Municipalities
Partners understands that your day revolves around the citizens of your community and how to manage your projects and the effects on your residents. With everything that occurs on a daily basis in the city and town government, money is always flowing. Partners Bank’s services make it easy for your local government to run smoothly on a day-to-day basis.
No one wants to worry about whether or not their money is protected, especially at the municipal level when funds are relied on each day.
Through the Partners Insured Sweep, your public unit can access multi-million dollar FDIC insurance on funds placed into money market deposit accounts or checking accounts using the ICS®, or Insured Cash Sweep service.
How it works: Partners Bank is a member of the IntraFi Network (formerly Promontory Interfinancial Network), allowing us to place funds into money market accounts and Checking (DDA) accounts at other member banks, in increments less than the FDIC insurance maximum, so that both principal and interest are eligible for FDIC protection.
Benefits:
- Peace of Mind – Your funds are placed in member banks by the FDIC and backed by the full faith and credit of the U.S. government.
- Earn Interest – Put excess cash balances to work in a fully-insured demand deposit account.
- Liquidity – Withdraw ICS® funds unlimited times per month from Checking (DDA) accounts. Plus, make an unlimited number of program deposits.*
- Save time – While your funds will be placed through many banks, you only work directly with Partners. You will receive one easy-to-read statement summarizing all of your holdings.
- Support our Community – Your deposits that stay at Partners are loaned back to the community, driving business growth to help our local economy.
*Placement of your funds through the ICS® service is subject to terms, conditions and disclosures set forth in the agreements you enter into with us, including the ICS® Deposit Placement Agreement. Limits and customer placement eligibility criteria apply. Program withdrawals from Money Market accounts are limited to six per month.
Local governments, no matter how small the population have many moving parts, including those who work to keep the community on its feet, the vendors that supply the resources you need and much more.
Cash Management with ACH Origination including Direct Deposit helps solve the issue of inconvenient money transfers. Pay and collect from vendors, schedule payments such as employee payroll while giving your employees the ability to access specified accounts.
While municipalities include many departments you can establish user rights to accounts you want your employee to view.
Other Benefits:
- View accounts and review printed checks online
- Originate payroll direct deposit and expense reimbursement files
- Upload ACH files created by your program or create ACH files using Partners online software (VIP token needed to authorize proof of identity for ACH files and wire transfers)
- Initiate wire transfers
Keeping up with a community’s budgeted plans involves making sure the money is there when you need it. When checks come in, don’t let taking a trip to the bank cause you to put a halt to your work. With Remote Deposit Capture at Partners, we make it easy for you to get money into your account without having to step away from your desk.
Remote deposit uses a small, high-speed desktop scanner that connects to your PC and the Internet. With it, you can scan the checks you receive from your customers and make deposits electronically. This feature saves you time and money and is secure. It also reduces risk of deposit errors.
Other benefits:
- Make unlimited deposits from your place of business
- Perform your own research
- Increase funds availability
- Reduce the number of trips to the bank