Cash Management Products & Services
Cash Management products and services provide business customers with advanced technology that can improve cash flow, reduce costs and streamline operations. Working as partners, we will focus our full attention and resources on achieving your business goals with experienced professional bankers and proven technology.
Online Banking is Foundation
Cash Management's foundation is our feature-rich Online Banking System. Once approved, we allow you to customize the system with products and services that best fit your needs. Available 24x7, Online Banking is like having one of our branches on your desk.
Account Management Controls
The goal of most company auditors is to separate the duties of employees -- including the use of Online Banking. At First State Bank, our Cash Management system was designed specifically to give your management the strongest possible controls over employees and their duties.
Cash Management allows your managers to tailor the online parameters specifically to each employee. All of the parameters are controlled by your company and are optional.
- Access to accounts can be limited by employee
- Each employee can have a unique ID and password for tracking
- Wire transfer authorization amounts can vary by employee
- Wire transfers can require two employees to setup and initiate
These are just a few of the many controls available to help manage your information. Our system was designed for maximum control and flexibility to meet your needs.
Balance Reporting provides the information you need to manage your accounts and cash flow and it does it quickly and easily.
There is no limit on the number of accounts you can monitor and our real-time system automatically updates key reporting fields as funds are received, such as wire transfers and ACH items. Other important information includes float and uncollected balances that will assist you in planning your cash position for the current and future days.
Cash Management provides you with secure access to your account balances 24x7--from any Internet accessible location.
Advanced check imaging is used to capture your items and allow you to view a picture, front and back, of each check or deposit you have made within the last sixty days. If you need a copy of a check for proof of payment, you can print it from your home or office. If you need to email a check image, you can use the "Print Screen" key and "Paste" the image directly into your email. How's that for convenience?
If you need to transfer money from the Operating Account to the Payroll Account while on vacation, account-to-account funds transfers are fast and easy.
Whether you are at the office, at home, on vacation or out-of-town on business, you can make transfers with ease. Simply login to Cash Management and transfer money from one account to another. Within seconds, the transfer is completed and the funds are available in the designated account.
If you need funds for tomorrow's business, you can login and transfer funds after 3:00P.M. and the funds will automatically transfer for tomorrow's business.
Cash Management has extended the hours that a customer can make a transfer. This provides you another way of ensuring that you have enough funds in the right account to operate your business.
As with every transaction on Cash Management, a tracking confirmation is automatically generated to help with future research. The confirmation is displayed online and is printed on your monthly statement.
First State Bank is one of only a few banks that show you all of the transactions by 3:00P.M. that will post that night. If you need to make a funds transfer to provide sufficient funds, it is just a few clicks away.
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 electronically. You can make your tax payments no matter where you are when your taxes are due, 24 hours a day, 7 days a week.
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 at the IRS on the day you choose.
State Tax Payments
Similar to EFTPS, State Tax Payments can be made online using Cash Management's Tax Payment system. Processing is fast and simple and 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 and printed for record keeping.
Internet Statement Delivery
Tired of waiting for the postman to deliver your monthly statement? Problem solved! At First State Bank, we know you need your checking statement as quickly as possible so you can close out the previous month's business and prepare your financial statement.
Gone are the days of print and delivery delays between you and the bank. With I-Statement, you can login the first business day of the month and print your statement. How's that for convenience?
Using the highest security commercially available, we keep your statement online and ready to pickup. Actually, we keep statements online for three years. With convenient Internet access, your statement can be retrieved from your office or from your home. If you are out of town on business and want to view your statement--most hotels and airports now have easy access to the Internet.
After printing, your statement can be stored on your computer's hard drive and CD - ROM for record retention. Searching for items is fast and easy using your browser.
To provide the best customer service, we keep a backup copy of your statement and images for seven years. If you ever need a statement or image that is not online, simply call us and we will provide it immediately-at no cost!
Downloading information from your accounts can save you time and avoid errors. Cash Management allows you to quickly and easily download posted transactions and statements for any account directly onto your computer. You can then archive them for future use and research or import the transactions into a spread-sheet program, such as Microsoft Excel, for reconciling, research or analysis. Formats include Comma Separated File (.CSV), Quicken (.QIF), Microsoft Money (.OFX), and QuickBooks (.IIF)
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 "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 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 and 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 provide technology and services that let you focus on your business and not computer systems.
Automated Clearing House (ACH)
For more than three decades, direct deposit of payroll was synonymous with ACH because of its reliability and convenience. Employees like the fact that they do not have to drive to the bank to cash their payroll checks and the deposit is automatically made when they are away from work. For employers, ACH Direct Deposit of Payroll reduces employee time away from work and processing costs are less than paper checks. During the 30+ years of service - ACH has never lost a single deposit.
First State Bank's ACH is much more than just payroll. Our state-of-the-art system can include using ACH for collecting payments. For example, monthly membership fees or services can be automatically scheduled to debit a customer or member's checking account and credit your company's account. Now that's convenient!
Controls in ACH are extensive and each time transactions are generated, an audit trail is created for future research. Payroll or collection payments can be scheduled in advance and automatically triggered on the effective date - a great feature to use when the payroll or collections clerk is planning vacation.
There are numerous ways to use ACH and our experienced Cash Management Representatives can show you which ones are right for your company.
Bill Payment from First State Bank is one of the safest, easiest and most cost-effective services available to free your company from the expensive and time-consuming task of paying bills. We understand that paying bills is a basic function of your company, but it does not have to escalate your personnel and postage costs.
