Register for Online Banking:
ACH Origination services may include fees, which can potentially be offset by the maintaining balances that you maintain in your account. For more details, reach out to your relationship manager or contact us online to explore your cash management options and let us evaluate which product best suits your needs.
If you’re receiving credits or debits to your account through ACH but aren’t the one initiating the transactions, it’s likely that your customers are using ACH origination to send or request payments from you.
ACH origination allows businesses to initiate secure electronic payments or collections directly from their bank accounts. With ACH origination services, you can automate recurring transactions like payroll and streamline vendor payments, saving time and reducing errors.
ACH services offer a seamless way to electronically send and receive payments through the Automated Clearing House (ACH) network. By eliminating the hassle of writing checks or mailing invoices, ACH services simplify your financial processes, helping you manage payroll, vendor payments, and other disbursements with ease. These services also optimize receivables management and enhance online record-keeping for your business.
The BAI2 file format is a specialized and standardized set of codes used for bank cash management services by the Bank Administration Institute (BAI). These files are provided by the bank to the account holder, who then imports them into a bookkeeping application to perform bank reconciliation if necessary.
Our Lockbox service is a comprehensive cash management solution for check depositing. While customers can use our Remote Deposit Capture (RDC) program to deposit checks via an app or a check scanner, the Lockbox service outsources this function to a payment processing center. It eliminates the need for opening mail, depositing checks, and posting to accounting software.
ACH Positive Pay allows you to review incoming debits to either accept or return transactions that do not match your approved list before they are deducted from your account. This feature helps reduce fraud associated with electronic payments and allows clients to download and upload reports or use Positive Pay Reconciliation.
Our comprehensive cash management services include online and mobile banking, ACH origination, positive pay, domestic and international wire transfers, Remote Deposit Capture, Lockbox, Quickbooks Direct Connect, API Banking capabilities, and more. These services help businesses streamline and manage the flow of their businesses.
Cash management refers to the collection, handling, and usage of cash in your business. BankProv’s full suite of cash management services can assist in streamlining processes, managing expenses, improving cash flow, and mitigating risk.
BankProv offers a variety of business banking services, including multiple business checking account options, a full suite of cash management services, and advanced online and mobile banking technology to meet your business needs.
With our integrated bill payment system, you can easily set up and manage bill pay options securely through our online banking platform, ensuring efficient and secure transactions.
The business acquisition loan process at BankProv involves several key steps:
Throughout the process, we prioritize speed and efficiency, working directly with you to ensure a smooth and timely experience.
To apply for a business acquisition loan, please reach out to a member of our Business Acquisition lending team. We will provide you with the necessary application and documentation to review and assist you throughout the process.
BankProv is a direct lender. This allows us to offer speed and efficiency in the loan process because you work directly with decision-makers.
BankProv’s senior debt is structured on a number of variables which include the industry, the business’s products or service model, leverage and debt service covenants, and loan to enterprise value. Each loan is structured in a unique way to best fit the acquisition.
An Essential Business Checking Account can be a good option for small businesses, especially those with lower transaction volumes and limited cash-handling needs. These accounts often have lower fees and balance requirements, making them ideal for startups and small enterprises. Consider checking account tips and reviews to see if this type of account aligns with your business goals.
The monthly maintenance fee on some of our business checking accounts can be reduced or waived by maintaining an increased average daily balance. Be sure to review the terms and conditions of your account to understand how to qualify for fee waivers.
To determine the best business checking account for your needs, consider factors such as average monthly balance. transaction volume, monthly maintenance fees, and cash deposit limits. Utilize our business checking accounts product chart and seek recommendations for the business checking accounts to ensure you make an informed decision. Contact a deposit specialist today.
To open a business checking account, you’ll need to provide specific documentation. Required items include:
Having these documents available will help streamline the process of opening your business checking account.
A minimum opening deposit starts at just $10. Compare our different business checking accounts to find the one that meets your budget and business needs.
Yes, the money in your business checking account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, for each account ownership category. The Deposit Insurance Fund (DIF) insures the full balance above $250,000.
To apply for a business checking account, start by gathering the necessary documentation based on your business type. Once you have your documents ready, contact our Business Banking Team by clicking here or call the phone number: 877-487-2977, or visit a BankProv branch nearest you to open an business checking account.
