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 Modern Treasury, Treasury Prime and Synctera.

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 and Modern Treasury.

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 secure API banking solutions does BankProv offer to their cryptocurrency clients?

Our ProvXchange™ Network enables our crypto clients to enact real-time transfers 24 hours a day, 7 days a week, 365 days a year between their BankProv accounts and the accounts of other BankProv clients on their terms.

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 crypto customers and digital asset businesses?

Yes, BankProv has been supporting businesses in the digital asset space with deposit and lending 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 Modern Treasury, Treasury Prime and Synctera.

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 with cards.

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, payment rails, and loans. 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.

Blockchain Tech
Is BankProv a commercial blockchain bank?

We are working side by side with some of the most innovative FinTech companies around the world to offer next-gen banking solutions for our cryptocurrency clients.

What is a blockchain company?

A blockchain company offers a system of recording information in a way that makes it difficult to change or hack the system.

What is a blockchain?

A blockchain is a digital, public ledger that records online transactions. Blockchain is the core technology for cryptocurrencies like bitcoin. A blockchain ensures the integrity of a cryptocurrency by encrypting, validating, and permanently recording transactions. A blockchain is similar to a bank’s ledger, but open and accessible to everyone who utilizes the cryptocurrency it supports.

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.

Chip Cards
What is a Chip Card?

A chip card is a standard-size plastic debit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip protects in-store payments because it generates a unique, one-time code that is needed for each transaction to be approved. It is virtually impossible for fraudsters to replicate this feature in counterfeit cards, providing you greater security and peace of mind when making transactions at a chip-enabled terminal.

Is a chip card different than a smart card of EMV card?

No, you may hear chip cards referred to as “smart cards” or “EMV™ cards” – they are all different ways of referring to the same type of card. Similarly, an EMV terminal is the same as a chip-enabled terminal.

Why does my BankProv debit card now include a chip?

As chip technology will soon become the security standard in the U.S., many merchants are beginning to accept chip cards and we want you to be ready. You’ll have greater security when making purchases at a chip-enabled terminal since the chip provides better protection against counterfeit fraud. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you’ll also enjoy greater acceptance when traveling internationally.

How does a chip card work?

It’s easy. If the retailer has a chip-enabled terminal, simply insert the chip end of your card face up into the terminal. The chip card will remain in the terminal while the transaction is processed. To authorize your transaction, just follow the prompts as you do today.

You’ll be prompted to enter your PIN or to provide a signature as you normally would to verify the transaction. You may not be asked for a PIN when travelling internationally. Your card will remain in the terminal until the transaction is completed.

If the retailer is not equipped to read the chip card, just swipe as you do today. However, if you swipe your chip card at a chip-enabled terminal, the terminal may prompt you to insert your chip card into the terminal. Transactions made over the phone or online will not change.

Are chip cards safer to use than magnetic stripe cards?

All of our cards are safe, and offer protection from unauthorized use of your card or account information. Chip technology offers another layer of security when used at a chip-reading terminal, because it generates a unique, one-time code that is needed for each transaction to be approved.

Can I use my chip card for all the same things as my old card?

Yes, you can still make purchases as you always have — by entering the card number online or swiping your card at merchant locations that do not yet have chip readers. You can also continue to use your card at ATMs.

Where can I use my chip card?

Many merchants, across the U.S. are beginning to accept chip card transactions and this will continue to grow within the coming years. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you’ll enjoy greater acceptance when traveling internationally. Your chip card will still work at terminals where only magnetic stripe transactions are accepted.

Are chip cards secure?

Yes. Chip technology has been around for over two decades and is already the security standard in many countries around the world. When purchases are made using the chip feature, the transaction is more secure because of a unique process that is used to determine if the card is authentic. This makes the card more difficult to counterfeit or copy.

While magnetic stripe cards are still considered secure, chip technology is the next step to providing enhanced security to our customers. Whether you use the magnetic stripe or the chip to make your purchase, you can have confidence in the protection and security features we provide for all credit and debit card accounts.

Remember, if you notice any suspicious activity on your account, notify us immediately by calling the number on the back of your card.

Will chip cards allow others to track my location?

No. Chip card technology is not a locator system. The chip on your card is limited to supporting authentication of card data when you make a purchase.

Is a chip card the same as a contactless payment (PayPass, payWave)?

No. Instead of waving or tapping your card in front of a device as you do with contactless payments, a chip card must be inserted face up into a chip-enabled merchant terminal. Remember to leave your card inserted into the terminal while the transaction is processed.

Do the same benefits come with my chip card that I had with my prior card?

Yes. You’ll continue to enjoy the same benefits with your chip card as you do today with your debit card.

Now that I have a chip card, do I need to notify the bank before I travel internationally?

