Solutions designed to meet specific business needs.
Some businesses and professionals have special, or more complex, money management needs. At Sterling National Bank, we provide the products and services to meet them through a team of experienced bankers throughout the Hudson Valley. These include:
- Automated Clearing House (ACH)
- Wire Funds Transfer
- Zero Balance Account Service
- Overnight Sweep Account
- Account Reconciliation and Positive Pay
- IOLA/IOLTA Accounts
Automated Clearing House (ACH)
Initiate a wide variety of ACH transactions via Business Internet Banking. Execute debit and credit transactions. Pay vendors. Provide direct deposit to employees. Initiate Federal tax payments, and concentrate funds into your Sterling National Bank account, all with just a few simple mouse clicks. Underwriting and bank approval required.
Wire Funds Transfer
Transfer money quickly between your Sterling National Bank accounts and other financial institutions without a trip to a financial center using the online Wire Funds Transfer service available with Business Internet Banking. Underwriting and bank approval required.
Zero Balance Account Service
Eliminate managing excess balances in multiple accounts. The Zero Balance Account Service streamlines the cash management process for businesses that maintain separate accounts for distinct uses. It offers greater transaction control and streamlines the funding of the accounts. This service automatically maintains a balance of zero by transferring funds to and from the concentration account where the balances reside to the subsidiary account(s) to fund activity.
Overnight Sweep Account
Make the most of your earnings by automatically investing your excess checking account funds into our Overnight Sweep Account. Every night after all transactions have cleared, balances above the target amount required to offset account fees are automatically swept into your choice of interest earning investment accounts. You retain access to your funds so you can maximize earnings potential while maintaining complete control.
Account Reconciliation and Positive Pay
Save time, improve productivity and identify potential fraudulent activity faster with our automated, reliable Account Reconciliation Service. With your choice of service and report options, this solution provides timely and accurate reconciliation, enabling you to quickly identify exceptions while reducing your administrative expense and staff workload. The Positive Pay feature will match checks that your company has issued to those that are presented to the bank for payment. The bank will notify you electronically if the items do not match.
Attorneys are required to establish IOLA accounts by New York State law, and IOLTA accounts by New Jersey law, to hold “qualified” nominal, short-term funds in trust for a client. Sterling National Bank makes it easy to open and maintain IOLA/IOLTA accounts, as we:
- Maintain all records
- Forward the interest to the state’s IOLA/IOLTA Fund, which subsidizes legal services for low-income residents and a variety of IOLA/IOLTA legal programs
- Require no minimum deposit to open the account
- Provide a monthly account statement for easy tracking.
Visit your local Sterling National Bank Financial Center to find out more.