PayPal scams are on the rise — keep your money safe with these tips

Skip to Main Content
Online Access

Online Access

BankSouth offers immediate and easy access to your mobile and online banking. You can also apply for and review your ReadyLoan mortgage application.

Learn More

Banking Resources

Banking Resources

Every financial situation is unique. Explore our many resources available to you to make wise decisions when it comes to managing your money.

Be Smart With Money



For over ten years, BankSouth has helped thousands of families finance their homes.  We know how daunting this may be, but we take the worry and hassle out of the process.

Learn MoreStart Your Application

The Case for Your Community Bank

Apr 7, 2023 News
harold reynolds making the case for your community bank

For Immediate Release:
April 6, 2023

Media Contact:
Bryce McCuin, Marketing Manager
[email protected]

GREENSBORO, GA – Recently the failures of a few unique and highly specialized banks have naturally caused depositors to pause and attempt to assess if their deposits are safe. Certain media professionals, bloggers, and financial commentators seem to have a personal interest in promoting fear. Comparisons to the banking crisis kicked off by the Great Recession are overblown, irresponsible, and intended to create “likes” and headlines. In some small way, I wanted to take an opportunity to respond to the message of those who would stoke fear and share the perspective of a community banker, since it’s unlikely they have ever engaged with a community bank.

Looking back at the period known as the Great Recession, 468 banks were closed nationwide after the failure of Lehman Brothers in 2007 through 2012. While those economic times were terrible for everyone, you probably do not recall one thing: you probably do not recall hearing of any depositor losing money from their account, regardless of the deposit balance. There is a simple reason for this – when banks fail the FDIC sells those deposits to another FDIC-insured bank that honors them. The common characteristic of failed banks then was a narrow focus and concentration in highly leveraged real estate development loans. Since the Great Recession, bank managers, boards, and regulators implemented enhanced risk mitigation strategies including stress testing and stringent capital policies. Despite the stressful environment that resulted in bank closures, every dollar of depositors’ funds was fully protected.

The banks that recently failed in California and New York were unique companies that focused on serving a very, very narrow segment of our national economy such as early-stage venture capital and cryptocurrency exchanges. Because of their focus, the number of depositors was small, and each controlled very high balances. Additionally, those depositors were very intertwined because they worked with and competed against each other in the same industries. When mismanagement of interest-rate risk became public at one of these banks, this group of depositors panicked and moved their funds all at once – $42 billion in one day according to news reports. Logically, the FDIC closed the bank to protect the remaining depositors. Many fund managers now regret their impulsive behavior when they realized they eliminated a primary financial institution that has served their deposit and borrowing needs for 20 years. You may have noticed that First Citizens Bank purchased the remainder of Silicon Valley Bank and consequently saw their stock soar by 50% the day it was announced.

Contrast the narrow focus of those failed banks on digital assets and venture capital with the broad customer base of your local community bank. Your local bank has long-term relationships that have lasted generations. From your local mechanics, shops, restaurants, hotels, manufacturers, and farmers, to civic organizations, schools, and local governments, to teachers, first responders, and professionals of every kind – your community bank serves the families and businesses that you know.

There are nearly 140 community banks headquartered in Georgia. If you are concerned with the safety of your deposits, take advantage of the most unique thing about your community bank – go speak with your banker. They have solutions and the ability to answer your questions. I believe in the fundamental strength of community banks but if for some reason you are not able to get your questions answered, we are happy to answer them for you too – even if you’re not a customer here. Until then, I encourage you to stay invested in your local community by banking with your community bank.

Harold Reynolds
(706) 363-9915

Harold Reynolds is the Chairman and CEO of BankSouth, a community bank with over a billion dollars in assets, founded in 1946 with banking and mortgage offices across Georgia including Lake Oconee, Greensboro, Savannah, Watkinsville, and Atlanta.


About BankSouth

Today, BankSouth is a leading community bank headquartered at Lake Oconee in Greensboro, Georgia, and is recognized as a top-performing bank nationwide. With over $1 billion in assets, BankSouth serves customers with branches in Atlanta, Greensboro, Savannah, Watkinsville, and beyond with a full suite of consumer, commercial, and digital banking and lending products. Currently, BankSouth Mortgage originates over $2.0 billion in home loans with more than 60 experienced loan officers across their twelve locations. For BankSouth locations and more information, please visit

Message and data rates may apply when using the BankSouth mobile app.

Recent Posts

View our latest news and get the latest industry updates on our blog.

BankSouth employees celebrate graduating GBA Banking School
For Immediate Release: May 15, 2024 Media Contact: Bryce McCuin, Marketing Manager [email protected] 706-454-2319 GREENSBORO, GA – BankSouth, a leading financial institution serving the state of Georgia, is excited to announce that Jamie Arnold, VP, Deposit Operations Director, Sarah Peacock,...
beware of paypal scams
Beware of PayPal impersonation scams targeting BankSouth customers, fraudulent offers for student loan forgiveness, and vacation travel scams this month. Stay aware and protect yourself from falling victim to these common fraud schemes. Top 3 Ways to Keep Your Money...
paypal app with notification bubble
If you’re a user of PayPal, you probably enjoy the convenience it brings by allowing you to easily move money around. In today's digital age, with online payment platforms like PayPal that offer convenience and flexibility, ensuring the security of...