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Common Cash Management Questions


First Bank’s customized cash management services provide start-to-finish techniques that can help your business enhance cash flow, improve accounts payable and find new ways to efficiently automate payments and profits.

It’s no small task, especially when—large or small—the solutions are customized for each business. To understand more about what cash management entails, we asked our team about some of the common questions and concerns they address each day in the field. Below are their responses.

I know large enterprises need cash management plans, but what about my small business?

Any business, large or small, should always take advantage of banking products that will save time and money. In fact, since small businesses tend to have smaller cash flows and margins for error, efficiently planned cash management processes can be vital to sidestepping risk and slow months.

How much time can it really save?

First Bank offers remote deposit capture, ACH payroll/payment/collection, sweep accounts, zero balance accounts and many other products that can all be handled directly inside your office. Of course, First Bank’s tellers will be happy to see you anytime, but our cash management services allow many of your business’ cash processes to be run efficiently without much more than an online click or phone call.

Can I opt out if I don’t like it?

First Bank does not lock you into a contract or a set amount of time. You’re welcome to stop the service at any time.

How long does it take to set up the process?

This can vary depending on the services and products, but most processes can be set up in only a day or a week at most.

Is online banking secure?

First Bank implements multiple stages of control that are constantly updated to protect your information and prevent our systems from being compromised. Multi-factor authentication (MFA), 128-bit encryption requirements, and Secure Access Code are just a few of these advanced measures.

What is the purpose of the file limit?

We set file limits to protect you from fraudulent ACH activities or errors by capping the amount that can be sent. Processes are in place to quickly increase those amounts if needed.

How are fees paid?

In many cases your balance can offset fees, and First Bank pays a premium earnings credit rate of 1% Annual Percentage Yield.

What are the practical ways direct deposit helps my business?

Direct deposit is an easy way for your business to save money, help the environment, and make things easier for your employees. Instead of giving your employees a paper check, you will be transferring money electronically to their account, decreasing the cost of checks you have to order all while lessening the risk of stolen documents and identity theft.

Expenses are further reduced by the automatic uploading data files and elimination of lost checks or special provisions for vacations and business trips.

How does direct deposit help my employees? Do they have to use First Bank?

Workers are much more attracted to direct deposit than paper methods. It’s easier, faster, and much more secure for individuals, and it enhances employee morale. Plus, your employees will still be able to use their own checking accounts.

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