Collection Services
Cash Managment - Disbursement Services - Information Services - Control Services
Remote Deposit Service
Now you can have access to your own personal “Desktop Banker” at your business location. With Remote Deposit Service (RDS), you simply scan checks to be deposited using a check scanner and transmit the created images to the bank through your Internet connection. Images transmitted and confirmed by 8:00 p.m. Eastern Time each business day are posted the same day.
Features and Benefits
- Eliminate the rush to bundle deposits and take them to the bank.
- Extended deposit deadlines enhance availability.
- Increase productivity.
- Save time.
- Scanning software reads the amount of the check before transmission, helping ensure accuracy.
- Complete control of system access in your office through administration of user IDs and passwords.
- Retrieve check images up to 30 days
Wholesale Lockbox
Wholesale Lockbox service with Fidelity Bank speeds the collection of large checks you receive in the mail. It gives you access to complete payment information from those checks and any accompanying documents, such as invoices or remittance forms, to ensure that you always have a clear picture of your receivables.
We establish a post office box specifically for your business. You instruct your customers to remit payments directly to that box. Couriers from Fidelity Bank pick up your mail daily, Monday through Saturday, and deliver it to our Lockbox department. Here, your customers’ checks are deposited to your account and promptly converted into available funds. All remittance envelopes, accompanying contents, and photocopies of the original checks can be returned to you for payment application. We now have NetQuery service to access remittance images using a secured Internet site. The net result is that you have access to your money sooner while retaining complete control.
Features and Benefits
- Decreases processing time.
- Increases cash balances available for use.
- Save clerical processing time and cost.
- Reduces mail and check collecting time.
Cash Concentration
Cash Concentration allows you to consolidate funds from multiple locations electronically into a single checking account. This provides you with greater control of funds and investments by minimizing idle balances in multiple accounts.
Features and Benefits
- Idle funds from outlying accounts can be consolidated into one account for means of investing.
- Funds are available for disbursement
- Saves time and cost of preparing checks or initiating wires to transfers funds.
Automated Clearing House
The Automated Clearing House (ACH) system is a nationwide electronic payment and collection network that allows transactions to be posted to accounts at virtually all U.S. financial institutions. The ACH system enables you to originate three primary types of transactions when you transmit data:
1. Employee/Consumer Direct Deposit:
- For issuing payroll, expense reimbursement, dividends, interest, annuities, etc.
- Electronically credits recipients checking or savings account.
Features and Benefits
- Reduces costs of payroll administration and distribution time.
- Eliminates check purchases and processing time.
- Provides complete audit trail for payments.
2. Consumer/Preauthorized Payments:
Electronic collection of receivables such as insurance premiums, utility bills, mortgage and rental payments, etc.
Features and Benefits
- Accelerates funds availability.
- Accommodates variable and fixed rate payments.
- Helps reduce bad check expense.
3. Corporate Cash Concentration:
Electronic transfer of funds from a non-Fidelity Bank account to a Fidelity Bank account. Used by companies to gather cash from outlying deposit accounts into a central concentration account.
Features and Benefits
- Less expensive alternative to depository transfer checks or wire transfers. \
- Eliminates idle finds in outlying accounts.
- Keeps track of funds from multiple locations.
Contact info:
Contact your business relationship banker or your local branch for more information.