Are You Using All of the Banking Services that Could Add Value to Your Insurance Agency?

Are You Using All of the Banking Services that Could Add Value to Your Insurance Agency?

Article By: Deirdre Tumm


As advances in banking technology expand and specialized business electronic services are improved upon, do you know all of the services available and at your fingertips?  And more importantly, are you taking advantage of these services that could add value to your agency?

We know that nearly all financial institutions offer the standard electronic banking services that we utilize on a day-to-day basis, such as online banking, online transfer services, online account history, online bill payment, etc.  But now more and more financial institutions are offering advanced electronic banking services in support of their clients' banking needs. These services include:

  • ACH File Creation/Upload Initiation -- After entering data into the software or importing it from an Excel or CSV file, an ACH file is created and sent to your financial institution for direct deposit payroll, vendor payments, and more.
  • Positive Pay Services -- Banks use positive pay as a theft protection service. The bank will match the debits that your agency issues with those presented for payment. Any debit considered suspect is sent back to you for examination.  
  • Online Wire Transfer Services -- This service allows you to wire money domestically directly from your account.
  • Remote Deposit Scanner Services -- With remote deposit and mobile scanning services, you can improve your agency's cash flow, eliminate the cost and personal liability of regular trips to the bank, reduce paperwork associated with deposits and transfers, and consolidate funds from remote locations to one bank.
  • Bank-to-bank Transfer Services -- These services can expedite getting money from an account at one financial institution to an account at a different financial institution.

With so many varied offerings potentially available at your financial institution, we encourage you to reach out to your banker today to find out how these services can help your agency grow.

Deirdre Tumm is the senior treasury management officer for Security Financial Bank, a Wisconsin financial institution that specializes in lending to insurance agencies. Deirdre uses her cash management expertise to seamlessly guide SFB's insurance agency clients with their depository needs and specialized business services. Some of those services include remote deposit capture, Positive Pay, and ACH services.