Business and Cash Management FAQs

See below for a list of Frequently Asked Questions. Still need more information? We're happy to help! Please contact a member of the Cash Management team.

FAQs

What is Cash Management (or Treasury Management)?

Cash Management may sound formal, but it’s not. FBFC Cash Management is all about helping business clients manage cash flow through a series of products and services. The need could be simply accessing accounts online using FBFC’s Commercial online banking, or may be more complex by engaging FBFC’s payroll partner for payroll and HR needs; and of course other services in between.

How can Cash Management services benefit my business?

By providing time saving products to manage your day-to-day financial activity, FBFC’s cash management products allow the business owner to do what they do best...run their business.

What is Remote Deposit Capture (RDC)?

Remote Deposit Capture (known as Express Deposit at FBFC) allows businesses to make deposits right at their business location when it's convenient for them. FBFC will install a desktop check scanner and train your employees to use it. The business owner is no longer limited to local branch hours; a deposit can be submitted anytime during the day or night. If a deposit is made on a business day before 6pm, the deposit will be credited that same business day. If the deposit is made after 6pm, it will be credited on the next business day.

How can Direct Deposit benefit my business?

Using FBFC’s ACH product , Direct Deposit eliminates the need to print and mail paychecks; potentially lessening time spent writing out checks for employees. The business doesn't need to worry about employees losing their checks, or the time and cost of placing a stop pay on a lost payroll check. With direct deposit through FBFC’s ACH product, funds are directly deposited into each employee’s account the day payroll is disbursed. Direct Deposit saves time and money and is a benefit most employees appreciate. The owner or designate can process payroll from wherever they are, as long as they have access to the Internet through FBFC’s secure online ACH portal.

How can I accept credit card payments?

FBFC has partnered with Elavon, a trusted third party provider and world-wide merchant processor that offers local representation to help you with your credit card processing needs, website assistance, and other services associated with accepting credit cards and online services. We’ve already done the vetting for you so you can have confidence in Elavon. FBFC has a designated Elavon representative that will gladly meet with you in person and answer all of your questions.

What if I want to outsource my payroll processing?

Payroll laws and processing are becoming more complicated each year. If you want to consider outsourcing the entire process, we have the answer for you. FBFC has partnered with Integrated Payroll Services (iPS), a local, full service payroll provider that offers excellent customer service and quality at a cost significantly below the national providers. We’ve done the vetting for you so you can feel good about utilizing Integrated Payroll Services. iPS can simply handle your payroll (& related tax reporting), or it can also help you with time and attendance, benefits administration, human resources, and talent acquisition if desired. The company is locally owned and operated so FBFC customers can expect the same friendly service they receive from FBFC.

I'm concerned about keeping my account safe from fraudulent activity; what can be done?

FBFC offers two products that can help detect fraudulent activity before it’s too late. The first product, Positive Pay, detects fraudulent check activity. The second product, ACH Filtering, detects electronic fraud occurring through the Automated Clearing House (ACH) system. Many businesses are unaware they only have 24 hours to report fraudulent activity on their account to be protected against loss. Both products send an alert to the client’s designated email address(es) whenever an item hits the account and fraud is suspected. The client or designate then signs into FBFC’s secure online banking portal to review the item and make a pay or return decision, all within the first 24 hours of the item hitting the client’s account.

I want to earn a better rate on my funds without tying up my money in a typical COD; any solutions?

FBFC offers Investment Sweep accounts for clients with surplus cash. Clients maintain liquidity while maximizing interest income on surplus cash invested on a daily basis. Amounts over a predetermined target balance are swept overnight. The interest –bearing sweep account is collateralized by U. S. Government (or agency) securities. Minimize internal administration as the entire process is automated.

I'd like to pay bills the same way I do my personal bills; is that possible?

Yes! All three tiers of FBFC’s online banking allow a business to pay bills in a manner similar to our consumer bill pay product. The two higher tiers of business online banking, Commercial and Commercial Plus, provide greater functionality including the use of dual control for online banking transfers, outgoing wire transfers and outgoing bill payments.

Am I able to access my business accounts from my phone?

Yes! By using FBFC’s consumer/small business online banking (tier one), business owners can sign in and view their accounts with FBFC’s mobile business app, make transfers and pay bills through Bill Pay.

I'd like to open my own business. Where do I start?

There are several resources you can reference for starting a business in Wisconsin, including:

We would also recommend you consult an attorney and an accountant.

What documents are required to open a business deposit account?

To open a business deposit account, like a checking or savings, there are different requirements depending on how you want to structure the account.

