Business/ Commercial Accounts
Malvern National Bank is your banking center for cash management, commercial and small business loans!
Business Checking
Malvern National Bank's Commercial Checking is perfect while your business grows and moves into the future:
- $250,000 FCIC Insurance
- Earn 8¢/hundred dollars of Average Daily Balance
- Cash Management Services available
- E-Statements available
- CD-ROM statements available
- $100 minimum balance to open account
- Monthly service charge: $3.00
- Per check charge: 10¢
- Non-local deposit item charge: 5¢
MNB Merchant Remote Check Deposit
MNB's Merchant Remote Check Deposit enables you to deposit checks electronically without leaving your office. Enjoy peace of mind with instant deposit verification and avoid those middle of the afternoon trips to the bank. It's the secure and efficient way to bank on your schedule . . . not ours!
Merchant Remote Check Deposit gives your business all these benefits:
- Greater Convenience - Make deposits when you want, and as often as you want. You can scan checks when it's convenient for you, 24/7. Any type of check drawn on a U.S. bank in U.S. dollars can be deposited.
- Amazing Capacity - Depending on which scanner you use, it could hold up to 70 checks at a time, enabling you to complete the scanning quickly. Because check sizes differ, you may find it easier to scan checks of the same size in separate runs. A smaller scanner is also available for businesses with a fewer number of daily checks.
- Complete Control - You'll receive electronic confirmation of each deposit, and you can print summary or detail reports whenever you need them.
- Outstanding Security - Transmissions are made via a secure, encrypted connection, and access is only available employing a user ID and password.
- Thorough Support - MNB's dedicated Customer Service Representatives are available to answer any questions or provide additional assistance.
- To learn more about MNB's Merchant Remote Check Deposit, stop by or call any of our convenient locations and speak to a Customer Service Representative. You won't know just how easy business banking is until you try our Merchant Remote Check Deposit service!
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Cash Management
Cash Management is a suite of online services specifically designed to help commercial customers easily and efficiently meet their financial management needs. The tools in this suite can be broken down into three categories:
- Payments and collection functions
- Information functions
- Control functions
Payments and Collections Functions The primary advantage to companies which use Cash Management is that they can access multiple ways to initiate payments and collections.
- Pay both electronic bill payments and paper drafts. The advantage of paper draft payments is that they are relatively inexpensive to initiate. However, they can be slow and the originator does not control when the check actually clears.
- Automated Clearing House (ACH) combines the cost-effectiveness of writing checks with the timely posting of wire transfers. Like wire transfers, ACH payments move through the Federal Reserve System. Therefore, the originator controls when the payment will post to the receiving account - either one or two days. Unlike wire transfers, ACH is relatively inexpensive.
- Wire Transfers allow you to move funds very rapidly, posting payments to the receiving account on the same day. The recipients can be either domestic or international.
Information Functions Another advantage of Cash Management to companies is the use of certain informational functions. In addition to balance and history information, placing stop pays, ordering checks, and reconciling accounts, these companies can:
- Place currency orders
- Implement Positive pay to catch fraudulent checks before they clear
- Send files to the financial institutions securely and electronically
- Receive a monthly CD-ROM containing electronic copies of your statements, cancelled checks, deposits and deposit tickets
Control Functions Finally, Cash Management offers several tools which allow companies to manage the risk and security of their own accounts. The tools include:
- Dual control permits one user to draft payments while another authorizes those payments
- Supervisory Functions permit your company to control specific access rights to different groups of employees
MNB's Cash Management module contains many other features which will benefit your daily business needs. Contact a Customer Service Representative at a branch near you to learn more and to schedule a demonstration. Click here for branch locations.
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Commercial Loans
Commercial Loans - Malvern National Bank is in the business of helping businesses reach their goals for growth.
Professional Lending Services for whatever need your company may have including:
- Business start-ups
- Construction
- Capital Improvements
- Short term loans for seasonal working capital
- Financial counseling to business owners or prospective owners
- Fast Answers
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CD-ROM Statement Archive
With a CD-Rom Statement of your account(s), you can receive images of your account statement, paid checks, deposited checks and deposit tickets on one CD. The CD-Rom statement will also work with most accounting software to make reconciliation easy. The CD-ROM service is available for $15 for an individual month or $100 for an entire year. Our CD_ROM service is free with MNB's Cash Management services.
The CD-ROM helps you by:
- Reducing time and effort of manual reconciliation
- Minimizing storage space
- Allowing easy access to all check images and deposits
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Small Business Administration Loans
Business Administration Loans - We are equipped to offer business loans through the Small Business Adminstration (SBA) to companies that otherwise may not qualify through traditional channels.
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Commercial Lines-of-Credit
Commercial Lines of Credit - Malvern National Bank provides lines of credit to businesses which have seasonal needs for working capital and inventories. The credit line is usually good for specified periods of time, usually not longer than 1 year. A predetermined amount is set and then advances can be made against that amount with no additional approvals. The line is repaid as funds become available.
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