Cash Management Business Services

BankCherokee offers a wide variety of services that help businesses maximize their available cash. Our team of business bankers can tailor these services to help you better manage your cash flow, maximize investment opportunities, accelerate collections, manage payroll, reconcile accounts and reduce costs.

Direct Deposit

Description

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

Direct Debit

Description

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

Merchant Services

Description

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
  • Local support
  • No long-term contracts
  • Competitive rates

Remote Deposit

Description

Now you can scan checks received from customers and issue deposits electronically from any 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.

Cash Concentration

Description

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

Zero Balance Accounts

Description

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

BankCherokee Business Cash and Check Card

Description

BankCherokee Business Cash and 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!

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)

Visa® Business Credit Cards

Description

A Visa® 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.

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

Other Services

Description

BankCherokee offers other cash management services including:

  • Check Images on CD
  • Account Reconciliation
  • Sweep Accounts
  • Employee Banking Packages

MN Department of Revenue Services

Click here to file or pay your business taxes with the MN Department of Revenue.

EFTPS Payments

Click here to pay your Federal taxes using the Electronic Federal Tax Payment System.

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