Receivables

First American Bank Receivables Services include Remote Deposit Capture, Lockbox and Merchant Services.

Remote Deposit Capture

At most businesses an employee has the daily task of gathering check payments received, creating a deposit, and taking it to the bank. First American’s Remote Deposit Capture solution streamlines this process by allowing designated individuals to scan checks in your own offices and then electronically deposit  those items to any of your First American Bank accounts via our secure website.

How your company benefits:
  • Take advantage of longer processing times by receiving same-day ledger credit for deposits made before 4:00 CT
  • Reduce or eliminate costs associated with a courier service or the lost production of employees leaving the workplace to make a deposit at the bank
  • Easily access detailed transaction data going back 2 years
  • Reduce your risk that an item will be returned by enabling items to cleared faster
  Consider this service if your company:
  • Receives check payments at your place of business
  • Makes daily or weekly trips to the bank to deposit checks
  • Needs extended deposit times
  • Has multiple locations and would like to consolidate accounts
  • Needs an efficient mechanism to retain copies of checks for up to 2 years
  • Wants to reduce risk of an item being returned
  • Wants to simplify their accounts receivable process

Lockbox

First American Bank's Lockbox Services simplify your receivable process by having your company's receivables collected in one location. Payments are directed to a specific post office box within a unique ZIP code assigned to First American and are retrieved throughout the day to ensure timely processing. A seasoned staff leveraging technology assures the delivery of timely and accurate item processing per customer-defined specifications. You can receive updates regarding your processing status and access full deposit details via Ca$hTrac - our secure online website, bank-by-phone, fax or mail.

How your company benefits:
  • Accelerate cash flow – Your funds are processed faster because the bank receives your payments directly
  • Reduce processing times and costs – We handle the process of opening and depositing your receivable payments and provide you with information according to your needs
  • Access daily deposit information through a variety of channels:
    -Ca$hTrac online banking
    -Bank-by-phone
    -Fax
    -Mail
  Consider this service if your company:
  • Receives check payments in the mail
  • Processes payments at multiple locations
  • Invoices for accounts receivables
  • Wants to acceleration receivables processing times
  • Lacks resources to manage incoming check payments
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