- Automated Clearing House (ACH)
- Courier Service - “Express Banking”
- Remote Deposit*
- Wire Transfers – Domestic and International Incoming
- Zero Balance Account (ZBA)
Stonegate Bank provides a means to initiate electronic funds transfers between banks for the purposes of direct deposit of payroll, cash concentration, preauthorized credits and preauthorized debits. Utilizing our online banking system, customers have the ability to create batches, and import NACHA-formatted, fixed width, or delimited files. With our remote deposit payment portal, businesses can manage recurring payments and offer telephone payments (checks by phone) to their customers.
- Internet-based ACH file origination systems
- Reduces paper handling
- Next-day funds availability
- Less expensive than paper payments or wire transfers
- Future-dated capability
*ACH origination is subject to bank approval.
International ACH Transactions (IAT)
On September 18, 2009, an amendment to the NACHA Operating Rules became effective that has the potential to impact most U.S. businesses that send or receive ACH payments. This amendment requires all payments funded internationally or sent to another country via the ACH Network to be identified as International ACH Transactions using a new Standard Entry Class (SEC) Code – IAT. The new rule will require that IAT payments include specific data elements defined by the Bank Secrecy Act’s (BSA) “Travel Rule.”
What is an IAT?
The IAT is a new Standard Entry Class code for ACH payments to identify international transactions. International transactions are those payments that have been funded internationally or are being sent to another country and a part of the transaction will be processed via the ACH Network.
By definition, the IAT is an ACH entry that is part of a payment transaction involving a financial agency’s office that is not located in the territorial jurisdiction of the United States. Specifically, an office of a financial agency is involved in the payment transaction if it:
- Holds an account that is credited or debited as part of a payment transaction; or
- Receives funds directly from a Person or makes payment directly to a Person as part of a payment transaction; or
- Serves as an intermediary in the settlement of any part of a payment transaction.
Why was the IAT developed?
The IAT was developed in response to a request from the Office of Foreign Asset Control (OFAC). In its letters to NACHA, OFAC stated that it thought that the ACH Network is vulnerable to abuse due to the speed and efficiency of the Network. OFAC understands that there are currently transactions flowing through the Network that are funded by international sources. These transactions cannot currently be identified within the Network and are formatted as domestic transactions. OFAC has requested that NACHA modify the NACHA Operating Rules to adequately identify international transactions and have the banks review the international transactions for OFAC compliance.
As a Corporate Originator, does OFAC impact me?
Yes, U.S. corporations are also required to comply with OFAC obligations, and the penalties for ignoring those obligations can be both criminal and civil and include both jail time and fines ranging from $10,000 to $10,000,000 per occurrence. If these fines are levied against the financial institution they may be passed back to the corporate originator depending on the specifics of the case and the details of their contract with the financial institution. The fines are levied by the U.S. government and funds collected are the property of the government, not the financial institution. Additional information on OFAC obligations and fines can be found at http://www.treas.gov/offices/enforcement/ofac/.
How do I determine if the IAT applies to my company?
Talk to the Commercial Services department at Stonegate Bank, (877) 641-8500, and review all resources regarding IAT available at the NACHA website https://www.nacha.org/IATIndustryInformation. Locate the IAT Corporate Toolkit section to find FAQs, payment scenarios, checklists, and other helpful information.
The following provides some general guidance on how to identify potential IAT scenarios. If any of these situations apply to your business it is important to contact us as soon as possible.
- If your company is a subsidiary of a multi-national company or has foreign subsidiaries, there is a strong possibility that the implementation of the IAT will impact your ACH processing.
- If your company buys or sells to organizations or individuals outside the territorial jurisdiction of the United States you need to talk to us about the impact of the IAT to your company.
- If your company sends payroll, pension or benefit payments via the ACH Network to individuals that have permanent resident addresses outside the territorial jurisdiction of the United States you may be required to use the IAT to send these payments.
CheckCollect is a full service recovery system for collecting returned checks. Upon request, Stonegate Bank routes all returned checks directly to CheckCollect’s service center for processing. Qualifying checks are converted to an ACH debit transaction and redeposited up to two additional times electronically (consumer checks only, up to $2,500).
- Recovers approximately 65% of NSF checks without collection efforts
- Tracking available through online activity reports
- Secondary collection service available to attempt collection of non-qualifying items
- No fees!
At Stonegate Bank, we know you’d rather spend time running your business than running to the bank. Whether it’s making a deposit, picking up documents, or making tax deposits, we’ll arrange for a courier to come to you. Simply tell us when – daily, weekly or “as-needed”.
Stonegate Bank knows you deserve more from your banking relationship. Express Banking is just another example of how we’re committed to giving you the exceptional service you deserve.
Outsource your accounts receivable processing to us and eliminate the overhead costs of handling checks and deposits. Stonegate Bank utilizes RemitPlus™ an affordable, turnkey, automated check processing solution. This system captures images of checks, reads payment coupons, and credits payments to your accounts receivable system without manual key entry. Let us collect your payments from a specially assigned Post Office box, or we can even install the system in your office.
- Scanner handles 180 documents per minute
- Utilizes CAR/LAR technology to read the courtesy and legal amounts on checks
- Reads a variety of OCR and Bar Coding styles on remittance coupons
- Exports a customizable posting file that is compatible with any accounting system
- Supports lookup tables for account verification and stop payment handling
- Deposits processed with remote deposit technology
- Check Conversion to ACH is optional
- Month-end CD-ROM available with images of checks and coupons
- Decreases labor, reduces errors and processing float, and eliminates courier costs
Make check deposits from the convenience of your own office without ever having to run to the bank! Using a check scanner and a secure Internet connection, front and back images of deposited checks are collected and sent to the bank for processing. Use our virtual endorsement feature and you won’t even have to endorse them! Conserve your gas, stop battling traffic, and utilize your time more productively by scanning checks into our user-friendly remote deposit system.
- Deposits can be made as late as 7:00 pm EST for same-day posting
- Save money by eliminating a courier service and employee time away from the office
- Consolidate multiple banking relationships
- Reduce return item risk – the faster a check attempts to clear, the faster you will learn if it doesn’t
- Optional check conversion to ACH on consumer checks less than $25,000
- Quicker returned item processing – checks converted to ACH can be redeposited up to two additional times automatically
- Improve funds availability as check images clear faster than paper checks
- Multiple scanner selection
*Remote deposit is subject to bank approval.
Ideal for same-day transfer of funds between banks, Stonegate Bank’s wire transfer services offer you a choice of origination and notification options. We process numerous domestic and international wire transfers daily – both in US dollar and foreign currencies.
- Incoming wire notification via email and/or online alert
- Funds immediately available when received
- 5:00 pm EST deadline for posting incoming wires
Maximize your company’s cash with zero balance accounts. A ZBA account’s balance is brought to zero each day via an automatic transfer between a master account and a sub account. When used as a disbursement account, the exact dollar amount needed to offset any checks and other debit items presented for payment, and to bring the account balance to zero, is automatically transferred from the master account. When used as a depository account, the day’s deposit total is transferred to the master account, bringing the depository account balance to zero. ZBA may also be used for both deposits and disbursements, concurrently.
- Consolidate balances to maximize overnight investments or reduce outstanding credit balances
- Reduce overdrafts and eliminate the need to perform manual transfers
- Each account generates a bank statement with a record of all transfers in and out
- A target balance other than zero may be used