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Business

Cash Management

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Account Sweeps

  • Defined: An automated internal transfer of funds between one or more like-owned accounts to maintain a target balance.
  • Funds are swept automatically between one or more account relationships to a designated primary account.
  • Request specific target balances to maintain in each sweep account.
  • Sweeps will process automatically at the end of each business day, as needed.

ACH Origination

  • Defined: An electronic transfer of funds between businesses and/or individuals to different accounts through the ACH network.
    • With ACH, funds are typically made available to the recipient the following day but in some cases may be received same day.
  • Common Uses for ACH Origination:
    • Payroll
    • Pulling Customer Payments (rent, monthly dues)
    • Vendor Payments (invoices, accounts payable disbursements)
  • Available only in Digital Banking.
  • Files can be uploaded or can be manually entered in Digital Banking.
  • Templates can be created and edited for ease of use.
  • Dual Approval Permissions – with this permission set, two individuals would be required to process ACH. This option could be utilized for an additional layer of security and to help avoid possible errors.
  • Multi-factor authentication required on all batch approvals.
  • Setup various text and/or email alerts (requested approval, file processed).
  • Access to reports (historical transactions/batches, scheduled batches).
  • Files must be submitted to the Bank on a normal business day before 4:00pm CT/3:00pm MT to be processed that day. Files submitted after this time will be processed by the Bank on the next available business day.
  • Same Day ACH processing capabilities available for single transactions less than $1,000,000.00. Same Day ACH batches must be submitted to the Bank on a normal business day before 2:00pm CT/1:00pm MT to be processed that day.

Merchant Card Services

  • Partnered with COCARD to offer various card processing options.
  • Additional information available upon request.

Positive Pay

  • Defined: A fraud prevention system that can be used by businesses to protect against altered, forged, and counterfeit checks.
  • Available only in Digital Banking.
  • Upload files of issued checks or enter individual checks as needed for the Bank’s system to compare against checks that are presented for payment.
  • Request specific parameters to be set that could generate additional exceptions for your review (dollar thresholds, check number ranges).
  • Review check exceptions daily (such as duplicate item, incorrect amount, wrong payee, paid not issued, etc.) and determine course of action.
  • Exceptions marked for return will be handled by the Bank daily.
  • Set alerts to notify you when exceptions have been generated so they are handled in a timely manner.

Remote Deposit Capture

  • Defined: A system that allows business customers to scan checks remotely and transmit the images to the Bank for deposit into their account(s).
  • Available in Digital Banking or directly through a merchant site set up by the Bank.
  • Scan checks 24/7 right from your office using a desktop scanner.
  • Remote deposits will be reviewed by the Bank on a normal business day up to 4:00pm CT/3:00pm MT. Remote deposits received after this time will be reviewed and processed on the next available business day.
  • Dual Approval Permissions – with this permission set, two individuals would be required to process remote deposits. This option could be utilized for an additional layer of security and to help avoid possible errors.
  • Access to reports (search and print specific checks, summary of deposits including images, audit reports, etc.).
  • Ability to set up multiple scanning locations as well as multiple accounts.

Wire Transfers

  • Defined: An electronic transfer of funds made from one bank to another.
  • Send funds quickly and securely; generally, funds from wire transfers are immediate and made available to the recipient on the same day they were sent.
    • For international wires, availability of the funds depends on the location of the recipient and the processes of the financial institution(s) receiving the funds.
  • Processing options available:
    • Domestic (within the US)
    • International in US Dollars
    • International in Foreign Currency
  • All wire transfer options are available to process in Digital Banking. Foreign currency options may be limited.
  • Wire templates can be created and edited for ease of use.
  • Dual Approval Permissions – with this permission set, two individuals would be required to process wire transfers. This option could be utilized for an additional layer of security and to help avoid possible errors.
  • Multi-factor authentication required on all wire approvals.
  • Setup various text and/or email alerts (wires submitted, approval requested, wire processed, etc.)
  • Wire confirmations are available on demand via Digital Banking; download the wire confirmation once it has been processed by the Bank.
  • Wire requests must be submitted to the Bank on a normal business day before 3:00pm CT/2:00pm MT to be processed that day.