ICS: 5 Frequently Asked Questions

ICSAccount-Blog

An Insured Cash Sweep (ICS) account is an easy way to protect your business deposits over $250,000. But how does it work? Learn this and more with these five frequently asked questions.

How does an Insured Cash Sweep account work?
If you want to protect deposits of more than $250,000 (the standard FDIC insurance coverage amount), you can use an ICS account to deposit your money automatically through a network of pre-selected, highly rated banks. Just open your ICS account with Merchants Bank and we do the rest.

An ICS account can be structured as a checking account with our ICS Demand Checking or as a savings account with our ICS Money Market Savings. Both accounts earn interest, allow for unlimited deposits and have no minimum balance requirements.

Why would an ICS account be better than using multiple banks?
Skip the running around and paperwork. With an ICS, you only have to open one account at Merchants to take advantage of the automatic, additional FDIC insurance coverage through the ICS network of banks. Plus, you’ll only have one statement to review.

Who has custody of my funds?
Funds placed through an Insured Cash Sweep are deposited only in FDIC-insured banks. Merchants Bank acts as custodian for your ICS deposits.

How safe is my information and the ICS service?
As always, Merchants Bank takes protecting your information seriously. Your confidential information is not shared with the ICS bank network.

The ICS program has been designed to comply with all FDIC requirements. You can be confident that your deposits are safe and sound.

Are there other account options similar to ICS?
Merchants Bank also offers a CDARS account through the Certificate of Deposit Account Registry Service. This account provides additional FDIC insurance protection through a Certificate of Deposit account – instead of checking or savings. You can choose from a variety of terms to fit your needs.

Protect your large deposits and enjoy the convenience of having them insured with one bank through ICS. Want to learn more about how your business can benefit from an Insured Cash Sweep account?

References:
*http://www.insuredcashsweep.com/home/faqs/

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 eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option. If you are subject to restrictions with respect to the placement of funds in depository institutions, it is your responsibility to determine whether the placement of your funds through ICS, or a particular ICS transaction, satisfies those restrictions. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC. Public Fund 0414

Meet John Piscitiello, Commercial Banker

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John Piscitiello, Commercial Banker

Get to know John’s commercial banking philosophy and how he helps businesses in the Twin Cities.

Share a little about your background and banking career.

John: I grew up in Winona and went to St. Mary’s University. After graduation, I moved to the Twin Cities, where I currently live with my wife and four boys in Lakeville.

I have been in the lending business my whole career. During the real estate boom years of the 2000s, I was a business owner in the construction lending industry. It was a challenging environment leading up to the economic meltdown. I was fortunate to exit the business before the Great Recession hit, and I learned many great lessons about both the successes and failures of running a business.

What do you like most about your job?

John: When I am able to make a difference helping a client succeed and reach their goals.

What kinds of businesses do you typically work with and how do you help them?

John: My clients are typically family-owned companies located in the Twin Cities market. I help them by providing financing and other banking services where needed, along with ideas and guidance when appropriate.

What is something not many businesses know about work with Merchants Bank?

John: That Merchants is an employee-owned ESOP bank! Being employee-owned has a positive effect on our company culture, and is a nice contrast to the big banks.

How would you describe your partnership with your business customers?

John: It is very much a business partnership. For me to be a good banker for my clients, I need to have a deep understanding of their business and business goals. This helps me to not only provide the services and advice needed, but also allows me to be an advocate for my clients internally within the bank.

What do you hope your customers say about working with you?

John: I hope my customers say that I understand them and that they have a banker they can trust to take care of their needs.

What does community banking mean to you?

John: To me, community banking means strong relationships with our clients and with the local markets we serve. Community banking also means local decision-making, which for many business owners can be the difference between feeling understood and getting the service they need versus feeling like your bank doesn’t get you.

Loans are subject to approval.

Meet Mike Swanson, Commercial Banker

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Mike Swanson, Commercial Banker in Hastings

Get to know Mike, Commercial Banker,  and how he helps businesses – big and small – meet their financial goals.

