Cash Management Services

Managing your business in today’s marketplace can be complex.  At Lake Elmo Bank we have designed products and tools to help you manage your business, your funds and your time.

Cash Management Services are available for businesses of all sizes and are designed to meet all of your needs.  Our Personal Bankers will work with you to tailor a program that maximizes your resources and bottom line.

Remote Deposit

No need to hurry to get here to make your deposit when you can do it from your desktop.  Lake Elmo Epson ScannerBank’s Remote Deposit offers you the convenience of making your check deposits directly from your office when you have the time.  Remote Deposit allows you more time to focus on running your business.  All you need is a personal computer with internet access and a special desktop scanner which is available through the bank.

How does Remote Deposit work?

We will come to your business and install the scanner with a quick overview on how to process your deposits.  The system automatically creates your deposit tick and endorses each check item for you.  All items scanned before 4:00 PM CST Monday – Friday, excluding holidays, will receive same day credit.

 

Collecting Payments

ACH Origination
With Lake Elmo Bank’s ACH Origination service it allows our business customers to process the collection of payments and more through our business online banking.

  • Monthly association or membership dues
  • Account receivables
  • Collect donations for non-profits

Lockbox Service
Lockbox service allows our business customers to streamline receipts directly to Lake Elmo Bank.  When your customer and/or business partners write you a check, you have those deposits directed to a specific PO Box owned by Lake Elmo Bank.  Every business day we will pick up and process those payments directly into your account.

Why would you use a Lockbox?
The main reason is speed and efficiency.  With our lockbox service your money gets into your bank account faster by eliminating you from having to process your mail, create the deposit and drive to the bank.

Imaging with Lockbox Service
We offer image based lockbox service.  Each business day a copy of all the checks and documents included in the envelope we received is delivered to you by secure email.

Merchant Processing
In today’s world most businesses need a way to accept debit or credit card payments for their services. Lake Elmo Bank is able to offer you this service with competitive rates due to our long partnership with Heartland Payment Systems.  We have a solution for your business whether it’s taking the payment in person, over the phone, on your mobile device and online. 

Disbursing Payments

ACH Origination
With Lake Elmo Bank’s ACH Origination service it allows our business customers to initiate payments to their consumer or corporate customers through our business online banking.

  • Payroll
  • Payment to suppliers
  • EFTPS (federal) tax payments

Wire Transfer Service
Business customer can initiate a domestic or international wire transfers during business hours. Click here for instructions on how to send or receive a wire transfer.

Online Bill Pay
Bill Pay eliminates handwritten checks, purchasing stamps and addressing envelopes.  Pay all your bills under your Online Banking login.

Schedule your payments as a one-time or recurring payment from a Lake Elmo Bank checking account.

Business Debit Cards
Your Lake Elmo Business debit cards is the easy way to pay for purchases, like office supplies, gas, bills and more.  Deducted right from your checking account.  You can also have the choice to use the card for ATM transactions like a withdrawal from your checking or making a deposit.

Provide your employees with a business debit card to make purchases for your business.  You maintain control by setting daily limits. We offer 24 hour of real time fraud monitoring.

Business Credit Cards
Lake Elmo Bank offers you a competitive interest rate on your business card.  Individual credit limits are available on a per card basis.  You business name and personal names are embossed on the card.

Managing Funds

Commercial Repurchase Sweep Account
Our Commercial Repurchase Sweep Account is designed for high balance and high volume commercial checking accounts.   Any excess funds over an established target balance in your Classic™ Checking Account automatically transfers at the end of each business into the Repurchase Sweep Account. Funds are automatically transferred out of the Repurchase Sweep Account to maintain the required target balance in the checking account if the account falls below the target.  Daily confirmation emails are securely delivered to the customer with their sweep account balance and what securities secure those funds.

Automatic Sweep
Lake Elmo Bank offers several automatic sweep options for our business customers.  At the end of each business day, funds can automatically be transferred between your business checking to and from a checking, savings or line of credit.

Zero Balance Accounts (ZBA)
These checking accounts are designed for companies that maintain a general checking account and separate accounts for payroll, petty cash, automatic withdrawals only and for several other purposes.

How  does it work?

  • All funds are held in the general checking account.
  • Each ZBA you have for payroll, petty cash or similar is offset by a debit to the general checking at the end of the day.
  • Any credit items in the ZBA will be transferred to the general checking at the end of the day.
  • Transfers in or out of each account is cross referenced on each of the bank statements for easy reconciling.

Other Services

Positive Pay
We can help you reduce the risk of check fraud with Positive Pay.  If your business writes several checks a month, especially for payroll, this electronic reconciliation process can help reduce fraud on your account.  We match your issued check records with the checks that are coming in for payment and any exception items are reported for your review.  You are required to review and approve exception items daily through Online Banking.

Business Check Orders
Order your business checks directly through Lake Elmo Bank- LEB Business Checks Direct.  You will find our checks are considerably less expensive than the major check printing companies.  Your checks will be available within 3 business days.

For more information on our business cash management services, please contact ebanking@lakeelmobank.com or call 651.777.8365.

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