Money Management

Gain greater control and put your money to work.

There are times when your business may find it has excess funds in its checking account. At those times, it may be wise to move these funds into other accounts to ensure your money is working to its maximum potential. Our money management services can help you do that easily while keeping you in total control.

Business Online Banking

We offer fully-integrated, transparent access to online applications that enable your business to manage its money in a secure environment and conveniently from your office. These money management tools include:

Account Reconciliation with Positive Pay

Combat the ever-growing risk of check fraud by utilizing Midland's Pro Online Suite to reconcile your business account through the use of Positive Pay. Midland's Positive Pay service automatically matches each check presented for payment against a list of checks issued. Discrepancies are flagged through Pro Online Suite, so you can decide whether to pay or decline a suspect check.

Benefits

  • Automatically identifies possible fraud - As you issue checks, you will enter the issue date, check number, amount and payee information into your online register. Any item that does not match the information you provided must be verified before it is paid.
  • Delivers suspect check images online - By using Midland's Pro Online Suite, you can review images of suspect checks and relay your decision electronically.
  • Prevents duplicate checks from being cashed at our branches - Duplicate payments are virtually eliminated because the list of items paid - either through our check clearing operation or our branches - is updated in real time. Each check can be paid only once, regardless of where it is presented.

Account Transfers

Through Midland's Pro Online Suite service, you can more efficiently forecast and manage your cash position and move money between your accounts. Transfers can be initiated for same-day delivery with real-time authorization, or scheduled for future delivery. Transfers can also be setup to initiate on a recurring basis. In addition, you will receive automated confirmation alerts when money is transferred.

Electronic Payments (ACH)

Make electronic fund transactions online with ease, saving time and increasing efficiency. Payment types supported include: payroll, vendor, collections and cash concentration. Control your ACH risk by defining user entitlements, funding accounts, dual control requirements, balance batch and pre-funding requirements and transaction limits.

Wire Transfers

You have control with more payment options such as wire transfers. You can send funds electronically by initiating a domestic or international wire transfer within your online banking account.

Accounting Software Integration

Through Web Connect, you will be able to export transactions from the Balance Reporting module within your Pro Online Suite and import into Quicken or QuickBooks. This reduces manual data entry, improves reconciliation of data and eliminates risk of duplicate transactions.

Sweep Accounts

A Midland Sweep Account is a simple concept that offers considerable benefits to your business. With our Sweep Account, you can reduce excessive balances in your business checking and increase your return on available funds.

Working with your Midland Banker, you decide how much cash you need to keep in your business checking account to run your business. Funds which exceed this target balance, are automatically transferred (swept) to a securitized Sweep Account at the end of each business day. Funds are automatically swept back into your business checking account when your balance drops below a preset target. This assures that checks presented and debit transactions are paid.

Our deposit and loan systems are integrated, allowing the ability to link your operating Line of Credit to your depository account, providing convenient access to your credit line. This interface of accounts facilitates automatic pay down of the outstanding balance on the Line of Credit whenever there are excess funds in the depository account. In addition, this daily automated sweep allows the operating Line of Credit to fund checking account disbursements, as needed.

Benefits of linking your Line of Credit:

  • Payment of principal is paid down on your Line of Credit daily before excess funds are transferred to the Sweep Account.
  • Interest payments are deducted from your business checking on the payment due date of your Line of Credit.
  • Checks written on your business checking will automatically fund from your Line of Credit if the business checking balance will not cover the checks presented.

Funds in sweep accounts are not FDIC Insured, but are guaranteed through a Repurchase Agreement. The monthly fee can be offset by the target balance in your business checking account.

Zero Balance Accounts

If you need separate accounts to track specific activity for your business, such as disbursements, payroll or tax processing and credit card merchant activity, we offer our Pro Zero Account (ZBA). The account balance is kept at zero by sending the balance to or drawing funds from an account with which it is associated. Each night, as the special activity is posted to your Pro Zero Account, our system will automatically fund any disbursements by transferring from your designated operating account or will move excess deposits to your operating or consolidated funds account. Using zero balance accounts eases bookkeeping and reduces fraud risk.

ZBAs are beneficial to the large business with multiple locations or multiple account requirements. ZBAs can reduce fees by eliminating repetitive and costly funds transfers. A company can minimize idle cash in multiple checking accounts and concentrate cash for improved funds usage.

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Still have questions?

When you have a question, we're just a phone call away. Our Customer Care Specialists are available to answer your account questions quickly by calling us at 1-855-MY-MIDLAND.

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