Share a little about your background and banking career.
Mike: I started in banking as a part time teller in high school at Vermillion State Bank. Two years later, I moved to First Federal Bank (now known as MidCountry Bank) as a Construction Loan Assistant. After college, I moved back to the retail side of the bank as a Personal Banker and eventually became a branch manager there.

In 2012, I started at Merchants Bank as Personal Banker. Since then, I’ve changed office locations and roles a couple of times and eventually was fortunate enough to move to the commercial side of banking, in my current role as a Commercial Banker. It had been a goal of mine to move into a commercial role for many years and I feel very fortunate Merchants has afforded me that opportunity and in my hometown no less!

What do you like most about your job?
Mike: When people hear you are a banker they tend to draw conclusions about number crunching and spreadsheets, but I’m a community banker because I like people! I love building relationships and getting to know my clients, their goals, dreams, and aspirations, and most importantly helping them achieve them.

I also greatly enjoy my community and Merchants Bank’s commitment to the communities we serve allows me to be involved in several organizations. Part of my job is to help make Hastings a great community for all of us who live and work here.

What kinds of businesses do you typically work with and how do you help them?
Mike: That’s one of the great things about Merchants – whether you are a one-man show landscaper or plumber, or have employees in multiple locations – we are going to have products and services to offer you. I’ve work with several one-man operations in landscaping, agriculture, all the trades (plumbing, electrical, etc), as well as real estate investors, accountants, and doctors.

We can help with equipment purchasing and leasing, working line of credits, credit card, and an entire suite of cash management services too. We have something for every kind of business.

What do you hope your customers say about working with you?
Mike: I hope they say “that was such a great experience I’m going to tell everyone I know about Mike at Merchants!” Really, I hope they know I am working for them and that I’m here to offer them options in order to meet their future goals. I hope they say I am a long-term trusted partner to help them reach their goals.

What does community banking mean to you?
Mike: Community banking means that we, the Bank, take care of our community. Decisions are made by people who understand the local needs of families, businesses and farmers.

In today’s world, you can’t walk into just any bank and ask to talk to the president. But at Merchants you can because of our local, market-based leadership. Being a community bank means we partner with you through opening your child’s savings account, financing your first home, or helping you get the business of your dreams started. It means when you walk in the door, we’re going to know your name and you will know ours.

Loans are subject to approval.

What You Need to Know: Same Day ACH

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A new ruling by the association that governs electronic payments (NACHA) will require all financial institutions to accept and process certain transactions, called ACH (Automated Clearing House) payments, from businesses same-day. This service is also referred to as Same Day ACH.

While there are many components to Same Day ACH, let’s start with the basics.

What is Same Day ACH?
Same Day ACH is an optional payment method for businesses where payments sent “today” may be received and credited “today.” These payments:

  • Can be sent to any bank account in the United States, including personal accounts.
  • Cannot equal more than $25,000 per transaction.
  • Only include credits.

The Same Day ACH ruling was effective September 23, 2016.

How does Same Day ACH affect my business?
You may also notice Same Day ACH payments may be credited to your accounts more quickly, increasing your funds availability and cash flow opportunities. Plus, payments and payment-related information may flow more rapidly from bank to bank.

In addition to these benefits, Same Day ACH could also impact:

  • Your accounting system
  • Intra-day settlement
  • Trading partner agreements

It’s important to review and prepare these areas of your business for the upcoming Same Day ACH changes.

If your business would like more information on Same Day ACH, contact one of our Cash Management Specialists.

Mike Swanson and Pam Timp to Provide Cash Management Solutions for Merchants Bank in the Twin Cities

MikeandPamPromotionMike Swanson and Pam Timp of Merchants Bank will be taking the lead in providing Cash Management solutions for businesses in the Twin Cities.

They will be providing Cash Management expertise for business customers for all Merchants Bank’s Twin Cities locations –Hastings, Cottage Grove, Apple Valley, Lakeville and Rosemount. Swanson has moved to Merchants Bank’s Hastings location, where he has also been promoted to Commercial Banker. Timp will be available at the Lakeville location.

