Business Banking
Treasury Management Services
The services offered by Summit Bank's Treasury Services department are designed to help commercial clients manage their cash flow more efficiently. By reducing transaction costs, collecting funds more efficiently, and reducing credit line balances more frequently, companies are more in control of their cash position. Treasury Services Specialists work closely with clients to develop customized programs that help the client achieve their financial objectives.
Detailed deposit account analysis or proposals, as well as all the products listed below are available through Treasury Management Specialists.
Business Online Banking
Online banking provides viewing access to account balances and account history. Additional products are available through online banking, including ACH origination, online wire transfer, positive pay and stop payments. Key benefits include:
- View account history and check images
- View current account balances
- Transfer funds between your Summit Bank accounts
- Download transaction to accounting programs
- Transfer loan principal payments
E-Solutions (Remote Deposit)
E-Solutions is a simple technology that brings our bank teller into your business. E-Solutions enables customer to scan checks and make bank deposits without coming to our bank. You can capture business and consumer checks, money orders and cashier's checks electronically with a secure accountable check processing system. You can also process payments made via telephone as well as bank card receipts. Key benefits include:
- Later deposit deadlines
- No software to purchase, maintain or install
- Deposit funds from the convenience of your office
- Increase funds availability
ACH Origination
The Automated Clearing House (ACH) Network is an electronic payments network used by individuals, businesses, financial institutions and government organizations. Electronic ACH payments provide better cash management capabilities and lower costs than traditional paper payments. The ACH Network allows funds to be electronically credited or debited to a company's or individual's deposit account. Key benefits include:
- Direct Deposit of Payroll
- Direct Payments (payables, receivables, etc)
- Utilized thru Summit Bank's online banking
- Upload NACHA approved files from accounting software
- Reduce Processing Costs
Domestic Online Wires
Online Domestic wire transfers may be initiated from the convenience of your office at a reduced cost per item. The services include multiple authorization levels and clients can control individual authorization amounts. Users can edit wires, recall data from previously initiated wires and schedule recurring wires. Key benefits include:
- Accessed easily through Summit Bank's online banking
- Reduced cost per wire
- Recurring information stored for quick initiation of repetitive wires
Target Balance Account (TBA)
A target balance account is an account that maintains a predetermined balance through an automated transfer (sweep) between the company's master account. TBAs allow the client to eliminate manual transfers between two accounts. TBAs also eliminate idle balances in non-interest bearing account and more costly funding methods. Most TBA accounts are set at a zero balance and are commonly referred to as ZBAs. Key benefits include:
- Automated funding of accounts
- Ideal for payroll accounts
Positive Pay
Positive Pay is one of the most sophisticated cash management services available. In this process, the company and bank work together to detect check fraud by identifying items presented for payment that the company did not issue. The company transmits a file of issued check information to the bank each day. The bank matches serial numbers and dollar amount of checks presented for payment and pays only those checks that match. Exceptions are available on Summit Bank's online banking for disposition. Key benefits include:
- Protects against check fraud resulting from check altering, counterfeiting or forgery
- Multiple layers of security
- Cost effective compared to potential losses from check fraud
- Allows intervention by management regarding questionable checks
Lockbox Banking
Lockbox is a product by which Summit Bank handles the receipt, processing of mail and depositing of checks. Key benefits include:
- Reduced clerical costs (office staff spends time on other office duties)
- Customized processing of deposits
- Eliminates deposit delays
Automated Loan Sweep
The Loan Sweep is a sophisticated cash management function, optimizing cash flow for commercial clients. By design, it fully automates transfers between deposit accounts and a revolving line of credit, with the intent of minimizing interest expense on a revolving line of credit. Key benefits include:
- Eliminates manual advances and pay-downs
- Minimizes client interest expense
- Efficiently manages cash flow