You are here

Cash Management
Man on Grass

Cash Management Business Services

We take a lot of the work.......out of your work.

Running a successful small business is part hard work and part working smart. While you’re busy making money, our experienced and very knowledgeable cash management team is making it easier to run your business with effcient ways to manage cash balances, improve cash flow and more.

Merchant Services

Merchant services allow you to accept Visa, MasterCard, American Express or Discover Card.

Benefits

  • Increase sales
  • Improve Cash Flow
  • Lower rate of return than checks
  • Benefits customers with more ways to pay

Why use Merchant Services with BankCherokee?

  • Locally owned community bank
  • We take the time to get to know your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • Local support
  • No long-term contracts
  • Competitive rates
EMV Terminal

Direct Deposit

Direct deposit allows you to electronically deposit your employees payroll check into their bank account. It can also be used for expense reimbursements, tax refunds, pensions, dividends and bonuses. Best of all, you control the process when you use Cherokee Online Business Plus.

Benefits

  • Reduces reconciliation
  • Reduces fraud
  • Saves time and money
  • Great benefit for employees

Why BankCherokee Cash Management Services?

  • We take the time to get to know you and your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • We are your direct and local contact

Direct Debit

Direct debit allows you to electronically debit accounts using the ACH network. You can use direct debit to collect rent payments, set up recurring payments, collect donations and more. Best of all, you control the process when you use Cherokee Online Business Plus.

Benefits

  • Lower rate of return than checks
  • Saves time and money
  • Saves effort
  • Improves cash flow
  • Great benefit for your customers

Why BankCherokee Cash Management Services?

  • We take the time to get to know you and your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • We are your direct and local contact
Scanner

Remote Deposit

Now you can scan checks received from customers and issue deposits electronically from any PC desktop. Anywhere. Anytime, day or night. It's the quickest way to turn check deposits into cash.

Benefits

  • Up to 40% faster funds availability*
  • Consolidate funds from multiple locations into BankCherokee
  • Save time preparing deposits
  • Cut costly courier fees or trips to the bank
  • Reduce risk of fraud

*Electronic deposits with Remote Deposit typically require 2 days for processing compared to up to 5 days for traditional processing of deposits. Source BAI Banking Strategies, March 14, 2005.

Why BankCherokee Cash Management Services?

  • We take the time to get to know you and your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • We are your direct and local contact

Cash Concentration

Cash Concentration service allows you to electronically concentrate funds from various locations or subsidiary companies into one main operating account.

Benefits

  • Efficiently manage funds in multiple accounts
  • Maximize investment opportunities

Why BankCherokee Cash Management Services?

  • We take the time to get to know you and your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • We are your direct and local contact

Zero Balance Accounts

When your business uses a number of accounts to segregate money, zero balance accounts are the fastest, most cost effective way to monitor your account balances.

Benefits

  • Reduce idle balances
  • Minimize excess balances
  • Increase cash resources for investment purposes
  • Reduce overdrafts

Why BankCherokee Cash Management Services?

  • We take the time to get to know you and your business
  • We will only recommend products that meet your needs
  • We install equipment and troubleshoot issues
  • We are your direct and local contact

ICS/CDARS

With ICS and CDARS, you can enjoy the peace of mind that comes with access to multi-million-dollar FDIC insurance and can choose the service or combination of services that best meets your needs for returns and access to funds. Now that’s smart.

How do ICS and CDARS work?

  • Institutions, like ours, that offer ICS and/or CDARS are members of a special Network. When we place your deposit through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using ICS) or CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
  • You work directly with our cash management team. And you receive one monthly statement from our bank for each service in which you participate. As always, your confidential information is protected.

Earn Interest

Ask us about the returns you can earn. Enjoy the conveniences of banking directly with us and of earning one interest rate for funds placed into demand deposit accounts through ICS or into CDs with CDARS.1

Enjoy Peace of Mind

Rest assured knowing that your funds are eligible for multi-million-dollar FDIC insurance protection that’s backed by the full faith and credit of the federal government. No one has ever lost a penny of an FDIC-insured deposit.

Access Funds

With ICS, enjoy unlimited withdrawals. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).

Save Time

Work directly with just us – a bank you know and trust – to access multi-million-dollar FDIC insurance, and forego the need to use repo sweeps or to track collateral on an ongoing basis.2

Stay Local

Feel good knowing that the full amount of your funds placed through ICS and/or CDARS can stay local to support lending opportunities that build a stronger community.3

View Demos

Disclosures

  • 1 One rate per maturity when using CDARS.
  • 2 If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions.
  • 3 When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS or CDARS Network, we can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent to certain types of CDARS transactions, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending. Placement of your funds through the ICS service or CDARS service is subject to the terms, conditions, and disclosures set forth in the agreements you enter into with us, including the applicable Deposit Placement Agreement. Limits apply, and customer eligibility criteria may apply. Unlimited program withdrawals are available with ICS only when using the ICS demand option. ICS and CDARS are registered service marks of Promontory Interfinancial Network, LLC.
CDARS

Business Check and Credit Cards

A Business Check Card works just like your checkbook only it's faster, easier and more convenient than writing a check. Now you can manage your business with one simple card!

A BankCherokee Business Credit Card gives you an edge. The more you use it, the more you’ll benefit and best of all you’ll have local support from BankCherokee if a problem should ever arise.

Do you already have a BankCherokee Credit Card? You can manage your account online, simply click here to login or enroll.

Looking for a Persoanl Credit Card? We can help, click here to see personal credit card options.

Business Check Card Benefits

  • Simplified record keeping
  • 24-hour access to ATMs
  • Additional authorized user cards available
  • Individual access limits available
  • All cards receive a personal identification number (PIN)
  • Contact the cash management team at cashmanagement@BankCherokee.com or call them at 651.291.6240 to order your card today!

Business Credit Card Benefits

  • Streamlined accounting
  • Solid purchase protection
  • No annual membership fee with one purchase per year
  • Additional authorized user cards available
  • Individual access limits available
  • Great Travel Benefits with the Travel Card
  • Click here to learn more or to apply!

Other Services

BankCherokee offers other cash management services to help you manage your time and business.

Other Services

  • Employee Health Savings Accounts
  • Employee Banking Packages
  • Sweep Accounts
  • Account Analysis Statements
  • Reloadable Payroll Cards