frequently asked questions.

API Banking
Who does BankProv partner with to support its Banking-as-a-Service APIs?

We offer our own in-house direct API integrations, as well as, in partnership with one of our third-party vendors like Treasury Prime.

What are APIs and why do I want them for my business banking?

While APIs have been used in the business world for over 20 years, they’re currently becoming more prevalent in banking, as financial institutions implement more modern technology solutions. As a customer, you want a better, faster way to manage your money and your business. That’s where APIs come in. Learn more about API banking and how it can benefit your business from our blog post, “What are APIs and why do you want them for business banking?”

Do you have a sandbox or test environment to explore your APIs?

Yes. Our developer portal is the front interface of our API, it provides end users access to their subscription keys, api tracking stats and the ability to “try it” sending playground requests through to a playground version of the API. Learn more by visiting developer.bankprov.com

Do you offer other advanced API solutions outside of BankProv’s APIs?

Yes. We partner with some of the top fintech’s to offer additional API solutions outside of our own API banking platform to our clients through relationships with Treasury Prime..

What is ProvXchange™?

ProvXchange™ is a payment system that can be added to any API enabled account. With this you can do a real time payment to any other account here at the bank. ProvXchange™ is only available via the BankProv API or Online Banking App.

What is API banking?

APIs, or application programming interfaces, are tools that enable software to communicate and preform a series of tasks. They work by communicating between our core and your platforms – providing access to your financial information in the way you need it.

Our series of industry-leading APIs, allow you in integrate your BankProv accounts into your own platform or apps; providing a customized solution to help you streamline your operations, manage your finances, and make it even easier to send and receive money.

BaaS
Does BankProv support digital asset businesses?

Yes, BankProv has been supporting businesses in the digital asset space with deposit products since 2019 and we’re pushing our full-service offering for the cryptocurrency community to the next level with our embedded institutional banking services utilizing our API programming. By partnering with BankProv, our team can offer access to payment rails and virtual ledger services to facilitate and track payments under sub-accounts for your customers.

Who does BankProv partner with to support its Banking-as-a-Service APIs?

We offer our own in-house direct API integrations, as well as, in partnership with one of our third-party vendors like Treasury Prime.

What is an FBO account?

For the Benefit of (FBO) is an account model that allows our fintech partnerships to open one big fiduciary account on the Bank’s core, then provide customers with virtual accounts that exist within that larger account.

Who does BankProv support for Banking-as-a-Service?

BankProv is powering industry leading fintechs and digital asset businesses of all stages and sizes with its BaaS offering. We work with fintech companies, including crowdfunding platforms, recurring revenue companies, fund administrators, investment platforms, digital asset exchanges, and many more. To learn more, check out our Press Releases here.

What financial products can be built with Banking-as-a-Service?

Our APIs deliver robust core banking functionality and allow you to customize the end-to-end product experience. By partnering with BankProv, a fintech can build on top of any component of the banking stack to power solutions ranging from integrated payment rails and checkout solutions to completely branded checking accounts.

What is Banking-as-a-Service?

Banking-as-a-Service (BaaS) allows fintechs and brands to integrate and embed banking services into their user interface, such as: deposit accounts and payment rails. These services are provisioned through modern APIs, enabling fintechs to own the front-end user experience and provide their customers with a full-stack white-labeled banking solution. BankProv’s BaaS solution allows fintechs to quickly get to market with a regulated and licensed product.

Business
What is BAI2 file delivery?

BAI2 file format is a specialized and standardized set of codes used for cash management by the Bank Administration Institute (BAI). BAI2 files come to an account holder from a bank. The account holder then imports the files to a bookkeeping application and performs bank reconciliation if necessary.

What is BankProv’s LockBox program?

Lockbox is our most intensive check depositing offering. Customers can use our Remote Deposit Capture (RDC) program to deposit checks either through an app on their phone or through a check scanner attached to a computer, but Lockbox takes that check depositing function and outsources it to a payment processing center.

Our Lockbox Program is a solution to cut out the whole process of opening the mail, depositing the checks, and having to post to your accounting software. Our customers can receive a file each day right into their accounting software that tells them who paid what.

What is Positive Pay for ACH?

With ACH Positive Pay, you can review incoming debits and return them before they are deducted from your account. It helps reduce fraud associated with electronic payments.

