Cash Management Services
In addition to our traditional business banking products and services, we also offer a comprehensive array of cash management solutions, specifically designed to help businesses manage and use funds effectively and efficiently.
To learn more about how these services can lead to increased revenue and cost savings for your business, contact Susan Larkin, or call (540) 769-8513 in our Cash Management Department.
Valley Bank is here to help you with all of your business needs, including one of your biggest headaches—returned checks.
Valley Bank’s electronic check recovery service, Re$ubmitIt® significantly reduces the burden of collecting funds from NSF checks, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically!
How Does Re$ubmitIt® Work?
The Re$ubmitIt® electronic check recovery service handles the collection process discreetly and electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer’s bank account.
- Returned checks are sent from Valley Bank to Re$ubmitIt®, where eligible checks are converted into electronic items for re-presentment to the check writer’s bank account for collection.
- The electronic check file is processed and strategically timed for re-presentation. Presenting checks at proven “smart dates” improves the chance of collection.
- If the item is not recovered on the first electronic re-presentment, it is re-cued for a second electronic re-presentment (third total). If this third presentment fails, the check can be sent to Re$ubmitIt’s FREE secondary collections, or the check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer’s account is charged a state-regulated collection fee to cover the cost of collection.
To be Eligible for Electronic Recovery, a Returned Check Must:
- Be a personal check to a business (not business to business)
- Be under $2,500
- Be less than 180 days old from date of transaction
- Cannot have been already submitted twice, either electronically or by paper draft.
What Happens to Ineligible Checks?
Returned items that are less than $2,500 and ineligible for electronic re-presentment are re-submitted to the check writer's account as a paper draft, subject to eligibility requirements. Items greater than $2,500, are returned to the business.
If you have questions about Valley Bank’s Re$ubmitIt® electronic check recovery service -
Click here to track a check’s status.
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Now is the perfect time to begin depositing your checks electronically into a single deposit account. Valley Bank offers MyBusiness Deposit Express, the fastest, most secure way to deposit checks for our business customers! What better way to increase efficiency within your business?
Using your PC, an internet connection, and our check scanning device you can electronically deposit checks from all of your locations into a single deposit account, without ever having to leave your business site.
- Get access to 24x7 deposit capabilities
- Eliminate the hassle of physically delivering checks to the bank
- Consolidate remote deposits into a single account
- Minimize Check Fraud
- Process deposits until 6 p.m. for same day credit
Click Here for Demo
You have multi-level security and online access to images, deposits and reports for 24 months using this service. The scanning device is easy to install and within 30 minutes of training all users are up and ready to begin using MyBusiness Deposit Express.
For more information, please visit one of our nine convenient locations or contact our Cash Management Department today by clicking here, or calling Susan Larkin at (540)769-8513
Subject to credit approval.
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Zero Balance Account
A zero balance account (ZBA) allows balances from multiple sub-accounts to be automatically concentrated into a single master account. Funds are transferred electronically by the Bank each business night from the sub-account to the master account for automatic concentration. ZBAs eliminate the need to transfer funds manually, thereby reducing account balance requirements and increasing the amount of usable cash in your company's operating account.
ZBAs are also popular for disbursement accounts, such as company payroll accounts linked to an operating account. ZBAs automatically link multiple Valley Bank checking accounts together, thereby eliminating the need to make manual transfers between the accounts.
(NOT FDIC INSURED)
With an overnight investment sweep, Valley Bank acts as your cash manager by optimizing the use of funds when you maintain excess balances in your operating account. As checks are presented, funds are automatically transferred from an investment account (repurchase agreement account) to cover the transaction. Likewise, as deposits are made, money is transferred automatically to an overnight investment account until future checks are presented. Typically, business clients maintain a "target balance" in their checking account to offset activity charges.
Credit sweep links your operating account directly to a revolving line of credit for maximum use of funds (subject to credit approval). The credit sweep automatically transfers money from the line of credit to your operating accounts as checks are presented. Likewise, idle funds in your checking account are transferred, when appropriate, to pay down your line of credit.
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Direct Deposit & Electronic Transactions
With direct deposit, you can electronically deposit your employees' net pay directly into their accounts at the institution of their choice. This service reduces your expenses and also provides a valuable and convenient benefit for your employees. This service is part of our Online Banking Cash Management service. Other types of electronic transactions are available, such as collecting payments via ACH (automated clearing house) as well as paying vendors through ACH.
Contact a Banker to set an appointment for either of these services today by calling 540-342-2265
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Are you looking for LOCAL Lockbox Services? Valley Bank is proud to offer a simple and efficient way to assist your company with collecting receivables. Valley Bank's Lockbox processing is accomplished by setting up a Downtown Roanoke Post Office Box right across from our Headquarters on Church Avenue. Our Operations personnel monitor the P.O. Box daily saving you processing time, reducing the mail that you receive and shrinking check clearing and posting times. The Lockbox gives your company the ability to access funds and cash management data sooner. The Lockbox deposits can be seen the same day through Online Banking Cash Management.
Contact Susan Larkin, or call (540) 769-8513 in our Cash Management Department.
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