A business savings account offers the benefits of earning interest on idle funds, providing a financial cushion for unexpected expenses, and ensuring the safety and security of your money. It also aids in separating operational funds from savings, improving cash management and financial planning. At BankProv, a business savings account is fully protected with FDIC insurance up to $250,000 per depositor and additional coverage by the DIF, ensuring all the money in your corporate savings account is secure.
You should consider opening a savings account for your business as soon as you have surplus funds that are not needed for immediate expenses or you are reserving funds for a specific goal. A business savings account allows you to earn interest on your idle funds, which can help grow your financial reserves over time. Additionally, taking advantage of the interest rates on business savings accounts can provide a low-risk way to enhance your company’s cash flow and financial stability.
Yes, the money in your business savings account is insured. As a member of the Federal Deposit Insurance Corporation (FDIC), BankProv insures each depositor’s funds up to at least $250,000 per depositor. Additionally, BankProv is a member of the Depositors Insurance Fund (DIF), which insures the remaining balance, ensuring that all the money in your corporate savings account is fully protected in the event of bank failure.
To open a commercial savings account, you’ll need to provide specific documentation. Required items include:
Having these documents ready will help streamline the process of opening your commercial savings account.
To apply for a BankProv business savings account, follow these steps:
Choose the option that best fits your needs to start the process of opening your business savings account.
Once your CD matures, you have a 10-day (calendar days) window called a grace period where you can choose one of three options:
The interest you earn on your CD account depends on the amount you deposit, the specific term, the interest rate, any fees charged, and if you decide to take any early withdrawals. Review our current CD rates and terms on this page to see how much you can earn and find the best option for your savings.
A certificate of deposit (CD) account allows you to save money for a fixed length of time (or term) and often do not allow withdrawals during the terms without a penalty. In return for keeping your money in the CD, you earn a fixed interest rate until maturity. This makes CD accounts an excellent choice for those looking for reliable savings account interest rates that do not need immediate access to the funds.
Engaging with us at the initial stages of your commercial real estate transactions can be highly beneficial as you consider your options. We can discuss maximum loan amounts available, various repayment options and other preclosing considerations to assist you in your due diligence.
The BankProv Commercial Real Estate (CRE) lending team offers commercial real estate loans in New England and New York. We are committed to supporting your real estate investment and development needs within these regions.
Yes, BankProv works with the SBA 504 program. We are a preferred lender with the SBA and have extensive experience with the 504 program, which is ideal for financing real estate. Additionally, we have experience with programs through the USDA, NH Business Finance Authority, bond financing providers, and more.
We provide commercial real estate loans for owner-occupied properties, including industrial, warehouse, retail, and hospitality. Additionally, we offer real estate loans for investors to acquire and redevelop commercial and residential properties for long-term investment or resale.
A construction loan is a short-term, specialty financing option used to fund the building or renovation of a property. Unlike a traditional mortgage, it covers only the construction period. After the build is complete, the borrower must refinance into a permanent loan. Commercial construction loans are designed for developers, investors, or business owners constructing office buildings, retail centers, or mixed-use properties.
The construction loan process typically begins with submitting a loan application, including project plans, financials, and builder contracts. Once approved, funds are disbursed in stages, or “draws,” as construction milestones are met. At BankProv, we offer options like single close construction to perm loans, which consolidate the construction and permanent financing phases into one seamless transaction—simplifying the process and saving time and money. Whether you’re building a new facility or developing a subdivision, BankProv commercial construction loans are designed to support your success from groundbreaking to completion.
BankProv commercial construction loans are available throughout Massachusetts, New Hampshire and Maine. Our team has deep local expertise and understands the needs of developers and business owners in the area—whether you’re seeking subdivision financing or funding for a new commercial facility.
A construction loan is a short-term, specialty financing option used to fund the building or renovation of a property. Unlike a traditional mortgage, it covers only the construction period. After the build is complete, the borrower must refinance into a permanent loan. Commercial construction loans are designed for developers, investors, or business owners constructing office buildings, retail centers, or mixed-use properties.
To qualify for a commercial construction loan, borrowers typically need to provide a detailed project plan, construction timeline, cost estimates, and financial documentation. Lenders, like BankProv, also look for strong credit, a solid business track record, and an appropriate equity contribution or down payment. Whether you’re pursuing subdivision financing or construction financing options for builders, the requirements help ensure the project’s financial viability and successful completion.
All loans are subject to underwriting and credit approval.
