One consequence of the internet age is far more businesses have an interstate reach through their websites and social media. In the past one bank could operate with a name in South Dakota, and another could operate with the same name somewhere on the coast, all without risk of confusion. That is rarely true today. Because of the nationwide reach of websites and online marketing, the risk of conflicts and confusion between otherwise isolated banks is significantly heightened. Taking steps to protect a valuable mark is becoming increasingly important.
For those who have never sought a federal or state trademark registration, it is something you may want to consider. The costs associated with securing an available registration are typically reasonable; particularly in comparison to the legal issues that can arise if another business registers its similar mark before you do. Although common law rights to a mark may attach upon merely using the mark in commerce, there are additional rights and protections associated with registrations. Having a registration in place can be a significant advantage in the event of a dispute over your trademark rights.
If you have already registered your marks, it is worth reviewing your registrations to be sure they still accurately depict the mark as currently used and still accurately describe the goods and services you currently provide. You may have updated your branding or made changes to your offered goods or services. Effective trademark management requires reviewing and updating your existing registrations as appropriate for any such changes.
So, whether you have never considered registration of your trademarks, or you have registrations but haven’t recently reviewed their adequacy, we feel it is worth the effort to do so. This applies not just to financial institutions, but also to the businesses you serve. Feel free to share this eNewsletter, or to link to the article on our website.
If you or anyone you work with would like to discuss trademark protections, please contact David Rezac at [email protected] or Elizabeth Hertz at [email protected]. Both may be reached at 605-336-2880.