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Designed to meet the everyday needs of governmental entities, this interest-bearing checking account provides an efficient way to manage municipal funds. With its competitive tiered interest rate structure, municipalities can further maximize account balances.
With this account option, collected funds are swept to/from the zero balance account into/from the Government Premier Interest Checking account daily. This process concentrates funds from several accounts into one interest-earning account and eliminates float in vendor, payroll and other checking accounts, therefore maximizing investment income.
This basic, non-interest-bearing product is available for funds that must be deposited at no interest, such as grant monies.
This unique option connects a master account with an unlimited number of sub accounts to allow for consolidated reporting. Each month, this consolidated report provides a summary of all deposits/credits, withdrawals/debits, and interest earned in each individual sub account. This product is ideal for trust funds, special revenue funds, stabilization funds, enterprise, CPA and other non-general fund monies. No minimum balance is required.
Designed for finance officials who want to maximize investment income, this product features competitive tiered interest rates. The highest interest rate tier is reached with balances of $100,000+, making this an account that can benefit even the smallest of municipalities.
Certificates of Deposit (CDs) are available for a variety of terms with competitive interest rates that can benefit funds over a defined period of time. Maturities range from 3 to 24 months, with longer maturities available upon request.
We are committed to being an active and competitive participant in the municipal market in order to meet financing needs for capital projects and cash flow. Through working closely with a Government Lender, you can find a loan option that supports short-term or long-term financial needs.
Financing Options Include:
Reduce the time and costs associated with filing and reporting payments with the help of Electronic Data Interchange (EDI) reporting, an ideal service for direct deposit of state aid payments. You will receive detailed transaction reports via email for streamlined record-keeping purposes.
Transfer funds anywhere, quickly and easily, with this secure electronic service that enables you to initiate outgoing domestic wires to any financial institution within the U.S.
Today’s technology has created many new avenues for fraud to be attempted against your accounts. Fraud is costly and time consuming. With our fraud prevention products, preventing fraud is quick and easy. bankESB has products that help protect you against both check fraud and electronics payments fraud.
Each time you issue a check, you transmit that information (i.e. check number, dollar amount and payee name) to the bank. We match each check presented for payment against that information. If everything matches, the checks would be paid. If a check does not match, it would reject and you would be able to decide whether to pay or return the check.
Check Positive Pay is integrated with our eBusiness Solutions (Online Service) to provide single login access to positive pay protection.
This service allows debits to post to your account from companies that you have authorized. You provide us a list of the “authorized” companies. As ACH debits post to your account, we match them against your authorized list. If an ACH item does not match against this list, the item is rejected and you are notified.ACH Positive Pay is integrated with our eBusiness Solutions (Online Service) to provide single login access to positive pay protection.
This full-service payment processing option offers e-commerce solutions for any size municipality. Pay your vendors electronically, deposit employees’ payroll directly into their accounts, make federal tax payments and more.
With Full Reconciliation, your company will upload a file containing check issues information and we match checks-issued with checks-paid. Monthly reports are made available to you via eBusiness Solutions, our internet banking platform. Reports include a paid and outstanding item report as well as exception reports for items like voids and deletes. The report data includes:
This information can be sorted according to your preference.
Unlike Full Reconciliation, bankESB doesn’t require a checks-issued file for partial or “paid only” reconciliation. Instead bankESB extracts a list of checks-paid from our commercial checking systems. This information is provided to you through eBusiness Solutions, our internet banking platform and can viewed, printed and exported. The following information is provided: checks paid; check numbers; paid dates and dollar amounts.
With this remote deposit service, you can use secure remote deposit capture technology to make unlimited deposits to your government banking account from your place of business. Reduce trips to the bank, streamline employee tasks and make more frequent deposits in order to help increase interest earnings.
Access all the tools you need to manage your municipal finances while improving efficiencies with a range of valuable benefits.
We can help government entities streamline payment processing and tracking.
Our lockbox product will accelerate the collection of your receivables and save you valuable clerical time. You receive fast and accurate credit to your account. Our service includes image capture that utilizes state-of-the-art hardware and software to capture the image of the check and the invoice. These items are available for you to view the same day they are processed
Retail lockbox service uses optical character recognition (OCR) to collect payments and capture the remittance data. We provide you with an electronic output of your remittance data and special reports that will automate the posting to your accounts receivable system.
*Cash Management products are available to municipalities and fees may apply.
**ACH Services and Remote Deposit Capture require review and approval by bankESB. Not all customers are eligible for these services.
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