Cash Management Services

For larger companies, CentralNET provides a wealth of valuable and convenient features. Please call corporate services at 859-253-6368 for pricing information. With this version you can:  

• View deposits and loan account balances and activity

• Receive eStatements

• Access check images

• Initiate stop payment orders and view history (standard stop payment fees apply)

• Pay Central Bank loans

• Provide multiple-user access

• Receive business alerts

• Choose dual-control option

• Download transactions to Quicken^® or QuickBooks^®

• Perform BAI exports

• Report cash positions

• Originate ACH payments and wire requests

For business customers with more sophisticated cash management needs, we offer a Cash Management version of our online banking services. Companies receive all the features of our Business Version of CentralNET plus:

ACH Payment Module

Set up each employee for direct deposit, send payments to your recurring payees and send state and federal tax payments.

ACH Collection Module

Allows businesses to concentrate funds to Central Bank from accounts at other banks or to collect periodic payments like health club dues, tuition payments, pledged donations or other recurring collections.

ACH Payment and Collection Services

In addition to the ACH solutions in CentralNET Business, any NACHA-formatted data file created by your company's payroll or accounting software can be provided to us by secure email or secure direct file transfer for upload into the Federal Reserve System.

General

• Users can be set up with rights to create, edit or release/approve ACH files; dual control may be established for any of these functions with company and User limits

• Release of funds protected with the use of a Security Token

• Build database templates, import NACHA files or direct file transfers

• Reports available with 45 days of history

• CentralMOBILE Business allows ACH review, approval/release away from the office (with security token)

• CentralNET Business Alerts notifies Users with approval/release rights of pending ACH that require action

ACH Payments Module

• Use payroll direct deposit for employee wages, pay vendors and suppliers, send dividends or interest payments and even fund satellite bank accounts

• Eliminate the time and expense of mailing checks

ACH Collections Module

• Electronic payment collection for dues, donations, tuition and vendor payments

• Control collection timing of your receivable payments and eliminate mail and delivery delays

Tax Payment Module

• Federal Tax Payment templates

• State Tax Payment templates for any state where you do business

• Eliminate time wasted driving to the bank while improving employee safety and limiting company liability

• Two scanner options available to fit your company’s needs: single-feed or multi-feed

• Accelerate cash flow by depositing checks faster and more often

• Create customized fields to export into a file to upload payment data into your accounts receivable system

• Extensive reporting and research capabilities (180-day history)

• Streamlined workflow processes with multilayered security guards against operator error, including duplicate-check detection

• Receive same-day credit for deposits with extended cut-off times of 7 p.m. ET

• Local support and service

• Manages all interaction and eliminates the need to install software through secure online interface

• Notifies you automatically when check exception items or ACH activity are presented

• Alerts you when unauthorized ACH activity occurs

• Provides online exception management that allows you to make pay-or-return decisions online for both checks and ACH

• Integrates with Central Bank's teller system to provide an additional front-line defense against check fraud

• Allows you to view images of exception items via check-image integration

• Eliminates manual intervention of submitted check files via automated processing of submitted check files

• Positive Pay Demo

• User Guide

• Import Check Issued File

• Review Exceptions

Incoming Wire Transfers

• View incoming wire transfers online within CentralNET current-day activity

Manual Outgoing Wire Options

• In person at any Banking Center

• Mail, fax or telephone your request to your Relationship Manager or directly to our Funds Management team (requires an executed wire agreement & PIN validation)

• Standing wire orders or wire drawdown requests

• All non-USD international wire orders

Online CentralNET Business Outgoing Wire Module

• Initiate same-day domestic and (USD) international wire transfers until 4 p.m.

