Deposit Reconciliation

Reduce the time you spend manually sorting and tracking checks and deposits with the automated Account Reconciliation Service.

The Account Reconciliation Service features:

• Useful audit trails.
• Lists paid and/or outstanding items in numerical order.
• Reports checks in numerical order.
• Provides detailed report options: print, magnetic tape, microfiche.
• Lists deposit items in serial number order.
• Offers various output options: paper reports, tape, mainframe-to-mainframe transmissions, mainframe-to-PC transmission.

Account Reconciliation Service offers four options for the reconciliation of your corporate checking account.

Plan 1
Benefiting companies processing fewer than 500 items per month.
Plan 1 includes: During a designated reconciliation period, displays check number, paid date, amount, and control number.

Plan 2
Benefiting organizations that require additional control, accuracy, and ease of reconciliation without the use of electronic media.
Plan 2 includes:
Ascending numerical listing of paid checks. Displays check number, paid date, amount, control number. Includes outstanding check numbers (starting and ending check numbers of the reconciliation period, plus additions and deletions to the outstanding check list are provided by the customer). Exception reports. Duplicate check numbers paid. Check numbers paid not falling into the check number range (range provided by the customer)

Plan 3
Ensuring the most efficient management of high check volume account, Plan 3 includes all the benefits and features for Plan 2 plus the following: Separate numerical listings of checks paid, checks outstanding, and complete exception reporting (customers provide issued information via transmission or magnetic tape).

Plan 9
Providing the basics of account reconciliation, Plan 9 includes: Ascending numerical listing of deposits by reference number and amount during a designated reconciliation period.

Your benefits:

The bank performs the labor intensive function of reconciliation of checks issued to paid checks, and saves you the cost of staff and overtime to perform this tedious task.

A cost-effective service, the Account Reconciliation Service can be tailored to meet the needs of your organization.

A feature called Positive Pay can reduce your company's exposure to fraud or stolen checks. You provide FENB with your issued items and on a daily basis this information will be compared against the checks paying each day. If the check number and amount are not on the issued list, the check is returned immediately. This saves you the cost of stop payment fees and provides you with a low cost peace of mind.