Merchants Bank’s Cash Management products and services are designed to save businesses time and money, protect against potential fraudulent activity and create opportunities for those businesses to grow. It is an area of focus for the Merchants Bank organization.

“I’m looking forward to working with our business customers throughout the Twin Cities and show them how our Cash Management solutions may be able to help them in ways they may not have expected,” Swanson said.

Swanson has been with the Merchants Bank organization for four years and in banking for 15 years. Most recently he served as the Senior Consumer Banker and Branch Manager in Merchants’ Lakeville location. Timp has been with the Merchants Bank organization for almost three years, serving as Lending Assistant and Customer Service Representative in Lakeville.

Mike Swanson Promoted to Commercial Banker and Cash Management Specialist at Merchants Bank in Hastings

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Mike Swanson, Commercial Banker and Cash Management Specialist

Mike Swanson has been promoted to Commercial Banker and Cash Management Specialist at Merchants Bank in Hastings, according to Bruce Goblirsch, President of Merchants Bank in Hastings.

“I’m looking forward to working with business customers to help meet their goals on the lending side of the business and showing them how our Cash Management products may be able to help those businesses in ways they may not have expected,” Swanson said.

Swanson has been with the Merchants Bank organization for four years and in banking for 15 years. Most recently he served as the Senior Consumer Banker and Branch Manager in Merchants’ Lakeville location. He started with Merchants Bank in Apple Valley.

“Mike has been successful at every aspect of banking because he always puts the needs of customers first. I expect that he will do an exceptional job helping the businesses in and around Hastings,” Goblirsch said. “Plus, his understanding of how we can help businesses with Cash Management is really an incredible benefit as they make their money work smarter.”

Swanson will be part of the team supporting Merchants Bank locations throughout the Twin Cities –including Apple Valley, Lakeville, Cottage Grove, Rosemount and Hastings –with his Cash Management expertise. Merchants Bank’s Cash Management products and services are designed to save businesses time and money, protect against potential fraudulent activity and create opportunities for those businesses to grow. It is an area of focus for the Merchants Bank organization.

Meet Sarah Danielson, Commercial Banker and Cash Management Specialist

MeetSarahDanielsonGet to know more about Sarah Danielson and how she approaches working with businesses every day.

When did you start your banking career?
Sarah: I started working as a Teller in 1994. At the time, I worked mostly with commercial customers and really enjoyed learning about that side of banking. When I had the chance to apply for a job in the Loan Review area, I took it. In Loan Review, I spent my time analyzing business financials and while I really enjoyed it, I missed being in front of people. Ultimately, I knew the best path would be to become a Commercial Banker so I could use all of my knowledge and interact with customers again.

What do you like most about your job?
Sarah: I enjoy being there for my customers through the ups and downs of their businesses. Owning a business isn’t always easy – I know first hand – and I can relate to what it’s like for my business customers day in and day out. I have a tremendous amount of respect for them. It’s so encouraging to see people believe in themselves and have the courage to take the next step in establishing or running their business.

Share your top business/commercial banking tip.
Sarah: The secret to success is having a full understanding of what you’re doing. You might wonder how that’s possible. Start by surrounding yourself with a team of trusted experts, like a lawyer, accountant and a banker, just to name a few.

What do you hope your customers say about working with you?
Sarah: I hope they see me as a trusted partner…someone who has knowledge to share, but also looks out for their best interests.

Can you help businesses assess which business banking options would be most beneficial? How does this process work?
Sarah: Definitely. It’s as simple as sitting down and taking the time to listen to a customer. I try to uncover their true needs and pair that with my knowledge from being in such a wide variety of banking positions helps me make the best recommendation(s).

What does community banking mean to you?
Sarah: It’s gratifying to be part of a banking team where employees are so dedicated to improving the community professionally, through their work helping businesses grow, and personally, through volunteer and service work. I believe in community and community banking.

What are some of the biggest benefits to a business to working with a Merchants Bank Commercial Banker?
Sarah: I think we’re different because our team is interested helping businesses with their entire banking experience, from loans to deposits and cash management tools. I’m not just your lender. I want to be your banker and someone who provides the best guidance about your financial picture.