Provident's free business checking account is perfect for small businesses
and organizations with a low volume of deposits and checks paid. It doesn't require
a large opening balance and there are no minimum balance requirements or fees. Ask an associate to see if your business qualifies for this account. The minimum required to open this account is $100.
Businesses with available cash to invest on a short-term basis will enjoy the interest-earning
potential of Provident?s Business Money Market Account.
Minimum to open this account is $1,000
No monthly fee if a $1,000 average collected balance is maintained
$10.00 monthly service fee if balance falls below $1,000
Federal regulations limit third-party transactions or pre-authorized transfers to
six per statement. Over this limit, each
item is $10.00.
ProvidentOnline is the e-Banking solution for our business clients that provides
24/7 access and flexibility to manage their deposit accounts as well as other cash
ProvidentOnLine offers all the information you need, available right when you need
it and delivers it directly to your desktop.
Traditional eBanking Services
View up to the minute account balances and history wherever Internet access is available
Transfer funds between accounts
Verify daily debit, credit and cleared items
Online stop payments that are effective immediately
View images of canceled checks
Capability to create personal alert reminders
Download transaction history on all of your accounts (Microsoft� Excel, Quicken�,
Microsoft� Money, or QuickBooks™)
Bill Payment feature that offers both electronic and check payments. Organizing
your payables in a central online service provides shorter lead-times for the payment
process which puts more flexibility and control in your hands.
Cash Management Services
Provident offers ACH Origination to help business clients originate and receive
electronic funds transfers (EFT) with speed and accuracy. Depositing payrolls, paying
suppliers and collecting receivables are three common uses of EFT services. EFT
transactions are becoming routine for companies who need to move cash nationwide
for next-day availability. With ACH Origination, you can:
Process recurring payments quickly and accurately
Obtain receivables more quickly
Eliminate costs associated with paper-based transactions-fewer checks to purchase,
write, reconcile and mail
Receive a complete record of transactions for an audit trail
Provide payees timely payments directly into their bank accounts
Electronic Federal Tax Payment System (EFTPS)
The Federal Government has mandated that businesses file their taxes electronically.
They also want employers to deposit income and payroll taxes withheld from employees
and certain other taxes electronically. There are a number of options for business
customers to meet these requirements.
With the ACH debit option, the IRS takes the tax payment out of your business account.
The IRS provides two methods: Touchtone phone or via the Internet. In both methods,
you complete an IRS enrollment form, and the bank verifies your account information.
You dial or log on to the IRS and authorize them to debit your account on the due
With the ACH credit option, you - the taxpayer - have control, and you direct your
payment electronically. With ProvidentOnline, you create an ACH file and we send
the file to the IRS.
One of the fastest and most secure methods of sending and receiving funds is through
a wire transfer. Wires accepted by 2 pm ET will be sent the same day.
Internationally, our Foreign Wire Transfer Service is the safest way to transfer
funds to or from most countries. Your incoming and outgoing wires are as good as
cash. Outgoing foreign wires accepted by 2 pm ET will be sent the same day.
Remote Deposit CaptureLogin Business can scan and deposit checks electronically directly
to their business account. All that is needed is a personal computer with internet
access, and a scanner. Simply place the checks through the scanner, and watch each
paper check convert into an electronic image, resulting in an electronic deposit
into your bank account.
Electronic Data Interchange (EDI)
EDI is an automated process to exchange documents in a standardized electronic format
between companies therefore streamlining your business process.
Business Credit Card
Using a credit card for all of your business transactions gives you greater financial
flexibility. A MasterCard Business Card from Provident Community Bank is designed
exclusively for businesses like yours.
If you are not accepting plastic, you may be losing business. Individuals and corporations
are increasingly using credit and debit cards for all kinds and sizes of purchases
Investment Sweep Account
An Investment Sweep Account makes the most of your daily operating funds by automatically
transferring cash into an investment account. You can operate multiple checking
accounts and once daily we automatically sweep excess cash from those accounts into
one interest-bearing account, so each dollar reaches its full potential in investment
earnings. The benefits to your business include:
Daily interest earnings at a money market rate
Automatic use of your daily idle cash
The flexibility to link multiple accounts to your Sweep Account
A zero balance account allows the business client improved control over disbursements
and cash. A business' various checking account balances are always kept at zero
while available cash is channeled into a concentration account of your choice. These
funds are then available to you for investment or debt reduction purposes.
Positive Pay is an automated fraud detection tool. This service matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the business. All components of the check must match exactly or it will not pay.
Full, Partial and Deposit Reconciliation
This service is offered through on-line banking under our E-Delivery setting on www.providentonline.com. The reconciliation feature will balance the business� credits and debits against posted items at the Bank. Full reconciliation will balance both debits and credits while partial and deposit reconcile debts or credits only.
Electronic Data Interchange (EDI)
Electronic Data Interchange (EDI) is a business to business exchange of data electronically. The benefit is having the service streamline your business process. For example, ABC Company pays 123 Company thru ACH. The ACH payment contains an attached file with the invoice number, account number and description of the service completed. The Bank can take the attached file and translate the data into an easy to read format for accounts receivable processing.