FAQs: Business
Q: How can I minimize employee down time due to their leaving to cash paychecks?
Automating payroll by direct deposit of payroll and by using paycards is a great way to cut out unwanted downtime. Instead of your employee making a trip to the bank, compensation is electronically deposited into the employee’s checking account. For employees without checking accounts, an ATM-like card can be pre-funded with the employee’s compensation so the employee can withdraw it at any ATM machine.
Q: How can I avoid lengthy trips through traffic to make branch deposits?
FSG Remote Deposit allows you to scan your checks and electronically transmit the images to the bank for immediate deposit.
Q: How can I avoid employees making risky trips to the bank to deposit cash?
For businesses with regular cash deposits, FSG’s virtual vault service allows you to make cash deposits right on your premises. The vault transmits the daily cash deposit to FSG for next day crediting. Employees are able to continue working and are not subjected to the risk of carrying cash for deposit.
Q: How can I make my idle business checking balances work for me?
By using an FSG account analysis account, your balances are multiplied by the published FSG earnings credit rate. Much like an interest-bearing account, analysis earnings offset bank service charges. A monthly analysis account statement is available to help you understand exactly how we computed your bank fees and how your balances helped offset those fees.
Q: Often, my employees and I need to make purchases for the company, requiring us to carry cash or write company checks. How can we avoid this?
By using an FSG business debit card, transaction costs are significantly reduced, and a monthly statement summarizes all business debit card purchases, aiding in reconciliation.
Q: We have had check fraud on our business checking account, requiring time consuming and costly remedies. Is there a better way?
FSG’s Positive Pay service is the most effective way to reduce the possibility of check fraud on your business account. As part of your company’s accounts payables process, a transmission of your issued checks is sent to FSG. Every check that is presented to the bank for payment is cross-referenced with the issue list. An alert on any check not on the list is sent to you for a pay / no pay decision. No check clears your account without your okay.
Q: I need to maintain separate checking accounts for bookkeeping purposes, but I’m constantly having to make transfers between them. How can I streamline this process?
FSG can link your business checking accounts to automatically transfer funds daily. One account, typically your main operating account, is designated the master. One or more sub-accounts can be linked to the master. Known as zero-balance accounts, common examples are accounts set up for transferring payroll or accounts payable. The sub-accounts are daily reconciled back to your predetermined target balance, meaning there's no more worrying about overdrafts or idle account balances in the sub-accounts.
Q: My company needs to maintain a high account balance, but I don’t like to let idle balances sit in a checking account. Is there a way to earn interest on my business checking account balances?
FSG can convert your business checking to a money market sweep account. Deposits in excess of your predetermined target balance are swept daily into a money market account. All deposits are available for daily use, and a competitive interest rate means your deposits are working for you.
Q: Some of my vendors insist on electronic payment, but I don’t like giving up control of my accounts payables timing, and I don’t like others accessing my business checking account. How can I regain control?
FSG can set your business up for vendor payments via the automated clearing house (ACH). Similar to wire transfers, but less expensive, ACH allows you to initiate next day transfers from your checking account to your vendor’s checking account. Security and timing are under your control. Additional options for ACH are direct debit of customers, direct deposit of payroll for your employees, and cash concentration from non-FSG accounts to your FSG operating account.
Q: Many of my vendors require wire transfer as the payment method. I worry that calling or faxing wires leaves room for human error. How can I eliminate that risk?
FSG’s Business Online Banking, in addition to giving you daily balances and activity, has a wire module that lets you send wire transfer requests to the bank electronically. Accommodating domestic and international wire transfers, electronic-fed wire confirmation numbers are also available same day via Business Online Banking.