Our APIs enable you to create your own custom financial operating system for efficiency, automation, and scalability. Access seamless operations across business functions including, ERP, CRM, AP/AR, Tax, Accounting, Treasury, and more. Initiate, manage, integrate, and accept payments from your own systems, third-party apps, user interfaces, and websites. Get up to date, accurate account, balance, transaction information, statuses, notifications, and reporting for enhanced reconciliation.
APIs, or application programming interfaces, are tools that enable software to communicate and perform a series of tasks. They work by facilitating communication between our core systems and your platforms, providing access to your financial information in the way you need it. Our full API banking suite allows you to 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.
While APIs have been used in the business world for over 20 years, they are becoming more prevalent in banking as financial institutions embrace modern API technology and open banking solutions. As a client, you want a better, faster way to manage your money and your business, which is where API banking and embedded payment solutions come in. Learn more about the benefits of API banking for your business in our blog post, “What are APIs and why do you want them for business banking?”
Yes. Our developer portal is the front interface of our API banking platform, providing end users access to their subscription keys, API tracking stats, and the ability to “try it” by sending playground requests through a sandbox version of the bank API. This allows you to test your solution before moving to production APIs for real money movement. Learn more by visiting developer.bankprov.com
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.
Deposit insurance is a measure implemented to protect your money in the unlikely event of a bank failure. The Federal Deposit Insurance Corporation (FDIC) provides coverage up to $250,000 per depositor, per insured bank, for each account ownership category through the FDIC insurance fund. The Deposit Insurance Fund (DIF) insures amounts beyond this limit. 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 about what the Deposit Insurance Fund is and how it works.
No. There are no forms or application requirements. Deposit insurance protection is automatic whenever a deposit account is opened with BankProv.
Established in 1934 by the Massachusetts legislature the Depositors Insurance Fund (DIF) is a private, industry sponsored insurance fund that insures all deposit acounts above FDIC limits at its member banks. BankProv is proud to offer its customers the unique combined insurance coverage afforded by the combination of the FDIC and DIF to ensure deposit balances are fully protected.
Established in 1933, the Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. federal government, whose job is to insure deposits and examine and supervise financial instutitions. The FDIC provides deposit insurance to protect your money in the event of a bank failure, and through them your deposits are automatically insured to at least $250,000, per depositor, per insured bank.
The Deposit Insurance Fund (DIF) coverage is not affected by where a depositor resides or where a DIF member bank branch is located. As a member of both the FDIC and DIF your deposits with BankProv are fully insured, no matter where you reside, or where our branch is located.
No. As a member of both the FDIC and the DIF (Deposit Insurance Fund), we are able to provide all our deposit clients with depositors insurance, ensuring that deposits are fully insured down to the last penny at no extra cost.
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.
Customers that utilize our ACH or wire service through the Online Banking Portal, have the following cutoff times:
To get a new debit card quickly, visit your nearest BankProv branch, where we can print a new card for you on the spot. If visiting a branch isn’t convenient, please call our Customer Service Center at 877-487-2977. Our team will assist you in ordering a new card. Please allow up to two weeks for the new card to arrive by mail.
If you suspect unauthorized transactions on your BankProv account contact us immediately at 888-806-7768. To report a lost or stolen debit card, please call 800-264-5578. For after-hours assistance, please call 800-815-7056. For fraud prevention services, reach out to 866-842-5208. If you are calling from outside the US, please dial 412-552-2697.
To review BankProv’s funds availability policy, please refer to the following links: Personal Banking Accounts and Business Banking Accounts.
ATM fees are posted at the end of the month and not at the time of the transaction.
BankProv debit cards have limits based on your account type. For Point of Sale transactions, the limits are $2,500 per business day for Personal accounts and $5,000 per business day for Business accounts. ATM withdrawals are capped at $500 per business day for all accounts. Please note that business days are Monday through Friday, excluding Federal holidays.
BankProv branches offer notary services daily. To ensure that a notary is available at the branch nearest you, please call our Customer Service Center at 877-487-2977 before your visit.
The BankProv branches in Newburyport, Seabrook, Exeter and our Market Street location in Amesbury have coin machines available during business hours.
To apply for a commercial loan, please reach out to a member of our business lending team. We will provide you with the necessary application and documentation to review and assist you throughout the process.
BankProv senior debt is 50% or less of the total enterprise value and needs to demonstrate historical debt service coverage on a proforma basis.
BankProv’s commercial lending services include: Commercial Real Estate Lending, Commercial & Industrial Lending, Business Acquisition Lending, Renewable Energy Lending, Search Fund Lending, and Mortgage Warehouse Lines of Credit.