What business cash management services does BankProv offer?

Our cash management services include but are not limited to online and mobile banking, ACH services, domestic and international wire transfers, Remote Deposit Capture, LockBox, Quickbooks Direct Connect, and API Banking capabilities.

What is cash management?

Cash management refers to a broad area of finance involving the collection, handling, and usage of cash. With our full suite of cash management services, we can assist in streamlining your processes, managing expenses, improving cash flow and mitigating risk.

What business banking services does BankProv offer?

BankProv offers a variety of business banking services including multiple business checking account options, a full suite of cash management services, and online and mobile banking technology.

What bill pay services does BankProv offer?

Pay bills with our integrated bill payment system, easily set up and manage bill pay options securely through our online banking.

DIF
What is the Federal Deposit Insurance Corporation and what do they do?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government. Established in 1933 during the Great Depression, the FDIC was founded to insure bank deposits in case the bank failed.   The FDIC provides deposit insurance to depositors in American depository institutions. They insure their depositor up to at least $250,000.

Is DIF coverage affected if I bank outside of Massachusetts?

The DIF coverage isn’t affected by where a depositor resides or where a member bank branch is located. You’re covered no matter where you are banking with us.

Is deposit insurance an added fee?

No. As a member of both the FDIC and the DIF, we’re able to provide our all of our deposit clients fully insured deposits down to the last penny at no extra cost.

What is deposit insurance?

Deposit insurance is a measure implemented to protect your money in the unlikely event of a bank failure. The Federal Deposit Insurance Corporation (FDIC) insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The Deposit Insurance Fund (DIF) insures the rest. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. Learn more by reading one of our latest blog posts.

General
Where can I find information about wire or ACH transactions?

You can find information about wire and ACH transactions, including cutoff times, by visiting our resource center. You can also contact your Relationship Manager or our Customer Service Center for assistance.

What are your wire and ACH cutoff times?

Customers that utilize our ACH or wire service through the Online Banking Portal, have the following cutoff times:

  • Same-day ACH: 2:00pm ET
  • Standard ACH: 5:00pm ET
  • Wires: 5:00pm ET
What is the cutoff time for mobile deposits?

Mobile deposits made before 4pm are deposited same day but not available until next business day; after 4pm they are deposited next business day and available the 2nd business day. For more information on our funds availability please see our funds availability policy.

How can I get a new debit card?

For the quickest service visit your local BankProv branch, they can print one onsite for you. If visiting a branch isn’t a feasible option, please call our Customer Service Center at 877-487-2977. The team can assist you in ordering a new card. Please note the turnaround time is two weeks to receive your new card in the mail.

What if I experience fraud on my BankProv bank account?

If you believe that an unauthorized transaction(s) has occurred from your Online Banking or bill pay account(s), or to report a lost or stolen debit card contact the Bank immediately at 888-806-7768. If after business hours, please call 800-264-5578. For fraud prevention services, please call 866-842-5208. If you are calling regarding fraud from outside of the US, please call 412-552-2697.

What is BankProv’s funds availability policy?

View the funds availability policy for personal banking accounts here, and business banking accounts by clicking here.

When are ATM fees posted to an account?

ATM fees are posted at the end of the month and not at the time of the transaction.

Are there debit card limits?

Yes, our debit cards do have limits based on the type of account you hold at BankProv. Point of Sale transaction limits are $2,500 for Personal accounts and $5,000 for Business accounts per business day. There is an ATM withdrawal limit of $500 per business day for all accounts. (Please note, business days are Monday through Friday, with the exclusion of Federal holidays.)

Do BankProv branches offer notary services?

Yes, most BankProv branches have a Notary on staff daily. Please call the Customer Service Center at 877-487-2977 to confirm there is one at the branch near you.

Which BankProv branches have coin machines?

Our Newburyport, Seabrook and Exeter branches all have coin machines

Lending
When is the best time to engage with you as a banker?

We’re always happy to have early conversations regarding debt structure and credit appetite.  We can often provide letters of support for you to submit alongside an IOI or LOI to help secure exclusivity on the transaction by demonstrating you have a lending partner alongside your investor base.

What is BankProv’s Commercial Real Estate lending territory?

The BankProv CRE lending team can lend in New England and New York.

Does BankProv work with the SBA 504 program?

