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Collections and Drafts

Initiate electronic debits for recurring customer payments.

Enjoy speed, accuracy, and flexibility.

Electronic Collections are ideal for recurring receivables such as insurance premiums, lease or loan payments, utility payments, subscription and membership fees and charitable contributions.

Your customers simply authorize an electronic debit from their account. Funds are then electronically transferred from your customers’ accounts to your account at First Bank on the specified date.

The system can also be used to easily manage multiple accounts at different banks. With a simple online process you sweep funds from your other bank accounts. A single, concentrated account helps to maximize your investment opportunities.

Advantages

Reduce costs

In most cases, electronic transactions are less expensive to initiate and reconcile than paper instruments.

Increase earnings

Maximizes your investment potential.

Convenience

  • Transaction information can be submitted directly through our online banking system
  • Can be a valuable convenience for your customers who make recurring payments

Consider this service if your company

  • Receives recurring payments such as insurance premiums, loan payments, subscription fees, contributions, membership dues, etc
  • Wants to reduce labor and costs associated with the collection process
  • Has multiple bank relationships

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