Positive Pay
Check fraud now costs U.S. businesses over $10 billion a year. The easy availability of high-quality blank check stock, low-cost MICR encoding machines, and computer scanners have made it far easier for criminals to produce quality-looking checks in order to steal from your company. It is easy for them and highly profitable.
Positive Pay is a service designed to help prevent third party check fraud by matching checks presented for payment at the bank against a list of valid checks issued by your company. This service greatly reduces the opportunity for counterfeiting, check alteration, and sophisticated check scams.
Each day, your company would transmit a file to the bank that contains all of the checks issued that day, including the check number, and amount of each check. As checks are presented to the bank for payment, the amount, and serial number on each check is matched to the issued items. Any exception is flagged for verification before the check is paid, which allows you to return it unpaid.
Account Analysis
Account Analysis is a service that allows a commercial customer to reduce or avoid service charges by maintaining compensating balances. Instead of their account being "hard charged" and debited for services used throughout the month, a running total, or list of "soft charges," is kept. At the end of the month, the customer receives an earnings credit on the average available balance in the account that is automatically applied against the service charge.
Account Analysis puts the customer in control of the service charge. The system will combine balances in all deposit accounts before analysis is calculated, which results in a larger credit, and a lower or no service charge.
As we have all seen in the past few years, investment, and analysis rates have trended downward. However, we know how important these factors are and we adjust them periodically to reflect market trends.
Online Banking allows a business to monitor their cash flow in order to accelerate or delay payments to maintain balances to avoid service charges. At First State Bank we understand how important managing your cash flow is and we provide the technology and services that allow you to conveniently access your business transactions whenever you like.
Federal and State Tax Payments
EFTPS is a service offered free by the U.S. Department of the Treasury to help business taxpayers conveniently pay all their federal taxes to the Internal Revenue Service (IRS) electronically. You can make your tax payments whenever it is convenient for you.
Using the payment scheduling capability built into EFTPS, you can enter your payment instructions up to 120 days in advance. On the day before your scheduled due date, your payment(s) will be initiated. No more missed deadlines, coupons to keep track of, or last minute trips to the bank. Your payment will be automatically deducted from your enrolled bank account and your records will be updated with the IRS on the day you choose.
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State Tax Payments
Similar to EFTPS, State Tax Payments can be made online using Cash Management's Tax Payment system. Processing is fast, simple, and it eliminates the need for manual check writing and mailing. Plus, each time you use Tax Payment, you create an audit trail that can be used for research that you can print for record keeping.
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