Yes. We are a preferred lender with the SBA and have extensive experience with the 504 program.  We are also experienced with programs through the USDA, NH Business Finance Authority, Bond financing providers and more.

What types of real estate do you finance?

Owner occupied properties whether it be Industrial, Warehouse, Office, Retail or Hospitality. We also assist Investors acquire and redevelop commercial and residential use properties for long term hold or resale.

What are the main differences between SBA and traditional financing?

There are pros and cons to both SBA and traditional financing products however, SBA loans have some unique benefits. Compared to conventional loans, they generally have longer repayment terms and do not have financial covenants or balloon payments. Your BankProv lender can confidently walk you through which option is the best fit for you.

What types of small business loans does BankProv offer?

BankProv has a diverse portfolio of clients ranging from local small businesses to real estate investors. We offer a consultative approach to customize variations of commercial mortgages, term loans and lines of credit.

What areas does BankProv offer Small Business Lending to?

BankProv services the communities surrounding the physical branch locations as well as all New England States.

What’s the difference between the SBA 7(a) and SBA 504 loan programs?

The SBA 7(a) loan is the most common SBA loan product, offering financing for virtually all business expenses. An SBA 7(a) loan is a good option for acquisitions, partner buyouts, real estate purchases, refinance and more. SBA 504 loans are long-term, fixed-rate financing for real estate purchases and buildouts. Our 504 loans can include acquiring commercial real estate, financing improvements within that real estate, and purchasing large equipment.

What size loan amounts are available to small businesses?

Loan amounts vary based on the product. BankProv’s team of experts can help you determine the best loan structure to meet your needs. Our team goes above and beyond to create a customized loan package according to your business goals.

What does it mean to be a SBA Preferred Lender?

BankProv is part of the Small Business Association (SBA) Preferred Lender Program (PLP). As a PLP, our Small Business Lending team is able to serve our customers more efficiently.

As a borrower, BankProv has the authority to make final credit decisions without going through the SBA first. Allowing us to be more agile and flexible in supporting our clients’ lending needs.

  • We are typically three to four weeks faster than non-PLP lenders – getting you a solution sooner.
  • We can offer longer repayment terms, lower payments and no prepayment penalties (except on commercial real estate).

Note: All terms subject to credit underwriting and approval

When is the best time to engage with you as a banker?

We’re always happy to have early conversations regarding debt structure and industry appetite.  We can often provide letters of support for you to submit alongside an IOI or LOI to help secure exclusivity on the transaction by demonstrating you have a lending partner alongside your investor base.

What is BankProv’s search fund lending territory?

The BankProv search fund lending team can lend nationally. The business requesting the funds, and majority of its client, must reside within the United States.

What size companies does your search fund team finance?

The BankProv search fund lending team looks to finance companies between $1 – $15 million EBITDA (Earnings before interest, taxes, depreciation and amortization).

What type of search fund do you provide senior debt for?

BankProv provides senior debt for traditionally backed or investor backed non-SBA search funds.

Are there other critical parameters for a BankProv acquisition term loan?

BankProv senior debt is 50% or less of the total enterprise value and needs to demonstrate historical debt service coverage on a proforma basis.

How can you help me finance my small business’ solar energy project? 

We take a wholistic approach to the project and the process. We’ll look at your electric bill and show how initially you’ll be substituting the debt service on the loan with the reduced (or possibly eliminated) electrical costs. But once the loan is paid off, the generation of the electrical energy continues.

What renewable energy finance structures are available to me?

BankProv has experience with short- and long-term project financing, inverted lease structures, partnership-flip structures, sales-leaseback structures, pre-NTP financing for equipment purchases and distressed debt, and project acquisitions.

What types of renewable energy loans do you offer?

We offer loans for construction financing, equipment loans, and development capital.

What is BankProv’s lending territory for renewable energy projects?

Our team is based out of the Northeast region of the US but is equipped to help support your project anywhere in the US.

The renewable energy project involves construction. Can BankProv help with that?

Yes, we offer solutions to address projects at most stages of the process. Talk to our renewable energy specialists to learn how we can help with your next project.

What size renewable energy projects can BankProv do?

BankProv’s renewable energy lending team has the experience to handle most any size project. We’ll help you find the right solution for your next clean energy project.

Does BankProv finance renewable energy projects?

