Take advantage of these services to manage your business more efficiently:
Business Online Banking
Remote Deposit Capture
Wire Transfer Services
Payroll Services
Electronic Collections Services
Sweep Checking
BUSINESS ONLINE BANKING
Our online banking solution is just right for your business. You can access your account information anytime, day or night - so you can make better financial decisions.
This PC-to-PC link between your business and our cash management system lets you complete important business decisions from your PC.
REMOTE DEPOSIT CAPTURE
Remote Deposit Capture allows you to deposit checks electronically from your desktop. Remote Deposit Capture utilizes a desktop scanner that connects to your PC and the Internet. With it, you can scan checks received from customers and issue deposits electronically to the bank, anytime day or night. It's the quickest way to turn check deposits into cash.
Click here for more information on Remote Deposit Capture.
WIRE TRANSFER SERVICES
When your business requires moving funds domestically or internationally, Minster Bank will make it happen. Wire transfers allow precise timing of payments and disbursements.
Funds Transfers
Transfers can be wired according to a pre-arranged agreement.
Security Features
Your authorized personnel will use a personal identification number (PIN) while making wire transfers.
Convenience
You can initiate transfers online, by telephone or by visiting any of our banking centers.
Increased Control
Wire transfers allow precise timing of payments and disbursements. You can maximize the use of your funds for investment purposes and to reduce debt.
PAYROLL SERVICES
We offer two solutions for your payroll processing
Payroll Services
A cost-effective and fast way to handle payroll for your business. It's also ideal for other kinds of payments, including insurance, pension, and expense payments.
Click Here For More Information on Payroll Services
Paycor
Making sure that your payroll, tax filing, and direct deposits are processed accurately and on time shouldn't be a major effort for your business. Our partnership with Paycor helps provide simple business solutions to assist business owners with these tasks. Paycor's payroll solutions are designed to offer outstanding services to companies with one employee to thousands.
Click Here For More Information on Paycor
ELECTRONIC COLLECTIONS SERVICE
A cost-effective, fast way to convert receivables into working cash.
Improved Cash Flow
Compared to receiving payments by mail, ACH Collection increases both accuracy and speed of collecting payments. You may eliminate the float associated with paper checks. You'll know exactly which items will post on which business day.
Enhanced Customer Service
Your customers benefit by eliminating check writing and postage expenses. Plus, there's less paperwork for your company.
Lower Costs
You save money by eliminating costs associated with processing payments. You also save on late billing procedures and security costs.
Fast, Efficient Processing
You submit data to Minster Bank two days before settlement date. Your account at Minster Bank is credited for the total amount of all payments, and your customers' accounts are charged on the settlement date. If you wish to take advantage of future-dated transactions, your ACH debits can be submitted in advance.
SWEEP CHECKING ACCOUNTS
A smart and convenient way to keep business cash productive at all times. Each night your funds are automatically swept into a pre-selected investment account. In the morning your cash is made available again to your company's operating account.
The Repurchase/Repo Sweep includes a daily review of the balance in a business account by Minster Bank. If the collected balance of your bank account exceeds zero, Minster Bank, acting on your behalf, will transfer funds out of the bank account. Those funds will be placed in the Repo sweep account. These deposits will be fully collateralized. This means they are protected with securities for amounts over $100,000 while earning a competitive interest rate.
The interest rate on this account may rise or fall on a daily basis. Minster Bank will determine the interest rate each day. The interest rate on this account is available each day at every branch office.
Automatic Investment
After your business checking account has been reconciled at the end of each business day, excess funds are automatically swept into a repurchase/repo sweep account.
Repurchase/Repo Sweep Account
This account carries the excess balances from the business checking account, or supplies funds when that account has a negative balance. Your funds invested in this account will earn interest.
Interest Paid
Increased cash productivity. Your cash is earning income at a competitive market interest rate.
Automatic Transfers
Transfers are calculated on collected balances. The transfer can be from $.01 to any dollar amount.
Save Time and Effort
No need for daily decisions about what to do with your excess cash, you can save time and effort without having to monitor your account balances. We'll automatically transfer funds between your accounts for disbursement as needed.
Detailed Activity Reporting
Your statement is clear and easy to read, summarizing the monthly activity in your Minster Bank accounts.
Investment Security
After the close of business each day, your funds automatically purchase an interest in U.S. Government Securities and Agencies.