Our service allows your company to focus resources on your core business, by automating payment processing. You do not have to worry about the payee being able to receive electronic payments - our system can send payments electronically or as paper checks. You simply tell the system who and how much you want to pay and we handle the rest.
One-time or recurring payments are standard for Bill Payment and you can use the system 24x7 from any location with Internet access. Strong audit controls are provided, which track each payment with a unique transaction number that can be viewed online and printed on your monthly checking statement. If necessary, stop payments can be placed online for any checks issued.
Business Check/Debit Card
Our card goes beyond conventional checking. The First State Bank Check Card gives you a fast, economical and convenient way to buy the products and services you need. Using your Check Card is like writing a check-only better. That's because it allows you to withdraw funds from your checking account without having to write a check.
You can purchase office supplies, airline tickets, gas or anything else you need for your business. Plus, the Check Card performs all the functions of an ATM card.
Forget having to round up your checkbook, a pen or identification. With your First State Bank Check Card, every purchase is simple. To make a purchase with your Check Card, select credit on the terminal and swipe your card. The funds for the purchase are automatically debited from your First State Bank checking account.
Unauthorized transactions are no longer a concern for First State Bank customers. Each card is protected by Visa's "Zero Liability" feature, which means you are not responsible for any unauthorized transactions. However, you must notify the Bank of any unauthorized transaction within sixty (60) or you may responsible for the full amount of the unauthorized transaction. Other restrictions apply-please read our Business Debit Card disclosure for applicable details.
Start enjoying the freedom and convenience provided by our free Check Card and the peace of mind knowing that First State Bank stands behind you and your business.
Overdraft Privilege is a courtesy service provided to qualifying commercial customers. With Overdraft Privilege, we will pay your insufficient funds (NSF) checks, ACH and Debit Card transaction up to a preapproved limit as long as your account remains in good standing.
If you choose to use Overdraft Privilege there is no monthly fee. However, you will be charged the normal per item NSF/Overdraft handling fee as set forth in your account's Terms and Conditions--the same as if we returned your check or transaction unpaid. Your Available Balance will always be shown without the funds available with Overdraft Privilege.
You will be notified by mail or electronically of any NSF/Overdraft item(s) we have paid or returned; however, we have no obligation to notify you before we pay or return any item(s). This service will save you time, embarrassment and the additional fees charged by many companies when a check is returned for insufficient funds.
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.
Remote Deposit Capture
Remote Deposit Capture systems are small, powerful desktop systems that include a workstation, desktop scanner, laser printer and software to capture checks and transform them into an electronic deposit that is transmitted for processing at First State Bank's service center.1
The scanners range in speeds from 30 documents per minute (DPM) to 100 DPM. As the checks move through the scanner, an internal digital camera takes high-resolution images of the front and back of each check and records them to a hard-drive. Another device in the scanner is a special reader that identifies the magnetic ink characters (MICR) located at the bottom of each check, records them, and links them to the check image. The MICR line contains routing information for the financial institution of the checkwriter.
Advanced features called Courtesy Amount Recognition (CAR) and Legal Amount Recognition (LAR) read the amount written by the checkwriter in the small box on the right side of the check with a $ symbol inside it and on the line immediately below that ends with the word "Dollars." By reading this information and converting it into editable text, the system saves the customer data entry time and associated labor expense. Handwriting technology such as CAR/LAR has been used in banking for more than 20 years because it is very accurate and safe.
Throughout the capture, correction and balancing process, the system keeps a running total of the checks to assist the operator in balancing the deposit. After balancing, the checks are securely transmitted via the Internet to First State Bank's service center as part of the collection and accounting process. After all steps are complete, the original checks should be stored immediately in a safe location until they are destroyed.
Research for deposits and checks is fast and easy via a secure access to our service center where they are kept for ninety days. In addition, a second copy of all checks and deposits are kept by First State Bank for seven years.
We know that from time-to-time you need to place a Stop Payment on a check. Stop Payment is a standard feature in our advanced Cash Management suite of products and management of Stop Payments is fast and easy.
To place a Stop Payment - you login to the Cash Management system, select an account to work with and press "Stop Pay". The system will display a simple "New Stop Payment" form for the information about the check you are stopping payment on. If you are concerned about multiple missing checks, a Stop Payment can be placed for a range of checks, which may allow you additional time for research without worrying about a check being paid. When you complete the form, press "Submit" at the bottom of the form and the system does the rest. Before the system accepts the Stop Payment, it will automatically verify that the check has not cleared.
If you need to monitor previous Stop Payments, the system will display or allow you to print all active Stop Payments. If you need to place a Stop Payment on an ACH item or a check that has been converted into an ACH item, we ask that you come to one of our offices as we may need to provide additional research.
With our advanced systems, we have eliminated having to call the Bank and the system is available 24x7. Nothing could be easier or more secure.
Need to get money out fast? First State Bank offers clients access to Wire Transfer for domestic and international transfers. Through our Wire Transfer initiation and settlement system, we can transfer funds quickly, reliably and securely. Funds are moved almost immediately once we receive and verify your request.
Access to Wire Transfer is available through the Cash Management system or by telephone. As a Cash Management customer, you simply login to the secure Online System and follow the procedures for initiating a Wire Transfer. The Wire Transfer request will automatically route to our attendant who will give it top priority.
Our advanced security provides you with an option to designate two employees for Wire Transfers: one employee to setup the wire and a second employee to authorize and transmit it to the Bank. Your company has total control over employee restrictions, which can limit dollar amounts and accounts an employee can access. All Wire Transfers create audit trails for future research.
1Only items drawn on U.S. financial institutions qualify for Check 21