Yes. The Bank has the understanding of financing PPAs in wind, hydro and complex solar arrays.  While not truly renewable energy, the Bank has also financed battery storage projects working with developers and consultants to gain an understanding of the intricacies surrounding the needs of utility companies and other related stakeholders.

What types of residential mortgages can be warehoused with BankProv?

Agency (FNMA/FHLMC) and HUD (FHA/VA/USDA) eligible loans.  In addition, we offer expertise in and funding of Specialty products that are secured by 1-4 family residential homes.  These include; Jumbo loans, Construction-to-Perm (CTP) loans, and Fixed Rate Second Mortgage loans.

What is a warehouse credit facility?

A warehouse facility enables Independent Mortgage Banking companies to fund residential mortgage loans without using their own capital. Banks and Credit Unions that have wholly-owned subsidiary mortgage companies may also benefit from a warehouse facility.  Mortgage warehouse facilities are a form of asset-based lending that provides short-term funding between the time of a mortgage’s closing and the time the loan is sold to a secondary market investor.  Upon sale of the loan into the secondary market the warehouse advance is settled and any profits are deposited into the mortgage banking company’s account. Our mortgage warehouse lending services give you the ability to close mortgages in the name of your company and maximize profitability by using our paperless and efficient funding process.  This results in funding more loans that close faster which enhances your borrowers experience.

Does BankProv offer small business loans?

Yes. Our Small Business Lending team offers short- and long-term loans, lines of credit or seasonal working capital needs. Whether you’re looking to purchase or expand your small business, we will be there to assist.

What Commercial Lending Services does BankProv offer?

Some of BankProv’s commercial lending services include but are not limited to: Search Fund Lending, Commercial Real Estate, Commercial & Industrial Lending, Renewable Energy Lending, Mergers & Acquisitions, Software as a Service (SaaS) Lending, Employee Stock Ownership Financing and  Plans, Mortgage Warehouse Lines of Credit, Lending for Commercial Bankers, and Cash Flow Acquisition Financing for Private Equity.

Is BankProv a Search Fund lender?

Yes. The Search Fund Lending team is a leading partner that understands the search fund model and the goal of entrepreneurs. If you are looking to restructure debt, expand your portfolio or acquire your first business, our Search Fund Lending team can help with customized solutions.

What is a search fund?

A search fund is an investment vehicle through which an entrepreneur raises funds from investors in order to acquire a company.

Online and Mobile Banking
What if I forgot my password or user ID?

From the online banking login page, click “forgot password/unlock user” and follow the prompts.

What else can I do using BankProv online banking?

With BankProv Online Banking you can:

  • Review deposit account activity and balances
  • Easily setup account alerts
  • Deposit checks and view your check deposit history
  • Transfer funds between accounts
  • Pay bills or cancel scheduled payments
  • And more
Is BankProv online and mobile banking a safe and secure way to do my banking?

Yes. BankProv uses a wide range of industry security practices, including firewalls and encryption, to safeguard the security of your personal financial information. As an added layer of protection, we use multi-factor authentication for high-risk transactions that may include receiving a one-time password on your mobile device or answering one of the Security Questions you established during enrollment. And access to your accounts is always secure with personalized Touch ID, facial recognition or your pin.

How do I sign up for mobile deposit?

The Mobile Deposit feature is available on the BankProv Mobile App. There are no additional steps required to access this feature. The BankProv Mobile app is available for download on the App Store or Google Play.

What is the cutoff time for mobile deposits?

Mobile deposits made before 4pm are deposited same day but not available until next business day; after 4pm they are deposited next business day and available the 2nd business day. For more information on our funds availability please see our funds availability policy.

How do I sign up for online and mobile banking?

From the Online Banking log in page, click “Register” or “Register Business” and follow the prompts. If you are a first time user, you can download the BankProv mobile app from the App Store or Google Play to get on the go access to your accounts and bank securely.

Can I change various personal information, such as my address, email address, phone number, etc.?

Yes. You can change this information either by selecting the Service Center tab or My Profile (located at the top of the page) and choosing the appropriate option.

Is there a restriction on devices that can process mobile deposits?

Any IOS and Android apps can be used on an iPhone and iPad or Android, respectively. If you’re experiencing an issue with mobile banking on your device, please check your App Store to see if an update is available.

