SpencerBANK offers convenient services to help you complete your business needs. Please contact a banking representative to find out more on these additional business services listed below.
Night Depository Service
Night Depository Service is available for after hours and weekend deposits of cash and checks. This provides a much safer alternative than holding the daily receipts at your place of business. Please call your local branch location and speak to a customer service representative today!
Merchant Credit Card Services
SpencerBANK’s electronic processing system offers the convenience of electronic authorization and data capture so you can accept a variety of nationally recognized credit cards including Visa,® MasterCard,® American Express, Diner’s Club and Carte Blanche.
Our electronic processing system will also allow you to accept credit and debit card transactions as payment for purchases. Since credit and debit card usage is growing at a rate of over 15% every year, your ability to accept these types of payments not only help you earn customer satisfaction and appreciation, it will help your sales!
Establishing an IOLTA Account
SpencerBANK complies with the state of Massachusetts’ IOLTA (Interest on Lawyers’ Trust Account) board to establish IOLTA accounts for attorneys. An IOLTA account is basically a checking account that earns interest on the funds in the account. The interest is determined by the state’s IOLTA board because attorneys may not keep the interest earned on client money. Further, the IOLTA account is a checking account so that the lawyer can easily return the client money to the client, or use it as necessary. The interest earned is collected and distributed to a variety of legal programs that aid the underprivileged. IOLTA accounts can provide more than $200 million to help defray legal costs to those who need legal assistance but cannot afford it.
Business Debit Cards
The card that works like a check and makes managing your business easier. Use your SpencerBANK Business MasterCard® to pay for your day-to-day business expenses, travel & entertainment, and bills instead of cash, checks, or credit cards.
The money comes right out of your business checking account that is linked to the card, with no interest charges or card fees and it’s free!
You may request additional cards for employees. For added convenience, SpencerBANK MasterCard® business cardholders now receive five (5) free ATM transactions at foreign (non-SpencerBANK) ATMs per statement cycle. (Surcharges may apply at individual ATMs).
Free FraudWatch Plus®
You’ll also have peace of mind in knowing that your card is protected with FraudWatch Plus®. Experienced fraud analysts work around the clock, watching for any suspicious activity and will contact you immediately if they detect potential fraud on your card.
Remote Deposit Capture
With Remote Deposit Capture, your business will get these time saving advantages:
- Interface with your SpencerBANK account for electronic payment posting and updates
- Have extended hours for deposit processing
- Streamline your workload and productivity
- Instantly search and retrieve archived images
- Reduce costs associated with check handling
- Achieve fast and efficient deposit processing
- Free up storage-space
How it works:
A DEPOSIT24 desktop scanner will take a digital image of both sides of each check in a batch and then capture them on the computer. After verifying the images and balances, you transmit that batch through a secure Internet connection to SpencerBANK. Payments are available for posting to your accounts receivable software.
- Reads check data automatically
- Displays images during item correction
- Provides automatic balancing
- Detects duplicate items
- Converts eligible items for electronic processing
- Creates posting files for accounts receivables
- Provides detailed web-based reports
- Provides secure firewalls and encryption to protect data
- Gives you complete access from your PC through the Internet
SpencerBANK will provide you with innovative payroll solutions to take the complexity out of the process so that you can focus your time and energy on core business functions.