Deerwood Bank is pleased to offer our business customers a suite of online banking services that include 24-hour access to your business accounts - both deposits and loans. With Deerwood Bank Business Online Banking, you and your authorized employees can check balances, verify transactions and download account history. With all of this information at your fingertips, you can monitor and control your daily cash position and potentially reduce your borrowing. Additional detailed services are listed below:
Funds may be transferred between any of your Deerwood Bank accounts (excluding some lines of credit) identified for Online Banking or any accounts you have at other financial institutions. Transfers may be set up as either single or recurring, and may be originated, edited, or deleted as needed. Please contact your business banking representative for more information.
Automated Clearing House (ACH) Originations allow you to quickly and easily pay your employees electronically, payroll will be deposited directly into your employee'' bank accounts.
ACH Origination also allows you to, with your customers' authorization, electronically collect payments such as monthly dues, premiums and other recurring payments. Please contact your business banking representative for more information about this product, the approval process and the fees involved.
Using Online Banking, you can download your company's current statement of activity and reconcile accounts quickly and efficiently. Several software programs will interface directly with Deerwood Bank's Online Banking, including Quicken, QuickBooks, Microsoft Money, and Open Financial Exchange (OFX).
Businesses can save valuable time with the ability to pay bills online. Scheduling payments electronically is easy and can be set up as either one-time or recurring payments - up to a year in advance. Eliminate the hassle of writing checks and pasting stamps.
Deerwood Bank’s online banking system utilizes a layered security approach to authenticate the identity of our customers and minimize the risk of unauthorized access to your accounts. Our fraud detection monitoring system considers each customer’s history and behavior pattern, alerting bank staff of any “red flag” activities.
Most importantly, our Online Banking System allows you, our business customer, to set-up a wide variety of account alerts, customized to meet your business’s individual needs. You or your designated employees can receive a text, email or secure message alert anytime any of the following occur:
What is Corporate Account Takeover?
Corporate Account Takeover is a type of business identity theft in which a criminal entity steals a business’s valid online banking credentials. Any business can fall victim to these crimes. Small to mid-sized businesses remain the primary target of criminals.
A business’ systems may be compromised by:
Fraudsters exploit the infected system to obtain security credentials that they can use to access a company’s business accounts. The criminal can then initiate funds transfers by ACH to the bank accounts of associates within the U.S. (often called ‘money mules’).
Cyber thieves target employees through phishing, phone calls and even social networks. It's common for thieves to send emails posing as a bank, a delivery company, a court or the Better Business Bureau. Once the email is opened, malware is loaded on the computer, which then records login credentials and passcodes and reports them back to the criminals.
Online Security Recommendations
Control access to online banking by implementing safeguards including:
Train all users:
Secure computer systems and transmitting facility by implementing strong safeguards that include but are not limited to:
Generally, the business is responsible for maintaining the confidentiality of the passwords and all transactions incurred using those user codes and passwords. It should disclose passwords only to those individuals authorized to use online banking or a particular function level in online banking. Anyone to whom the business discloses its passwords and anyone who has access to those passwords will have full access to the services that can be performed on online banking, including full access to the business accounts. The person's authority will be limited only to the extent that the password was established with limitations on the functions that could be performed using that password. All communications containing proper user codes and passwords are authorized by the business and the bank will act upon those communications. The business will be bound by any transaction performed by any person using that user code and password, and assumes full responsibility and liability for the consequences of any misuse or unauthorized use of or access to online banking services or disclosure of any confidential information or instructions of the business by its employees, agents or other third parties that gain access to those passwords - even if they were generated by a cyber-criminal.
As always, if you have any questions about Deerwood Bank’s Business Online Banking system or about any of our products and services, just give us a call at 800-291-6597 or at any of our offices.