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 is a convenient, safe, and smart choice.
You may make other pre-arranged transactions, such as:
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.
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.
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.
Our Positive Pay service affords your company these advantages:
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.
Your customers mail their payments to a designated post office box assigned to you. The bank will:
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.
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.)
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.
Both Sweep Account options provide these advantages:
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