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Cash Management

Jessica Glezellis

 

Running a business is time consuming enough. That’s why it is so important to ensure you have the right tools to maximize efficiencies by implementing an automated process wherever possible when handling your business finances and cash flow. Our cash management officer, Jessica Glezellis, will work with you to understand your business needs to recommend the best services to improve your cash management.

Jessica Glezellis

VP, Cash Management Officer

781-670-1530

jglezellis@readingcoop.com

Our full-featured account is for businesses with moderate to high transaction levels and cash management needs. Your daily collected balance generates an earnings allowance that is used to offset certain fees.

Save time and money and access up-to-date, real-time account information when you use our Business Online Banking service. Check deposit and loan balances, transfer funds, make payments, and view and print e-statements. You can pay bills electronically using our Bill Payment service or set up ACH payments. You can also grant your employees access rights that ensure separation of duties and bolster your internal controls.

Set up domestic or international wires directly through Online Banking. Conveniently schedule recurring daily, monthly, or quarterly payments.

Benefits/Features:

  • Initiate same-day domestic or international wires by 2:30 PM.
  • Create templates to set up recurring daily, monthly, or quarterly payments.
  • Dual control is required to initiate and approve a wire.
  • Security tokens and PIN are assigned to each user to prevent unauthorized access.
  • User alerts are sent to pending wires that require action for approval.

Eliminate check writing and receiving by setting up ACH Payments and Collections. Create database templates to easily pay vendors, employees, or clients. Streamline collecting receivables by not having to worry about mail delays and allowing your funds to be available quicker.

Benefits/Features:

  • Allow users access to create, edit, initiate/approve ACH files. Dual control is required for ACH processing and user limits may be applied.
  • Security tokens and PIN are assigned to each user to prevent unauthorized access.
  • Create templates to easily send reoccurring ACH files.
  • User alerts notifies users to approve ACH pending file that requires action.
  • Set up direct deposit for employees or pay vendors and suppliers.
  • Collect payments electronically from clients or vendors.
  • Control timing of receivable by eliminating mail and delivery delays.

We’ll help you minimize the risks associated with increasing check and ACH fraud. We only pay the checks that we know you issued and ACH’s you authorize. We compare a digital file you send us to checks that are presented and approve ACH’s based on the parameters you provide to us.

Deposit checks anywhere and anytime using RCB's Mobile Banking app on your device.

Benefits/Features:

  • Reduce return item risk by having a faster clearing process.
  • Receive email notifications on your deposit status.
  • View mobile deposit history.

Let us take care of your deposits for you. If you have a high volume of check deposits, we can pick up your checks from a P.O Box and make the deposits for you. Save time and money from worrying about making the deposits internally or coming to a branch.

Benefits/Features:

  • Shortens processing time as payments are received and deposited same day.
  • Increases business productivity by not having an employee to travel to bank, prepare banking slips, or maintain accounting reports.
  • Provides a centralized location for all accounts receivable.

Maximize the return on your working capital with our business sweep. Whether you want to pay down your business line of credit or earn a risk-free overnight rate of return on a 100% fully-insured deposit account, we can establish a sweep that automatically meets all of your cash flow objectives.

  • Zero Balance Account (ZBA) Sweep: allows business to set up subaccounts for payroll, travel reimbursement, debit card expenses or other needs to transfer funds from a concentration account. A zero balance is always maintained.
    • Benefits/Features:
      • Gain better control of disbursements by having separate recordkeeping
      • Eliminates manual funding of accounts and streamlines your account reconciliation.
  • Investment Sweep: automatically transfer from a Business Checking Account into a Business Money Market or savings account on idle cash based on a target balance that you decide.
    • Benefits/Features:
      • Reduce time spent manually transferring funds.
      • Establish a target balance based on your daily checking account activity and balance.
      • Unlimited transfers from checking account to money market account.
      • Increase interest earnings.
  • Concentration Account: allows business to have a central checking account to transfer to other subaccounts to easily manage cash flow.
    • Benefits/Features:
      • Easily manage funds with one master account.
      • Reduce time spent monitoring multiple accounts by consolidating business operating balances.
  • Sweep to/from line of credit: Automatic transfer to pay a loan down or draw from a loan into a checking account to prevent overdrafts.
    • Benefits/Features:
      • Reduce time spent monitoring cash flow.
      • Automatically pay down your line of credit when daily collected balance in checking account exceeds targeted balance.
      • Automatic loan advances cover checking deficits.
      • Unlimited transfers checking to/from line of credit.
      • Interest expense is reduced.
  • 3-way sweeps operating/investment/loan: Business can prioritize where funds go and in which order.
    • Benefits/Features:
      • Allows flexibility on how to disburse idle cash flow.
      • Reduce time spent monitoring cash flow and manually transferring to various accounts.

Whether your business is near a branch or not, our Remote Deposit Services streamlines your deposit activity and provides same day funds availability. It takes less time to prepare deposits and you can skip the trip to the bank. Using Remote Deposit is easy; just log into your Business Online Banking to deposit and process all checks with a desktop scanner at the convenience of your office.

Benefits/Features:

  • Increase employee productivity by saving trips to the bank
  • We support many popular scanner models and can provide you a scanner if you need one.
  • Accelerate cash flow by depositing checks faster and more often.
  • Reduce return item risk by having a faster clearing process.
  • Receive same day availability with deposits made by 3pm.

Add power to your corporate checking account when you make purchases using a Business Debit MasterCard. You can set individual limits for cash withdrawals and purchases for your employees. Transactions are automatically deducted from your checking account to avoid costly credit card interest charges.

ZEscrow
You can now open, close, fund, track and organize your subaccounts on any digital device with the ability to track, submit and collect all necessary documents through an easy-to-use online portal.

ZRent
Our digital rent collection platform offers true convenience for landlords, property managers, and occupants. By automating the collection of rent and condo dues, this tool saves time and eliminates hassle.

Our partner, Paystri, a locally based service provider, offers reliable and innovative card processing technology at a competitive rate. Services include wireless terminals, dedicated customer service, prompt equipment replacement, and 24/7 online account information. Take advantage of efficient application processing and secure transaction processing that accepts all major credit cards and debit cards.

Your employees are your most valuable asset. Through our partnership with Complete Payroll Solutions, we offer competitive pricing for compliance, payroll, and human resource solutions regardless of what size business you are.

1Please refer to Business Fee Schedule for pricing.

2Products and services offered by Paystri, Salem, MA. RCB does not set rates or fees. Speak to a Paystri representative for information on rates and fees.

3Subject to Credit Approval.