Once I successfully submit a deposit, when will the funds be available in my account?

If the mobile deposit is received before the cutoff time of 4:00pm ET the deposit will be processed for same day processing. Any deposits made after the cutoff time will be processed and available the next business day. For more information on our funds availability please see our funds availability policy.

How much can I deposit in one day?

Personal banking customers have a limit of $2,500 per day with a monthly limit of $7,500

Business customers have a limit of $5,000 per day with a monthly limit of $15,000

What should I do with the check after it is scanned and accepted?

You should retain the item for 30 days from the date of transmission. After which the check should be destroyed, marked void, or otherwise render it incapable of further transmission, deposit or presentment.

Who should I call with any questions about online or mobile banking?

You can call the Customer Service Center at 877-487-2977 or send them an email using the form on our Contact Us page.

What do I need to use for my password the first time signing in?

For your first sign in you will enter the last four (4) digits of your Social Security Number and your five (5) digit zip code of your statement mailing address, e.g. XXXXXXXXX

For business customers: use the last four (4) digits of your Taxpayer Identification Number and the five (5) digit zip code of your statement mailing address, e.g. XXXXXXXXX

What are the password requirements for online and mobile banking?

Your Password is your confidential code for accessing your account information and it should not be shared with anyone. Your Password can include lowercase letters (a-z), uppercase letters (A-Z), Digits (0-9), symbols (`~!@#$%^&*()_+-=|:;’?,./), and must be between eight (8) and thirty-two (32) characters. You should make your Password as random as possible.

What account history will be accessible?

Up to 12 months of account history will be available.

Real Estate Lending
When is the best time to engage with you as a banker?

We’re always happy to have early conversations regarding debt structure and credit appetite.  We can often provide letters of support for you to submit alongside an IOI or LOI to help secure exclusivity on the transaction by demonstrating you have a lending partner alongside your investor base.

What is BankProv’s Commercial Real Estate lending territory?

The BankProv CRE lending team can lend in New England and New York.

Does BankProv work with the SBA 504 program?

Yes. We are a preferred lender with the SBA and have extensive experience with the 504 program.  We are also experienced with programs through the USDA, NH Business Finance Authority, Bond financing providers and more.

What types of real estate do you finance?

Owner occupied properties whether it be Industrial, Warehouse, Office, Retail or Hospitality. We also assist Investors acquire and redevelop commercial and residential use properties for long term hold or resale.

Small Business Lending
What are the main differences between SBA and traditional financing?

There are pros and cons to both SBA and traditional financing products however, SBA loans have some unique benefits. Compared to conventional loans, they generally have longer repayment terms and do not have financial covenants or balloon payments. Your BankProv lender can confidently walk you through which option is the best fit for you.

What types of small business loans does BankProv offer?

BankProv has a diverse portfolio of clients ranging from local small businesses to real estate investors. We offer a consultative approach to customize variations of commercial mortgages, term loans and lines of credit.

What areas does BankProv offer Small Business Lending to?

BankProv services the communities surrounding the physical branch locations as well as all New England States.

What’s the difference between the SBA 7(a) and SBA 504 loan programs?

The SBA 7(a) loan is the most common SBA loan product, offering financing for virtually all business expenses. An SBA 7(a) loan is a good option for acquisitions, partner buyouts, real estate purchases, refinance and more. SBA 504 loans are long-term, fixed-rate financing for real estate purchases and buildouts. Our 504 loans can include acquiring commercial real estate, financing improvements within that real estate, and purchasing large equipment.

What size loan amounts are available to small businesses?

Loan amounts vary based on the product. BankProv’s team of experts can help you determine the best loan structure to meet your needs. Our team goes above and beyond to create a customized loan package according to your business goals.

What does it mean to be a SBA Preferred Lender?

BankProv is part of the Small Business Association (SBA) Preferred Lender Program (PLP). As a PLP, our Small Business Lending team is able to serve our customers more efficiently.

As a borrower, BankProv has the authority to make final credit decisions without going through the SBA first. Allowing us to be more agile and flexible in supporting our clients’ lending needs.

  • We are typically three to four weeks faster than non-PLP lenders – getting you a solution sooner.
  • We can offer longer repayment terms, lower payments and no prepayment penalties (except on commercial real estate).

Note: All terms subject to credit underwriting and approval