- Business Banking
- Treasury Management
- Collections & Deposits
Collections & Deposits
With Lockbox Processing, we prepare and process your deposits daily. A local Post Office Box is established in your company’s name. Each business day we pick-up your receivables, review the payments and remittances, and prepare your deposit according to your instructions.
Electronic accounts receivable updates can be made through a customized electronic file. Images of check payments and remittances are also available through an image archive or by CD ROM. You can:
- Make funds available faster
- Minimize fraud exposure
- Automate accounts receivable posting
- Decrease internal processing costs
Simplify your banking routine. Forgo the daily time, risk, and expense of sending an employee off-site or paying for courier pick-up to make deposits. With Remote Deposit, checks are scanned and imaged at your office and then submitted for deposit through Online Banking.
Deposits can be submitted 24 hours a day, 7 days a week. Deposits received by 5:00 pm will receive same day ledger credit. After the deposit is received, an automated report is available to confirm receipt of the deposit.
ACH (Automated Clearing House) Collection Services
ACH (Automated Clearing House) Collection Services is ideal for recurring payments such as insurance premiums, lease or loan payments, subscription and membership fees, and charitable contributions. Your customers simply authorize an electronic debit from their account. Funds are then electronically transferred from your customer’s account to your Stock Yards Bank account on the specified date.
ZBA (Zero Balance Account)
Centralize your Account Structure by adding a Zero Balance or Target Balance Account (ZBA/TBA). By linking a sub-account to a master operating account, you can eliminate idle account balances and overdrafts. After transactions are posted for the day, funds in the master operating account are transferred automatically to fund any disbursements in the sub-account. You can:
- Improve cash flow
- Consolidate balances to maximize interest earnings
- Combine balances to reduce outstanding credit balances
- Reduce overdrafts and eliminate the need to perform manual transfers
Money Room/Cash Management
Money Room services save the time and expense involved with collecting and counting cash. Transport your cash deposits via a secure, armored carrier. Coin and currency deposits made prior to our daily cutoff time will be credited to your account on the day of collection.
For your daily currency needs, orders for cash can be placed directly with the Money Room. You can:
- Eliminate large volumes of cash
- Enhance employee security and prevention of potential fraud
- Reduce cost of labor associated with preparing and validating funds
- Improve funds availability and reduce processing float
- Reduce trips to the bank