Business Banking - Treasury Mgmt.
ACH Debit Block
A fraud prevention technique similar to Positive Pay, ACH Debit Block will only grant permission to authorized vendors from debiting your bank accounts with an ACH. All other non-authorized vendors prompt a phone call to you asking for permission for the transaction, and any future transaction with that vendor, to occur.
The Automated Clearing House provides a safe, efficient method to move money without the expense of paper check stock or a wire transfer. The ACH Department ensures secure and accurate processing of each file received. Lake City accepts ACH files created in NACHA format. Files can be easily transmitted through our Internet banking product, Business Online.
Business Online Bill Pay
Business Online Bill Pay allows our business clients to disburse funds without writing checks. Employees can be paid via Direct Deposit of Payroll, vendors can choose to be paid by check or by ACH or you can even e-mail payments to businesses or individuals not willing to give you their bank information. The help line offers extended hours and is just a few keystrokes away with online chat or a simple phone call to a live person here in the Midwest.
Lake City Bank’s Controlled Disbursement Account provides check clearing information the day of posting giving you a “sneak preview” of the day’s cash position. Checks are drawn on a separate routing and transit number associated with Lake City Bank. Controlled Disbursement intercepts the check information before posting and delivers it via Business Online by 11 a.m. This early “sneak peek” allows you to calculate your cash position for borrowing and/or investment opportunities.
Positive Pay is a fraud prevention technique used to notify you of any non-authorized checks before they clear your account. You send Lake City Bank an electronic file (via Business Online) of all checks that will be disbursed. Lake City Bank maintains this database, matches incoming checks and notifies you immediately if any piece of the information does not match. Then you make a Pay/Return decision for each check that is considered an exception.
Zero Balance Account
A Zero Balance Account is a stand-alone checking account that maintains a set balance at all times. The balance maintained can be zero or any other balance desired. The account is tied to another account designated as the concentration account that holds all funds. Deposits made to the Zero Balance Account are moved to the concentration account after the designated balance is reached. As checks clear the Zero Balance Account, collected funds move from the concentration account to the Zero Balance Account to clear checks presented and maintain the designated balance. This prevents any uncollected funds usage within the Zero Balance Account.
Contact a Lake City Bank Treasury Management representative at CIS@lakecitybank.com for more information.