Disbursements & Payables

Disbursing funds at the right time is as important as collecting payments as quickly as possible. We can help disburse funds on a systematic and controlled basis, while reducing manual effort in your disbursement processes.

Automated Clearing House (ACH)

Note: ACH is addressed here as a Disbursements and Payables tool. ACH is also used as a Collections and Receivables tool, so you will find further discussion about ACH in that section.

Using the Automated Clearing House (ACH) can streamline your process for sending payments, often at a lower overall cost than other payment methods. ACH benefits also include better control of payment timing, greater payment reliability and more accurate cash forecasting. The most common collection applications for ACH are:

  • Payroll direct deposit
  • Vendor payments
  • State and federal electronic tax payments

There are three ways to originate ACH payments for disbursement purposes:

  1. You can use our online banking application, Treasury Solution, to send batches of payments to the bank online for origination.
  2. You can send your ACH batches to the bank via a direct data transmission.
  3. If you use a payroll servicing company, they can often create Direct Deposit transactions for your employees and submit them to the bank's ACH processing area on your behalf.

Whether you use Treasury Solution's ACH module, direct transmission, or an external service provider, your access to the Automated Clearing House lets you electronically distribute payments to your employees, fund your accounts at other banks, pay your vendors, or pay local, state, and federal taxes.

In particular, direct deposit of payroll is the most common use of ACH for payments. It saves time for employees, who no longer have to go to the bank to cash or deposit paychecks, and it assures them of the timely receipt of their pay even when they are away from work on payday. For employers, direct deposit streamlines payroll processing, reduces costs, and simplifies account reconcilement.

MY PayCard

MY PayCard complements a direct deposit program by ensuring that all employees can participate in direct deposit, even if they do not have a bank account. MY PayCard enables you to issue a stored-value card onto which you can deposit an employee's net pay. The employee can withdraw their funds using an ATM, and since the card is Visa-branded they can also use the card to make purchases at merchants that accept Visa. Employees can monitor their card activity via the internet, and they also have access to toll-free customer service.

Please note: Payroll cards are issued by you as a function of your payroll process for the convenience of your employees. The funds on the card are:

NOT DEPOSITS OF THE BANK OR
AN AFFILIATE OF THE BANK

NOT INSURED BY THE FDIC OR
ANY FEDERAL GOVERNMENT AGENCY

NOT GUARANTEED BY THE BANK OR
AN AFFILIATE OF THE BANK


Wire Transfers

Wire transfers are the most immediate, reliable and secure means of transferring funds. They are usually most appropriate for high‐dollar, time‐sensitive transactions. A variety of disbursement, collection and reporting options are available. In most cases the most convenient method for originating repetitive or non-repetitive Wire Transfers is to use Treasury Solutions, although we also support transactions that are called in by telephone.

 

Find out more information about Treasury Services please contact a Treasury Services Sales Specialist.