Treasury Management

LINE OF CREDIT SWEEP

BLC’s Line of Credit Sweep solution allows business clients to automatically manage surplus cash balances to reduce interest expense. This service automatically moves funds back and forth between a company’s primary checking account at BLC and an active line of credit. 

Why Use a Sweep Account?

  • Eliminates time and inconvenience to request manual draws on lines of credit.
  • Prevents overdrafts or excess balances as well as provides maximum utilization of funds
  • Reduces interest expense
  • All transfers to and from the checking account/Line of Credit are in $1,000 increments

How It Works

  1. A Target Balance is established in a client’s checking account. This will be the consistent daily balance for the account.
  2. On a daily basis, deposits are credited to the account and checks are presented.
  3. At the end of each day, the Collected Balance is computed after all transactions have cleared the account.
  4. If the balance is in excess of the Target Balance, the surplus is used to pay down the company’s line of credit. 
  5. If the balance is less than the Target Balance, funds are automatically drawn from the Line of Credit to fund the account up to the Target Balance. 

The service is totally automated and maximizes a company’s cash without the necessity of any manual intervention. 

Requirements

Customers must maintain a minimum target balance of $10,000.00 in their primary checking account at BLC. 

Cost
Monthly maintenance fee $75.00 


--------------------------------------------------------------------------------------------------------------------------------------------


ACH PAYMENTS

Through our online banking system, BLC offers use of ACH (Automated Clearing House) payments to assist its business clients. With the increasing movement toward an electronic, interconnected and mobile infrastructure, it’s critical that electronic payments work safely and efficiently for all users. The ACH Network enables just that: by using batch processing and a store-and-forward system, it moves almost $39 trillion and 22 billion electronic financial transactions each year. 

Why ACH?

  • ACH entries are entered and transmitted electronically, making transactions quicker, safer and easier
  • Clients of the Bank can utilize the ACH network to send and receive payments from customers and suppliers on a much more cost-effective basis than through checks. 
  • ACH has numerous applications, including vendor payments, tax payments, direct deposit of payroll to employee accounts and automated loan payments.
  • Utilizing ACH payments fewer paper checks are created which can be utilized to fraudulently access a business account
  • Satisfy Company’s employee requests for direct deposit payroll

How It Works

  1. Customer creates an ACH formatted file though BLC’s secure business online banking. ACH transactions can be either debit or credit payments and commonly include Direct Deposit of payroll, vendor payments, mortgage and bill payments and online banking payments, to name a few.
  2. BLC receives and forwards the ACH file to the Federal Reserve Bank for processing. 
  3. The ACH transactions are sorted by the Federal Reserve and made available to the Receiving Depository Financial Institution. 
  4. The Receiver’s account is debited or credited according to the type of ACH entry.
  5. ACH transaction typically settle in one to two business days. Same day settlement may be available dependent upon time of day of origination. 

System Requirements

Companies are required to have internet access and a current Windows–based operating system. No software is stored locally on the Companies computers.

Cost

One time set up fee $150.00

Monthly maintenance fee $15.00

Per file transmission $5.00

Per transaction in the file $ .05

Per transaction in same day file $ .50

 

-----------------------------------------------------------------------------------------------------------------------------------------


REMOTE DEPOSIT CAPTURE

BLC’s Remote Deposit Capture (RDC) Solution is a service which allows a user to scan checks and transmit the scanned images to a bank for posting and clearing. The basic requirements for an RDC service currently include a PC, an internet connection, a check scanner and a service provider, such as BLC. Checks you receive at your business location can be scanned to create a digital deposit. This digital deposit is then transmitted over an encrypted internet connection to BLC, which then accepts the deposit, posts the deposit to your account and assigns availability based upon your availability schedule.

Why Remote Deposit Capture?

  • Customers can make deposits from their office or place of business, without the necessity of driving to the bank. This eliminates the need to be close to a bank branch and the potential risk of theft or lost deposits, when sending staff to the bank.
  • Deposits can be made numerous times per day and are accepted at the bank until 8:00 P.M. This allows someone to make a deposit, even if they are busy until after 5:00 PM. 

