New Hampshire Business Review Special Section Feature:
In a shifting economic landscape, small businesses need more than just financial services; they need true partners. Our panelists share insights on the value of community banking, personalized service and proactive financial planning. From accessing capital to navigating uncertainty, they offer a closer look at what it takes to thrive in today’s market and how banking partners can help.
Leanne M. Corning, SVP Client Experience, BankProv
What are the advantages of banking locally with a community-driven bank?
Banking with a community-focused institution like BankProv means you’re not just a number; you’re a valued partner. Local banks understand the unique challenges and opportunities of the communities they serve. Decisions are made closer to the customer, resulting in faster responses, more flexibility and personal attention you simply won’t get from national banks.
Plus, we’re invested in the success of the local economy. When you bank with a community bank, your dollars help support small businesses, nonprofit organizations and neighborhood development. It’s a relationship built on trust, shared goals and long-term success.
What product do you recommend for businesses to protect against fraud?
We recommend positive pay. It’s one of the most effective tools for protecting against check and automated clearing house (ACH) fraud. With positive pay, your business submits a list of authorized checks and ACH transactions to your bank. If anything doesn’t match — like the check amount, number or payee — the transaction is flagged or rejected. It’s a proactive layer of protection that can catch fraud attempts before the money leaves your account.
For ACH, businesses can set parameters or block unauthorized debits, adding further control. Given the rise in fraud targeting small and medium-sized businesses, positive pay is no longer a “nice to have” — it’s essential.
Is positive pay difficult to set up or maintain?
Not at all. Banks typically offer online portals where businesses can easily upload or automate their issued check files. Ongoing maintenance is minimal, especially compared to the time and cost of resolving fraud after it occurs.
Is deposit insurance important for businesses, and how does it work?
Deposit insurance is a critical layer of protection for business finances. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per insured bank, per ownership category.
At BankProv, we go a step further with Depositors Insurance Fund (DIF) coverage, which insures every dollar above the FDIC limit. So if your business keeps $1 million on deposit, the first $250,000 is covered by FDIC and the remaining $750,000 is fully insured by DIF — automatically and at no cost to you.
Even better, DIF coverage is available to all BankProv clients, regardless of where they or their business are located. Whether you’re based in New Hampshire, Massachusetts or anywhere across the U.S., your deposits are fully insured through this unique combination of protection.
If you’re unsure how your deposits are covered or want to break down coverage by account type, the FDIC offers an online calculator to help you estimate your FDIC insurance coverage. It’s a great tool to double-check your coverage and better understand how your funds are protected.
Are there other steps business owners should take to protect their accounts?
Layered security is key. In addition to positive pay and deposit insurance, we recommend:
- Dual control settings for account transactions
- RSA Tokens for online banking access
- Account alerts for unusual or large transactions
- Regular account monitoring by authorized staff