Deerwood Bank Business Solutions

Business Online Banking

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:

You can also learn more
by calling 1-800-291-6597

 

Funds Transfer:

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.

ACH Origination:

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.

Account Reconciliation:

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).

BILL PAY

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.

Online Security

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.

Access Your Business Account

Access Cash Manager Account

 

 

 



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:

  • Password change attempt
  • Log-in from outside a specified geographic region (e.g. out of state)
  • Internal transfer amount greater than $xxx.xx
  • ACH transaction greater than $xxx.xx
  • Additional personalized notifications can also be customized right online also

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:

  • An infected document attached to an email
  • A link within an email that connects to an infected website
  • Employees visiting legitimate websites – especially social networking sites – and clicking on the infected documents, videos, or photos posted there
  • An employee using a flash drive that was infected by another computer

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:

  1. appoint a Security Administrator;
  2. maintain the confidentiality of User IDs and passwords required for online banking and regularly change such passwords;
  3. dedicate one computer exclusively for online banking and cash management activity;
  4. verify use of a secure session (“https”) in the browser for all online banking
  1. do not allow a workstation used for online banking to be used for general Web browsing and social networking;
  2. do not allow the conduct of online banking activities from free Wi-Fi hot spots like airports or Internet cafes;
  3. cease all online banking activity if the online banking application appears different and not legitimate. Do not continue and contact the financial institution immediately.

Train all users:

  1. to sign off of online banking when not in use to prevent unauthorized access;
  2. on the risks of opening electronic mail and attachments and clicking on pop-ups and hyperlinks;
  3. to promptly report to Customer’s Security Administrator any suspicious activity.

Secure computer systems and transmitting facility by implementing strong safeguards that include but are not limited to:

  1. use strong web content filtering and scanning, firewalls, multi-layered security technology, anti-virus, anti-spam, and anti-spyware products and procedures;
  2. keep computer systems and transmission facilities updated with the most current security patches;
  3. permit access to online banking only via a locked down machine;
  4. take timely and reasonable actions to correct any issues that indicate that the businesses computer system or transmission facility has been compromised by hack, malware, or other forms of intrusion; and notify the bank immediately at 800-291-6597. 

Dual Control:

  1. initiate payments under dual control, with assigned responsibility for transaction origination and review;
  2. avoid having employees use computer administrator controls  to initiate and review payment transactions.

Account Security:

  1. review accounts online daily; at a minimum, review pending or recently sent ACH files;
  2. take advantage of account alerts available within online banking.  You can choose one or more types of alerts to create.  Notification can be through a Secure Message – which is a message sent to your online banking account; a message sent directly to your email; or a text message via mobile phone.  Here are some examples:

Online Security Reccomendations

Customer Liability
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. 

Resource Links:

https://www.nacha.org/CorporateAccountTakeoverResourceCenter

http://www.businessidtheft.org/Education/BusinessIDTheftScams/CyberCrime/tabid/107/Default.aspx

http://www.aba.com/Tools/Function/Fraud/Pages/CorporateAccountTakeoverSmallBusiness.aspx

Onling Banking FAQ

Onling Banking FAQ

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