How It Works

In its most basic application, here is an example from a customer perspective:

  1. ABC Corporation receives payments by check in the mail or at their office.
  2. ABC Corp. performs their normal Remittance Processing process. This process includes opening the mail, data entry from the payment coupon / control document (application, form, invoice, etc.), data entry from the check (dollar amount, date, account number, etc.), and information uploads to the Accounts Receivables, Customer, and other databases.
  3. Checks are then typically provided to the corporation’s treasury area where ABC Corp. prepares a deposit (deposit ticket with total and accompanying checks). This process typically includes counting the number of checks and adding the value of checks at least twice to ensure the deposit is accurate and balanced.
  4. With Remote Deposit Capture, instead of physically going to the bank to deposit the checks, ABC Corp. can now scan the deposit ticket and checks using a desktop scanner.
  5. Once the check images are captured, an ACH file (for eligible items) and/or an image-based deposit is prepared. The RDC system can then transmit (over the internet as a 128-bit encrypted file) the deposit to BLC.
  6. The Bank receives the ACH file and / or image deposit, posts to ABC Corp's account and assigns availability based upon an agreed upon availability schedule.

System Requirements

Companies are required to have internet access and a current Windows –based operating system. 

Cost

Monthly maintenance fee $ 50.00

Per item $ .05

One time set up fee for hardware, software and training on the scanner is waived by the bank.

--------------------------------------------------------------------------------------------------------------------------------------------


POSITIVE PAY

BLC’s Positive Pay Solution is an integrated transaction management system that encompasses check positive pay, ACH Positive Pay and Account Reconciliation to provide businesses with one of the most effective fraud prevention tools available. 

Why Positive Pay?

With high levels of check fraud rampant across the U.S., businesses that issue checks to suppliers and other payees need to track their payments. Companies can find themselves facing large debts if a check that has been altered to add a few thousand dollars is cashed, paying out far more than the company intended to release. This can result in an overdrawn bank account and the rejection of other payments, incurring both bank fees and the anger of payees with dishonored checks. 

BLC’s Positive Pay Solution offers a robust browser interface for commercial customers, which eliminates the need to install software on your workstations. The daily account reconciliation process automatically alerts you to check or ACH discrepancies and requests Client to make the pay or return decision. Clients can view images of checks, analyze reconcilement reports and submit electronic issued check files all via the web, in a secure paperless environment. 

How It Works - Check Positive Pay

1. The company compiles a list of checks issued each day and sends it electronically to the bank. The list includes the company’s bank account number, check number, the date and amount for which the check is issued. 

2. When payees present checks from the company for payment, the bank’s electronic systems compare them against the list, and only those checks that match completely are honored.

3. Any checks that do not match the list are not paid, and an E-Mail is generated and sent to the company for investigation. The company then makes a decision whether to pay or return the item.

How It Works - ACH Positive Pay

1. ACH Blocks- Using this solution, BLC can block an account from processing any ACH credits or debits. This is recommended for any accounts which should never have any ACH activity.

2. ACH Filters- For accounts with ACH activity, BLC recommends this solution. By utilizing a client- provided list, only credits or debits from approved parties will be honored.

Additional Feature

Companies will have access to online account reconciliation to assist with balancing to their bank statements.

System Requirements

Companies are required to have internet access and generate an electronic check file to upload to the Positive Pay system at the Bank. This solution is capable of accepting numerous file formats, including all formats capable of being converted to an Excel file.

Cost

Monthly maintenance fee $40.00 

------------------------------------------------------------------------------------------------------------------------------


ONLINE BILL PAY

Paying your bills is as easy as 1-2-3 with BLC’s online Bill Pay. 

Who can I pay using Bill Pay

Use Bill Pay to pay companies and people within the United States. Pay anyone that you would normally pay by check; companies, service providers, friends and family members. We don’t recommend using Bill Pay to make state and federal tax payments.

How It Works

  • Scheduling payments: Once you have added a person or company to your Payment Center, you are ready to schedule a payment. A calendar will show you when the next available settlement can occur, many times within 5 business days or less. If you prefer a later date, for budgeting purposes, you may choose a different date.
  • If you have overlooked a bill and need to “rush” a payment, you may be given an option for same day or rush delivery. There are additional fees for this service and before scheduling the payment, you will receive a warning message that includes the fee.
  • What if my payee is not listed? No problem! If the company, service or friend you wish to pay is not in the list provided, simply follow the prompts to enter your biller’s information.
  • With Bill Pay you can set up repetitive payments, pay bills when you will be out of town, review a list of your pending payments or a list of completed payments you have made in the last 45 days. You can also set up reminders for bills that are due each month, like credit card payments.
  • Need help? Don’t worry; call Bill Pay Customer Service at 1-844-753-7438, 6:00am – 12:00am CST, 7 days a week. You will have a Customer Care Representative at your fingertips.

System Requirements

Companies are required to have internet access and a current Windows–based operating system. No software is stored locally on the Companies computers.

Cost

Monthly maintenance fee $4.95 

Plus 50 cents for each payment