Additional Services

Benefit Payment Services

• Periodic Benefit payments issued in physical check or ACH Electronic Transfer
• One-time Lump Sum Benefit Payments
• Annual Printing and Mailing of 1099R forms to Pensioners and Lump Sum Recipients
• File Form 945 (annual report of withholding) with the IRS
• Full monthly outstanding check reconciliation
• Full service Federal Tax withholding
• Annual W-4P mailing
• Complete monthly pension payment and tax withholding registers
• Mailing label printing
• Customize continuing deductions
• Automated check stuffing and mailing
• Customized messaging on check stubs

Direct Deposit Payment Program
The Bank's Direct Deposit Program offers a number of advantages to business customers. The reduction of paper items generated can result in the following benefits:

• Decreased incidents of fraud
• Elimination of time off for employee check cashing
• Lower administrative costs and financial institution fees
• Easier account reconciliation

How it works:

• You initiate payment instructions to the Bank in compliance with the location, format and other requirements agreed upon by you and the Bank
• The Bank transmits this information to an ACH clearinghouse association, the funds are debited from your account and credited to your employees'/pensioners' accounts on a specific date

Direct Payment Program
By initiating a Direct Payment Program, business customers can reap many benefits, including:

• Accelerated availability of funds
• Fewer returns
• Diminished remittance processing costs involved in paper handling
• Reduction of errors associated with manual processing of paper items

Account Reconciliation
The Bank offers comprehensive check reconciliation services:

• Positive Pay
• Full Reconciliation
• Partial Reconciliation
• Serial Sort

Some of the benefits of these services are:

• Reduction of exposure to check fraud losses
• Reduction in time and cost of reconciling Bank statements
• Improved accuracy of monthly reconcilement
• Better control of checking activity

Our services are tailored to accommodate all of your reconcilement needs:

• A complete set of reports: paid checks; outstanding checks; cancelled checks; voided checks; stale checks; paid without issue checks; and prepaid checks
• Flexible means of sending and receiving check issue and paid files: tape; diskette; or data transmission
• Flexible reconciliation schedules: weekly; monthly; or upon your request

We will assist you in choosing the package that best suits your reconciliation needs.

Lockbox Services
The Bank maintains a mail drop for receiving payments.

• Speeds up collection, crediting and availability of payments
• Eliminates most handling on client's part
• Deposit relationship with customers remains the same
• Flexibility to handle various account types and coupon formats
• Accommodates exception processing