Cash Management for Business
If you chose to enroll in our "Advanced" online banking service for businesses, you will have additional access to the features listed in the "cash management features" chart below.
Cash Management Charges
Access to the Cash Management System is a base fee of $20.00 per month. Per item charges are listed below
- Payroll items, ACH payments, ACH receipts, and collection items are $0.10 per item.
- Electronic (EFTPS) tax payments are $1.00 per item.
- Wire Transfer Requests are $15.00 per item.
- Bill Payment is free as long as one payment is processed each month, otherwise a $5.00 a month charge will apply.
|Cash Management Access Features|
|Bill Payment||Pay your businesses bills online and save postage costs.|
|EFTPS Tax Payments||EFTPS (Electronic Federal Tax Payment Service) allows you to send tax payments to federal and certain state taxing authorities|
|Wire Transfer Requests||Wire Transfer Requests allow you to place wire transfers over the Internet. The recipient will receive the credit that same day as long as the wire transfer request was placed within valid business hours, as disclosed on the Wire Transfer screen.|
|Payroll||Payroll allows users to send ACH credits to recipients accounts at other financial institutions. This feature is most commonly used to pay employees. One of the most efficient features of this service is that you can split a payroll amount between two different accounts at two different financial institutions.|
|ACH Payments||ACH Payments allow users to transfer funds to accounts at other financial institutions. Payments are made through the ACH network for this service, and as such, users can capitalize on the control benefits of sending money via ACH. (such as specifying when recipients receive funds and can subsequently minimize the float period.)|
|Collections||Collections is a useful tool for collecting recurring dues or fees from members or clients. While ACH Receipts debit one account at a time, Collections allows you to debit multiple accounts outside the financial institution at the same time and credit you account inside the financial institution for the sum total of this debits.|
|ACH Receipts||ACH Receipts are the opposite of ACH Payments. This feature is used to collect funds owed by account holders at other financial institutions.|
|Import a File||You can import an ACH or text dil to your financial institution via secure SSL technology. For example, if your organization wishes to process payroll for a list of employees with all information saved in a particular file, you may want to use the import feature to securely import the file to your cash management environment for processing.|
|Authorize Transactions||Authorize Transactions is a security feature specially designed to provide dual control for Cash Management services. It allows you to establish different security levels within a company. For example, a larger company can empower a clerk to create transactions but may require a manager to approve them before they are processed. In smaller companies, perhaps a mid-level manager would be setup to handle both activities. It is also possible to grant only sole owner power to create and authorize transactions.
Note: A payment that has been drafted must be authorized by post time on the day it was initiated. For example, if a user drafts an ACH payment today at 11:00am, the payment must be authorized by post time today. The payment will still appear in View Postings but will not be listed as a transaction requiring authorization. Future-dated transactions are the only exceptions to this rule. In such a case, supervisor approval can wait until post time on the day the payment is set to post.