TREASURY MANAGEMENT

BizNet 24 ACH

The Automated Clearing House (ACH) Network functions as an efficient electronic alternative to paper checks.  It allows funds to be electronically debited or credited to a checking or savings account.  Most frequently used for payroll, it is also available for any pre-arranged payment or deposit.

BizNet 24 ACH/Direct Deposit Benefits

BizNet 24 ACH is a convenient, safe, and smart choice.

  • Eliminates the need for payee to travel to deposit checks
  • Provides timely deposits into payee accounts
  • Offers the option to automatically divide deposits among different accounts
  • Eliminates the need to stop payments, re-issue and reconcile payroll checks
  • Prevents lost or stolen checks
  • Allows more confidentiality since electronic payments pass through fewer hands than a check
  • Reduces risk of identity theft because fewer people see personal information
  • Provides quick resolution of problems
  • Gives payees quicker access to their funds by eliminating the wait for checks to clear
  • Helps the environment by eliminating paper checks and trips to the bank

Non-Payroll Uses

You may make other pre-arranged transactions, such as:

  • Donations
  • Dues
  • Fees
  • Insurance payments
  • Contributions
  • Rental payments
  • Collection from and payment to vendors
  • Cash concentration of funds within a corporation       

BizNet 24 Deposit - (Remote Merchant Capture)     

BizNet 24 enables your business to deposit checks into a bank account from your location without physical delivery to the bank.  A scanner converts paper items to digital images for high-speed electronic processing, delivers deposit immediately to the bank, and provides confirmation of the deposit.

BizNet 24 Deposit Benefits

    • Allows daily deposits from your place of business
    • Saves time and money
    • Speeds delivery of check deposits 
    • No deposit slips required
    • Reduces number of trips to the bank
    • Reduces courier costs and timing issues
    • Greater convenience
    • Send transmissions 24/7
    • Extends same-day banking hours until 6:00 p.m.
    • Provides safe, encrypted file transmissions to the bank

BizNet24 Deposit Requirements :

  • A small desktop scanner (Provided by Woodhaven Bank)
  • A personal computer
  • An Internet connection
  • Windows XP Professional
  • Windows Vista Business
  • Internet Explorer

Positive Pay

Positive Pay is an automated fraud-detection tool.  Our service matches the account, check number, issue date and dollar amount of each check presented for payment against a list of checks you have previously authorized and issued.  All four parts of the check must match exactly, or it will not pay.

How does Positive Pay work?

Positive Pay requires your company to transmit a file of issued checks to Woodhaven Bank each day checks are written.  When those issued checks are presented for payment at the bank, they are compared electronically against the list of transmitted checks.

The check-issue file sent to the bank contains the check number, account number, issue date, and dollar amount.  When a check is presented that does not have a “match” in the file, it becomes an “exception item.”  You review all exception items via Woodhaven’s Online Internet Banking and instruct the bank to pay or return the check.

Positive Pay Benefits

Our Positive Pay service affords your company these advantages:

  • Early detection of fraud
  • Prevention of losses to your company
  • Ability to make your own pay/no-pay decision

Lockbox Services

Lockbox is a service that allows your customers to remit payment to a numbered post office box designated for your company.  The bank facilitates the collection, processing and depositing of the check collections into your account at Woodhaven Bank.

How does Lockbox work?

Your customers mail their payments to a designated post office box assigned to you.  The bank will:

  • Pick up your mail and process the checks and documentation in accordance with your requirements.
  • Deposit remittance funds into your specified Demand Deposit Account(s).
  • Transmit daily account/remittance information to you.

Lockbox Benefits

  • Saves time, money and resources by reducing your in-house clerical functions
  • Accelerates the collection of remittances
  • Provides faster availability of funds
  • Provides greater reliability in deposit processing
  • Allows greater flexibility in capturing and delivering remittance data
  • Provides greater security with processing in a controlled environment

Sweep Accounts

A Sweep Account is designed to keep a predetermined balance in an account by automatically transferring funds into or from a “master account” designated by you, at the close of each business day.  Two types of Sweep Accounts are available.

Sweep to Line of Credit

This option links your demand deposit account to a dedicated credit line, and allows you to pay back the line as needed.  (Certain restrictions may apply, and credit approval is required.)

Zero Balance Account (ZBA)

This option is a checking account in which a balance of zero is maintained by automatically transferring funds to or from a master account in an amount only large enough to cover checks presented.  One or more accounts can be tied to one master account.

Sweep Accounts Benefits

Both Sweep Account options provide these advantages:

  • Eliminates excess balances in separate accounts
  • Maximizes your use of funds
  • Allows you greater control over disbursements