• Set up wire templates for recurring and semi-recurring domestic and USD international wire orders

• Future-date wire transfer orders

• Your Company Administrator may establish dual control for wire transfer users to create, edit or release funds

• Users granted the ability to approve/release wire transfers must use a security token in addition to their login credentials

• CentralNET Business Alerts notifies Users with Approval/Release rights of pending wires that require action

General

• Your remittances are picked up at the Post Office each business day, opened, sorted and processed per your specifications

• Lexington Post Office Box provides your customers with a Kentucky remittance address

• Checks are deposited, remittance documents and nonpayment documents are imaged and reports are prepared

• View images of completed work online with our Web Lockbox service

• Items are imaged, endorsed and assigned tracing and identification numbers to ensure proper audit trail and to expedite item retrieval and reconstruction

Wholesale Lockbox

• Typically low-volume/high-dollar remittance payment

• Imaging of check and remittance documents

• Imaging of correspondence and/or envelopes

• Customized sorts and subtotals by payment type such as personal, insurance or business

• Manual keying of payment details

• Custom reporting and file format

• Lockbox Remittance processing is completed daily by 3 p.m.

Retail Lockbox

• Typically high volume/low dollar remittance payments

• Remittance document is standard size with scanline containing critical remittance information

• Reporting and capture specifications must be reviewed, and implementation and service pricing will be quoted

• Retail Lockbox automated processing with OCR capture of remittance data (consult with your Cash Management Officer for project assessment)

• Receive daily reports with detailed information on payments received via ACH

• All payment detail information, such as invoices and purchase orders, included with the ACH transaction is provided to you

• Paper or electronic reporting options

• Email notification any business day when electronic activity is presented

• Streamline account reconciliation process

• Reduce the cost of processing paper invoices

• Reduces errors that result from manual processing

• Eliminate the time and expense of driving to your local banking center

• Reduce the responsibility and risk of sending an employee to the bank with approved cash limits and checks

• Same-day credit for deposits received at the banking center by 3:30 p.m.

• Courier drivers are bonded

• Fees will be quoted based upon distance and pick-up schedule

Earn interest on account balances by linking your noninterest-bearing checking to automatically sweep excess funds to and from your Money Market Account. When the collected balance in the checking account exceeds the maximum checking balance level, funds above that level are swept automatically into the money market account. If the checking balance falls below zero, funds from the Money Market Account are swept back to your checking account.

Features & Benefits

• Reduce the time spent monitoring cash flow and manually transferring funds

• Establish a target balance based upon your daily checking account balance and activity

• Unlimited transfers from your checking account to your Money Market Account

• Six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account per monthly statement period. On the sixth transfer in any given month, all remaining balances in the money market account are swept back into the checking account and transfer activity is suspended for the remainder of the statement period. Excessive withdrawals may require the account to be converted to a business checking product.

• Variable rate of interest paid at tiered levels

• Money Market Sweep feature fee is $10 per month, charged to the checking account. This account is not subject to a minimum balance requirement after account opening. A fee of $10 for each withdrawal/transfer in excess of six per monthly statement period.

The Repo Sweep account provides daily automatic investment of excess collected funds in your Business Checking account, with the extra benefit of collateralization of the excess balances invested.

By linking your Business Checking account to a Repo Sweep, all activity (deposits, checks and other transactions) flows through your account, resulting in a net investment position at the end of each business day. The last transaction of the day automatically transfers the excess collected balances in the checking account to your Overnight Repurchase Agreement for investment. As funds are needed to cover items presented for payment in your checking account, such as checks or outgoing wire transfers, balances are automatically transferred from the Repo Sweep account to the checking account in order to pay those items.

Features & Benefits

• Eliminate the time spent analyzing your cash flow, reconciling, monitoring and transferring funds in order to determine your daily investment position

• Establish a target collected balance based upon your daily account balance and activity

• Funds invested in your sweep account are not deposits and, therefore, Not FDIC Insured, but are collateralized by bank-owned government securities

• Daily confirmation notices of the assigned collateral and investment balances are sent to account holders

• Simple interest is accrued daily and paid monthly

• Reduce the time spent monitoring cash flow

• Establish a target collected balance based upon your daily account balance and activity

• Automatic loan advances cover checking account deficits

• Automatic transfers to pay down your outstanding loan balance when checking balance exceeds target collected balance

• Unlimited transfers to and from your checking account and line of credit

• Interest expense reduced

• Reduces the time spent monitoring account activity and balances by automating the funding of auxiliary accounts and consolidating company operating balances

• Eliminates manual funding of accounts and streamlines your account reconciliation process

• Provides better protection of the funds in your central operating account

• Eliminates idle balances and allows for investment opportunity of excess funds through an investment sweep or to pay down a loan