal, is trust and understanding. Why it matters: Small business owners need to be able to know that their banker, accountant, suppliers and even customers can be trusted and counted on to understand their business’ needs. They should strive to: Get local decisioning to have…
As Sarah McDonald and Heidi Fenstermacher soaked in the 15th Anniversary Celebration for their Wayne, Pa. small business, Out There Outfitters (OTO), in late July, they reflected on the past five years as owners, too. “Everything about Out There Outfitters feels like a family affair,” says Sarah. “From the way our customers and Wayne supported…
Today commemorates the signing of the Social Security Act by President Franklin D. Roosevelt on August 14, 1935. Since then, Social Security has become America’s largest retirement plan and the financial bedrock for millions of Americans including those who are retired, disabled, widowed, and orphaned. Without question, the solvency of Social Security is at hand…
Named after its section in the Internal Revenue Service code, 401(k)’s and other employer-sponsored retirement plans, such as 403(b)’s and 457’s, have become a mainstay for building and saving toward retirement. These retirement plans offer the most comprehensive benefits, from the highest contribution limits to employer matching to unlimited creditor protection, to name a few….
It often seems that summer passes in the blink of an eye and before you know it, it’s back to school season! And while some parents may breathe a small sigh of relief to see their children head back to the classroom, the start of the new school year also brings expenses for school supplies…
For a small business owner or operator, cash flow will always be king. Why it matters: Without sufficient cash flow and capital, small businesses face an uphill climb to achieve long-term success. “There are eight primary ways a small business can improve cash flow, optimize cash reserves and revenues, and secure discounts from vendors and…
Planning for regular expenses can be difficult enough, particularly during periods of high inflation, but what if you’re faced with a financial emergency? A recent WSFS study found that building an emergency fund was a goal for 52% of regional respondents. The study also found that if faced with an emergency expense of $1,000, 52%…
If you have a mailbox, then odds are you’re no stranger to junk mail. And if you’ve also closed on a loan recently, whether a mortgage for your home or loan for your business, it is likely you’ve received quite a few solicitations in your mailbox that look as though they could be from your…
