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Cash Management

November 30, 2021

Bank-of-Elk-River-Business-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 a 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.

Do you have 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. Pay employees by direct deposit. Manage accounts receivable and accounts payable. Same-Day ACH options are available.*
  • Delegate payment responsibility, set permission controls, run customized reports, and maintain more control over your cashflow.

Business Bill Pay

  • Delegate payment responsibility, set permission controls, run customized reports, and maintain more control over your cashflow.

Business Desktop Deposit (eScan)

    • Save trips to the bank by using a bank-provided scanner that processes check images quickly through our secure software.
    • Make deposits 24/7. Deposits can be completed in batches or one at a time.
    • Benefit from same-day credit deposit cut off time of 4:00pm.
    • Take advantage of automated transaction validation and balancing.
    • Experience enhanced security and fraud protection.

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.

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: LBacklund@TheBankofElkRiver.com

*Same-Day ACH requires an additional level of responsibility to ensure that only items intended for same-day are sent same-day. Customers will need to sign an ACH Agreement that details out the rules and how Same-Day ACH items are processed.