First Bank of Baldwin can help improve your business by saving time and money.Cash Management
Our Cash Management services allow businesses to originate ACH transfers to deposit funds into other institutions or withdraw funds from other institutions.
- $25.00 One time set up fee
Some common practices for businesses using this feature include:
- Paying employees with direct deposit
- Electronically collecting funds from customers on a scheduled basis
- Bill collection (utility company, health club)
- Vendor payment or collection
This product is intended for instances where the business does not own or have insight to both accounts involved in the transaction. Cash management utilizes the CCH pre-note verification process. ACH is essentially a conduit for moving money; you can either send money or collect money.
ACH Origination allows a business to schedule transactions into the future, thereby automating their processes. It saves paper, management time, and money for the business, and reduces the need for a business to write checks. It makes it easier for the business to control accounts receivable. Other advantages include less data entry errors, quicker payments, less work in processing, and quicker collections of dues.
Steps to ACH Origination
1. Create an account for each person or company account.
2. A pre-note is sent to the foreign financial institution for each type of transaction.
3. After 6 banking days, the account is available for use.
The Standard Entry Class (SEC) code is a three letter code that identifies the nature of the ACH entry. The most common SEC codes are:
PPD-A credit or debit entry initiated by an organization pursuant to a standing or a single entry authorization from a Receiver to affect a transfer of funds to or from a Consumer Account.
CCD-A credit or debit entry initiated by an organization to consolidate funds of the organization from its branches, agents, or from other organizations, or to fund the accounts of its branches, or of another organization.
Each day your customers pay you with checks and other negotiable items. Remote Deposit allows you to submit deposits from your office or from any location where you collect items for deposit. Saving you time and helping you eliminate the daily challenge of traveling to the bank.
How Remote Deposit works
- First Bank of Baldwin will process your deposits electronically.
- The original checks are held at your business and ultimately destroyed.
- All you need is a scanner (which we will provide) and the desire to streamline your daily deposit process.
- You’ll save time in making deposits and reduce the costs you currently incur when making deposits on paper.
Remote Deposit Benefits
- Fewer Overdrafts – Your deposit is delivered electronically.
- Less Wasted Employee Time – No more 30 minute trip to “make the bank deposit”!
- Save Money – Remote Deposit costs less than traditional manual deposits.
- Peace of Mind – You control each account and which employees can scan checks.
- Check scanners have a small footprint and connect to any Windows PC with a USB cable.
- Scanners can be deployed in any location where you have items to deposit.
- Scanners are highly reliable, using magnetic and optical character recognition.
Frequently Asked Questions
Q. How will my deposit be transmitted to the bank?
A. Using a high-speed internet connection (a DSL line or better) and Internet Explorer version 9.0 or higher (available free).
Q. How long should I keep scanned checks?
A. Store them for up to 180 days. After that, the checks should be destroyed.
Q. Can I make deposits from outside the local area?
A. Absolutely yes! This is one of the best features of Remote Deposit. Items can be scanned and deposited electronically from anywhere, even from another state.
Q. How much will it cost?
A. Most businesses pay little or no fees based on the average deposit balances they keep in their accounts. The resulting savings stays where it belongs…In your pocket!
- Monthly Fee: $40.00
- $.06 per item charge
- First month Free
- Set up Fee: $75.00
- All charges/fees can be off set by an earnings credit based on the average deposit balance kept in the business checking account.
First Bank of Baldwin is proud to partner with Wind River Financial, a Wisconsin-based, family-owned payment acceptance and processing company, to provide a complete array of merchant services to our business customers.
Wind River provides you with everything you need to easily accept credit cards and electronic payments from your customers.
- Point of Sale systems, including wireless, mobile and virtual terminals
- Online and e-commerce solutions for recurring payments
- Mobile payment acceptance and processing, including Smartphone and tablet applications
- Alternative payment methods like gift cards and ACH
- Data security measures to comply with the PCI-DSS standards
We’ve chosen to partner with Wind River for a number of reasons:
- They’re local, so they understand our businesses, and they provide services from a team of professionals right here.
- Wind River merchants report the highest level of customer satisfaction among a host of big national processors
- Wind River meets our highest standards of customer service. Their After the Handshake Service Promise means you remain a top priority for as long as you do business together.
- They offer “at-will” agreements, so you don’t get locked into inflexible, long-term contracts.
There are many more reasons why we encourage you to learn more about Wind River. Please click the link below for more information that you may find valuable:
Call us at 715-684-3366 and we’ll get you connected with our Wind River representative, who can review your current processing program, offer ideas and solutions for improvement, and clearly explain all the rates and fees associated with your program.