BUSINESS

  • Copy of the Articles of Incorporation/Organization (if you are unable to locate them we can order them for you)
  • Copy of Operating Agreement/By-Laws (if unable to provide Articles of Organization/Incorporation)
  • Verification of EIN (IRS EIN letter of confirmation, first page of tax return or W-9 completed at account opening)
  • Business DBA name (if applicable)
  • Physical address of business
  • Business phone number
  • Mailing address of business, if different from physical address
  • Completed Beneficial Owner Form

BUSINESS EXECUTIVES (i.e. President, Vice President, Secretary, Treasurer, all members and/or all partners with banking authority)

  • Legal name
  • Date of birth
  • Social Security Number
  • Driver’s license number, issue date and expiration date
  • Home address
  • Phone number
  • Email address
  • Business executive title

SIGNERS (i.e. those that will be transacting for the new account)

  • Legal name
  • Date of birth
  • Social Security Number
  • Driver’s license number, issue date and expiration date
  • Home address
  • Phone number
  • Email address
  • Business title/position
How do I obtain an EIN?

You can apply for an EIN online at: www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers

We would also recommend you consult an attorney or accountant to assist you with your EIN application.

How do I become a charitable organization?

The Wisconsin Department of Financial Institutions is a great resource to answer all your questions about becoming a charitable organization. You can reference their Frequently Asked Questions within the Charitable Organizations category for more information.

www.wdfi.org/CharitableOrganizations/faq.htm

How do I setup direct deposit for payroll/commissions?

First Bank Financial Centre offers two options for providing direct deposit to your employees:

1. For business customers who process their payroll in-house, FBFC offers direct deposit through our ACH product. 

2. For business customers looking to outsource your payroll processing or who are already doing so, FBFC has partnered with Integrated Payroll Services (iPS) in Delafield to offer outstanding service at a very reasonable price.

In either case, please contact Cash Management for more details.

How do I provide non-signers with account access?

First Bank Financial Centre can assist business customers with providing banking account access to non-signers (i.e. office manager, accountant, attorney, spouse, etc.) via Business Online Banking and over-the-phone or in-person access. Please contact the Cash Management team for more details.

How do I submit payables and receivables electronically?

You can submit payables and receivables via our Business Online Bill Pay product or through ACH. Ask a Cash Management team member to get started!

How do I accept online payments from customers?

FBFC has partnered with Elavon, a national leader in the card payments industry, to provide merchant services to our business customers, including receiving payments online through the customer's website. We'd be happy to get you started or answer any additional questions.

How do I prevent check and ACH fraud on my business accounts?

Fraudulent bank activity is on the rise so it's very important for every business customer to consider a form(s) of fraud protection. When business customers send checks, they are releasing their ABA number, and account number, which could be intercepted by the wrong person and potentially used fraudulently. Even if there is not a lot of ACH or check activity in a business account, that does not lessen the need for ACH and check fraud protection. As a reminder, a business account holder, by regulation, is only allowed one business day to report a fraudulent ACH debit or check to his/her business account versus a consumer who has 60 days to dispute a fraudulent debit to his/her personal account. If business customers are not watching their business accounts on a daily basis, they may want to consider fraud protection.

Blocks: We now have a full ACH Debit Block and a full Check Block available on all business accounts at a cost of $10 each per month, per account. These represent additional options to our original Positive Pay and ACH Filtering products (described more fully below).

Positive Pay: This service is designed to protect a business customer against fraudulent or altered checks clearing the business’ checking account. How does it work? The business uploads a file into the bank’s positive pay system whenever checks are issued by the business. The uploaded file includes the date, check number and amount of each check issued. Thereafter, each day when checks are presented against the customer’s account for payment, any item where the check number and amount don’t match the information uploaded by the business will result in an exception. The bank then sends an email to the customer alerting them of the exception no later than 1:30am the day after the check posts. The business customer then must go online before 11am that same day, review a copy of the item and then make a pay or return decision. If the customer does not contact the bank by the 11am cut-off, the default setting previously chosen by the customer to either pay or return will take effect. The standard pricing for this product is $30 per account per month.

ACH Filtering: This service is designed to protect a business customer against fraudulent or unauthorized electronic transactions from clearing the business’ checking account. How does it work? The most common type of ACH Filtering begins with the business customer providing FBFC with a list of companies authorized to debit their accounts, including individual dollar limits, if desired. FBFC’s ACH Filtering software then compares any incoming ACH debits to the customer’s authorized list. Any ACH debits that are not on the list are considered exceptions. Additionally, any ACH debits that are on the authorized list but exceed the maximum dollar amount allowed are also considered exceptions. The bank then sends an email to the customer alerting them of the exception no later than 1:30am the day after the ACH debit posts. The business customer then must go online before 11am that same day, review the details of the ACH debit and then make a pay or return decision. If the customer does not contact the bank by the 11am cut-off, the default setting previously chosen by the customer to either pay or return will take effect. The standard pricing for this product is $25 per account per month.

Please Note: We offer a discount of $40 (from $55) per month if both Positive Pay and ACH Filtering are set up on the same account. It comes out to a little over a dollar a day to protect your business account against both check and ACH fraud.