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Cash Management

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Cash Management

October 28, 2021

Bank-of-Elk-River-Business-Cash-Management

Do you have administrative staff that needs access to account information, pay bills, transfer funds between accounts, or download account information into accounting software? Do you have employees on Direct Deposit? Does your business have recurring Direct Debit authorizations to automatically deduct from your customers’ accounts? Integrated seamlessly into Digital Banking, Cash Management offers all of these advanced features and more.

Cash Management Features

  • ACH Origination – Electronically credit or debit accounts at other banks for payroll, accounts receivable and accounts payable. Same-Day ACH options available.*
  • Wires – Set up recurring and future-dated wire transfers and additional wire alerts.
  • Enhanced Reporting – Generate and save customer-defined summary and activity reports.
  • Alerts – Receive alerts for email and phone number changes, as well as ACH and wires pending approval.
  • ARP/Positive Pay – Protect your business against fraud losses due to forged, altered, or counterfeit checks.

Cash Management Benefits

  • Have ultimate control over users - add, eliminate, edit, and control user authority and access to account information.
  • Avoid the inconvenience of closing and re-opening an digital banking account when staffing changes occur.
  • Avoid the hassle of multiple IDs, passwords, authentications, and the burden of dealing with multiple creditor/vendor authority and access protocols.
  • Decrease the risk of identity theft and fraud.
  • Reduce time spent on administrative functions and duties. Reduce risk and complexities associated with multiple parties accessing sensitive financial information.

Requirements

ACH Origination

This service allows business customers to create Automated Clearing House (ACH) transactions by accessing our Digital Banking software, World Wide Banker (WWB).

Benefits

  • A business can collect funds as a Direct Debit from their customers via digital banking or upload a National Automated Clearing House Association (NACHA) formatted file from their software program.
  • A business can pay employees by Direct Deposit via digital banking or upload a NACHA formatted file from their software program.
  • Process payments quickly with Same-Day ACH.*

IMPORTANT: Some payroll and billing software programs have a module that allows them to enter employee deposit information or customer billing information. A NACHA formatted file can be created that allows them to import into World Wide Banker (WWB) Cash Management. If the software programs do not have this module, the business customer would need to enter the information directly into WWB Cash Management batches (files), update net amounts and effective dates. An authorization needs to be signed by their employees or customers with their bank information to allow the PPD (Prearranged Payment and Deposit) transactions to be processed.

Cost of Service:

Service Amount
ACH Origination One-time Setup Fee $100.00
ACH Monthly Fee $10.00
ACH Origination Per Batch (File) Fee $1.50
ACH Origination Per Item Fee $0.10
ACH Returned Item $4.00
ACH Notification of Change
 $1.00
ACH Secure Tokens First Two Tokens - Free
Additional Tokens - $10.00 Each
Same-Day ACH Per Batch Fee $5.00
Same-Day ACH Per Item Fee $1.00

To sign up for Cash Management and/or ACH Origination, contact our Business Deposit Specialist, Lynn Backlund, today!

Lynn B

Lynn Backlund

Business Deposit Specialist

763.241.8595

Email: [email protected]

*Same-Day ACH requires an additional level of responsibility to ensure that only items intended for same-day are sent same-day. This requires that our customers who are interested in Same-Day ACH sign a new ACH Agreement and understand the rules and how Same-Day ACH items are processed.