Zero Balance/Target Account
This account lets businesses concentrate all funds into a single account while benefiting from the flexibility of multiple disbursement accounts for accounting purposes and audit control.
Eliminate forecasting and funding guesswork and improve funds control and productivity.
A Zero Balance Account concentrates funds into a Master Account which is used to fund disbursement accounts. One entry is made at the end of the day to fund disbursement accounts such as payroll, accounts payable, employee benefit payments, etc. Subsidiary accounts are maintained at zero (or target) balance to eliminate idle funds.
A Sweep Account is used to maintain a target balance in corporate checking accounts while earning interest on excess funds or minimizing use of
a line of credit. Excess funds move into an interest bearing overnight repurchase agreement or used to pay down
a line of credit. When needed, the funds move back to
a checking account or a draw is made on a line of credit.
With a Commercial Investment Account, corporate checking accounts are linked to an overnight investment account. A target collected balance is established for
a checking account and excess funds are automatically invested in an interest bearing account.
Another sweep account option is to link a Revolving Line of Credit to corporate checking accounts. When additional money
is needed, it automatically gets transferred to the account. Excess funds are used to pay down the line of credit.
This system allows businesses to identify and return fraudulent checks paid against
a checking account on the same day they are received by WoodTrust Bank. This is accomplished by comparing the check serial number and the dollar amount of each check presented against a file of valid issue items provide
VISA & MasterCard Merchant Credit Card Processing
We can provide businesses with full authorization and settlement processing for VISA and MasterCard transactions. We are also able to provide authorization for Discover, American Express, Diners Club and Carte Blanche (customer receives separate settlement directly from the vendor). We offer store card swipe merchant terminals with printer and also support touch-tone capture for low volume merchants. WoodTrust Bank also has a PC-based product for mail order/phone order/Internet merchants. We can also support PIN pads for merchants who want to offer PIN based transactions at point-of-sale.
VISA Corporate Credit Cards
We can issue corporate credit cards to businesses for use by employees.
Wire Transfer Services
Large dollar transactions can be transferred anywhere in the United States or to almost any foreign country. The funds arrive within a few hours and are immediately available to the recipient. We use the Federal Reserve Bank and Bankers’ Bank to execute these wire transactions. Transfers can be initiated by telephone or in person.
Make deposits to a WoodTrust Bank account anytime through our 24-Hour Depository.
Businesses receive a locking bag with two keys and unlimited keys to our depository. Our tellers open
the bag in the morning under dual control and process the deposit. A receipt is placed in
the bag and it can be picked up during regular bank hours.
Coin & Currency Service
Obtain coin and currency for a businesses needs at any WoodTrust Bank office. Save time by calling ahead and
the order will be ready for pick-up upon arrival.
Commercial Lockbox Service
Accelerate the collection of accounts receivables by having incoming cash remittances sent directly to a lockbox at WoodTrust Bank. We process transactions on a daily basis and provide a report showing the remitter, payment amount and other pertinent invoice information. Eliminate the handling of incoming checks and the preparation of bank deposits – plus accelerate fund availability.
Anytime Banking Center
Using a touch-tone telephone and a Personal Identification Number (PIN),
businesses can access account information anytime from anywhere by calling (715) 422-0222 or toll-free (888) 422-4613.