Money Market Sweep Account

Our sweep account works just like a regular checking account. You merely make deposits, write checks, wire funds, etc. and the bank handles the investment of your excess funds. Our sweep is a same-day, end-of-day sweep that allows all excess funds, above your predetermined target balance, to “sweep” into a money market for automatic investment while still maintaining the daily liquidity you require. The Enterprise Bank sweep account eliminates your need for daily monitoring of checking balances since the investment is automated. Plus, it can be used in conjunction with your zero balance accounts to invest funds from several checking accounts.

Lock Box

Lockbox is a service designed to reduce mail and collection float associated with your customer remittances. It can also significantly reduce the time and expense of processing these payments by your staff. Payments are picked up at a post office by the bank and immediately deposited to your account. Frequently this service can give you one, two, perhaps even three days quicker access to collected funds.

You will enjoy the following benefits:

• Reduction of mail float – all mail flows through a downtown post office where it is sorted and then delivered to outlying post offices for further delivery to your business. Often this adds a day or more to the delivery time. Allowing Enterprise to receive and process your mail eliminates this added time. Payments are credited to your account the morning of receipt.
• Reduction of check collection float – your customer payments are processed in the morning at our Operations Center and immediately sent out for collection. This morning processing allows the bank to meet critical check clearing deadlines, frequently reducing the time it takes for you to receive “collected funds” by as much as a full day.
• Reduction of payment processing time and expense – payments processed directly by the bank reduce the work required by your staff to prepare and make bank deposits. In addition, Enterprise can provide daily payment information to you via an electronic data file, which can be used to automatically update your receivables, thus further reducing your processing time and expense.

ACH Collection/Direct Debit

Direct Debit is a method of collecting payments electronically via the Automated Clearing House (ACH) system from your clients/vendors. ACH transactions are, simply put, electronic checks. Direct debits are usually small, recurring payments from individuals although commercial payments can also be incorporated in the program. This feature is accessed via EBDirect Business Plus, our Internet Banking System for Businesses. EBDirect Business Plus is a real-time system and will update balances simultaneously with any incoming or outgoing wires or ACH transactions. By utilizing Enterprise Bank’s ACH module via EBDirect Business Plus, you will have fully collected funds in your account on the effective date and won’t have to wait for your customers/vendors checks to clear. This allows you quicker access to funds for short-term investments, loan pay-downs or general disbursement needs.

ACH Cash Concentration

For those businesses with multiple banking relationships, ACH originations are an excellent way to concentrate your cash. The transferring of funds from non-Enterprise depository banks to an account at Enterprise is a simple process using EBDirect Business Plus, giving you a central point for cash control. This service allows you to decrease idle balances in local accounts, improve cash flow, and maximize return on your cash resources.

Wire Transfers

Wire transfers are the fastest way to move funds from one bank to another. High-dollar payments and time-critical transactions are handled most efficiently due to the immediate availability of funds via a wire transfer. Plus, with Enterprise Bank, our minimal incoming wire fee is small compared to the advantage of gaining same-day funds.

Zero Balance Accounts

Our zero balance accounts allow you to concentrate your funds from multiple Enterprise Bank accounts for added control over your cash resources. All disbursements out of your ZBA will automatically fund from a “master” account and will leave the disbursement account at a zero balance each business day. This greatly reduces idle balances that can now be invested or used for loan pay-down needs.

ACH Payments/Direct Deposit

Direct Deposit is a method of depositing money electronically into the bank accounts of employees, retirees, and shareholders using the ACH network. Direct deposit saves time, increases efficiency, and reduces payroll processing costs. Generating payments to vendors via ACH eliminates check writing, increases accuracy, reduces the chance of check fraud and theft, and improves cash projections. The ACH Payments and Direct Deposit functions can be accessed through EBDirect Business Plus, our Internet Banking System for Businesses.

Controlled Disbursement

Enterprise Bank’s premium controlled disbursement account is a service that provides you with same-day, morning notification of the total dollar amount of checks that will clear your account that night. This enables you to know your exact cash position for that day and determine investment/borrowing needs quicker. It also provides increased float on the checks you write due to unique routing numbers based on outlying country points.

Electronic Tax Payments

The Electronic Tax Payment module is accessed via EBDirect Business Plus and allows you to make federal tax payments online. It is a convenient and user-friendly service that will satisfy your electronic tax payment needs.

Account Reconciliation Processing (ARP)

Enterprise Bank offers a wide variety of ARP products that will allow you to more efficiently reconcile your checking accounts, thereby enhancing audit controls and reducing administrative costs. The products we offer are:

• Partial ARP - We will provide for you each month a listing of all checks that have cleared your account (s)
• Full ARP -Along with the paid check listing, we would also provide you with a listing of outstanding checks, all miscellaneous debits and credits, and a summary report for the month that includes a beginning account balance, summary totals for the items indicated above, and an ending account balance.
• Deposit Recon -Provides deposit information grouped by location. Allows multiple locations to deposit into one account and still maintain information segregation by unit.

CD-ROM Statements

Our monthly CD-ROM image statement product provides images of your bank statement, paid checks, deposit slips, and deposited items. It’s the perfect way to have easy, convenient access to months, even years of account history. Images are sharp (much better than traditional microfilm) and Windows viewing software allows you quick retrieval with printing quality that rivals the original check. Your monthly CD-ROM can contain multiple accounts on one CD and you will also receive a year-end disk that contains all information for the entire year.

Electronic Data Interchange (EDI)

EDI transactions (or FEDI which stands for Financial Electronic Data Interchange) will supply you with detailed information regarding ACH receivable payments from your vendors or trading partners. Examples of this detail would be invoice numbers, store numbers or compensation breakdowns. Utilizing EDI payments reduces administrative costs and enhances productivity. Whenever you receive FEDI transactions via the ACH network, Enterprise Bank will provide you with a faxed summary report detailing the transaction same-day.

Positive Pay

With our positive pay service you greatly reduce the chance of significant loss due to stolen or fraudulently created checks. One out of three businesses experience check fraud with an average loss of over $10,000. Whenever checks are cut, you would provide Enterprise Bank with an issue file that contains the check number and check amount of all checks issued. We would then match the file against incoming checks and advise you of any discrepent items. You would then, via our online banking package, view the check image and make the decision to return or not return check. Positive pay’s low monthly cost compared to the potential loss make it a real value.