We recommend that you set a travel notice on any card(s) you plan to use while traveling, so your card access isn’t interrupted. For your protection, we’ll continue to monitor card activity even when a travel notice is set. If you encounter any issues while traveling, we’re here to help.

Are there any situations where I could experience issues using my chip card?

When traveling outside the U.S., some card readers at unattended terminals (such as public transportation kiosks, gas pumps) will require a PIN. However, this type of PIN technology is different than what you normally use for PIN transactions in the U.S and the card won’t be accepted. In these situations, please locate an attended terminal to complete your transaction or plan for an alternative payment method, such as local currency.

Will my chip card still work at an ATM?

Yes. You can continue to use your card as you do today by following the instructions at an ATM.

Cryptocurrency
Does BankProv support crypto customers and digital asset businesses?

Yes, BankProv has been supporting businesses in the digital asset space with deposit and lending 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.

Is it possible to establish vault service outside of areas currently covered by BankProv?

Yes. Vaults have only been established in areas where service has been requested. There are additional vault locations available to us across the country. We may require an additional two-week lead time to establish a vault in a new area.

What information is required to establish vault service for my BTMs?

BankProv will establish profiles for each of the BTM locations for our vault service provider to credit incoming deposits to. To establish the BTM location profiles we will need the following information for each BTM location: vault location where deposits will be delivered, location name, number, ID, address, and name of carrier. We also require a copy of a signed W-9 from the carrier(s).

Can Bitcoin ATM operators service their own machines and deliver cash to the vaults themselves?

No, we require that the machines are serviced, and cash is delivered to the vaults by an armored carrier service.

Can Bitcoin ATM operators work with a carrier of their choice?

Yes, you are welcome to use any carrier of your choice provided they are authorized to deliver deposits to our vault service provider in your area.

How does BankProv process cash deposits to an account from Bitcoin ATMs?

BankProv partners with industry leading cash vault service providers, like Loomis and Brinks, to verify your deposits and post the credits to your account. Once funds are verified by our service provider, an electronic credit is sent to the account at the end of the business day. Armored carrier service must be established in conjunction with BankProv’s processing services to deliver deposits from your machines to our vault service provider.

How do I open a crypto business account?

If you are looking to open a crypto business account, please contact us to apply.

How does digital currency work?

Digital money is exchanged using technologies such as online cryptocurrency exchanges.

What is cryptocurrency?

Cryptocurrency is a type of digital or virtual money. It serves as ordinary money, such as dollars, pounds, euros, yen, etc. But it has no physical counterparts — banknotes or coins that can be carried around, that is, the cryptocurrency exists only in electronic form.

What secure API banking solutions does BankProv offer to their cryptocurrency clients?

Our ProvXchange™ Network enables our crypto clients to enact real-time transfers 24 hours a day, 7 days a week, 365 days a year between their BankProv accounts and the accounts of other BankProv clients on their terms.

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.

What happens 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 it 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.

Digital Currency
Does BankProv support crypto customers and digital asset businesses?

Yes, BankProv has been supporting businesses in the digital asset space with deposit and lending 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.

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?

The cutoff time for same-day processing for mobile deposits is 4:00pm ET. Deposits made after 4:00pm ET will be made available to the account the following 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 main office in Amesbury, Newburyport, Seabrook and Exeter branches all have coin machines

Lending
How long does it take to close a sponsor financing deal?

From the signing of term sheets, transactions typically close within six to eight weeks. However, the amount of time required is highly dependent on due diligence requirements (if applicable mix of field exams, business valuations, etc.), flow of information, and negotiations of loan documents. We provide quick initial indications of interest after receiving financial information and can provide credit-vetted term sheets within one week of receiving required financial information.

What kind of assets or collateral are required for a sponsor finance loan?

Our acquisition term loans are based on enterprise value, not assets.

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 much senior leverage will BankProv provide for an acquisition term loan?

BankProv allows up to 3x senior debt and up to 5x total debt.

What is the EBITDA of a typical company suitable for acquisition financing by BankProv Sponsor Finance?

EBITDA between $500,000 – $5,000,000. (EBITDA is earnings before interest, taxes, depreciation, and amortization). BankProv’s Sponsor Finance is focused on high quality cash flow – highly recurring / re-occurring customers, etc.

How large / small of a loan will BankProv’s Sponsor Finance team provide?

Our Sponsor Finance team is committed to financing buyers of lower middle market businesses, providing cash flow acquisition term loans of $500,000 – $40,000,000.

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; Non-Qualified Mortgages (NQM) loans, 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 our 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.

In addition to traditional commercial loans, BankProv has developed lending specialties based on customer needs – specifically in mergers and acquisitions, international financing and specialty lending for crypto-related businesses.

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?

The cutoff time for same-day processing for mobile deposits is 4:00pm ET. Deposits made after 4:00pm ET will be made available to the account the following 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 (`[email protected]#$%^&*()_+-=|:;’?,./), 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.