Yes, money market accounts generally require a minimum balance, which is higher than that for checking or savings accounts. This higher minimum balance allows the account to offer more competitive money market interest rates. The minimum balance varies by institution. Falling below this minimum could result in a monthly maintenance fee.
Yes, you can add to a money market account whenever you like. There are typically no restrictions on deposits, making it easy to grow your savings. Regular contributions can be especially beneficial, given that high-yield money market accounts often offer better interest rates than standard checking or savings accounts.
Yes, businesses can open a money market account. These accounts provide businesses with a way to earn higher interest on their funds while maintaining the flexibility to make withdrawals and transfers as needed.
No, there is no penalty for withdrawing funds from a money market account or any limitations on the number of transactions with BankProv. These accounts offer flexibility, allowing you to make withdrawals and transfers whenever needed, just like other high-interest accounts.
The main difference between a money market account and a traditional savings account is how you access your funds. Money market accounts offer features similar to checking accounts, such as check writing and ATM withdrawals. Additionally, money market account rates are typically higher than those of traditional savings accounts, although they often require a higher minimum balance.
A money market account is a type of deposit account that combines features of both savings and checking accounts. These accounts usually offer higher interest rates compared to savings accounts and allow for transactions like a checking account. Balances in money market bank accounts are insured by the FDIC up to $250,000, with additional coverage available through the DIF.
From the online banking login page, click “forgot password/unlock user” and follow the prompts or call into the Customer Service Center at 877-487-2977
With BankProv Online Banking, you can enjoy a wide range of digital banking services. Review your deposit account activity and balances, and easily set up account alerts to stay informed. Our secure online banking platform allows you to deposit checks and view your check deposit history with ease, transfer funds between accounts, pay bills, or cancel scheduled payments whenever you need. Experience the convenience and flexibility of our comprehensive online banking features and more.
BankProv uses a comprehensive suite of industry-leading security practices, including firewalls and encryption, to ensure the security of your personal financial information within our online and mobile banking platforms. To provide an added layer of protection, we utilize multi-factor authentication for high-risk transactions, which may involve receiving a one-time password on your mobile device or answering a Security Question you established during enrollment. Additionally, access to your accounts is always secure, whether you’re using personalized Touch ID, facial recognition, or your PIN, providing a seamless and secure mobile banking experience.
The Mobile Deposit feature is integrated into the BankProv Mobile App, providing a convenient and secure mobile banking experience. No additional steps are required to access this feature. The BankProv Mobile App is available for download on the App Store and Google Play, ensuring you have easy access to mobile banking services.
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.
To enroll in Online Banking, visit the login page and click “Register” or “Register Business” to follow the prompts. First-time users can download the BankProv Mobile App from the App Store or Google Play for on-the-go access to their accounts, allowing you to bank securely anytime, anywhere.
You can change your account information by selecting the Service Center tab or My Profile (located at the top of the page) and choosing the appropriate option. Our online and mobile banking platforms make it easy to manage your personal information securely.
Our mobile banking app is compatible with any iOS and Android devices, including iPhones, iPads, and Android smartphones. If you encounter any issues with mobile banking on your device, please check the App Store or Google Play for available updates to ensure a seamless experience.
Mobile deposits received before the cutoff time of 4:00 PM ET will be processed the same day. Any deposits made after the cutoff time will be processed and available the next business day. For detailed information on our funds availability, please refer to our funds availability policy within our online and mobile banking platforms.
Personal banking customers have a mobile deposit limit of $2,500 per day, with a monthly limit of $7,500. Business banking customers have a daily limit of $5,000 and a monthly limit of $15,000, ensuring flexibility for your online and mobile banking needs.
You can reach our Customer Service Center at 877-487-2977 or send an email using the form on our Contact Us page for any assistance related to our digital banking services.
For your first sign-in, personal banking customers should use the last four digits of their Social Security Number and the five-digit zip code of their statement mailing address. Business customers should use the last four digits of their Taxpayer Identification Number and the five-digit zip code of their statement mailing address for secure access to our online banking services.
Your Password is your confidential code for accessing your account information and should be kept secure.
To enhance security, your password must meet the following criteria:
Additionally, passwords cannot:
Create a Password that is as random and unique as possible to enhance your security within our online and mobile banking platforms.
Up to 12 months of account history is available through our online banking system, and up to 7 years of statements are available online through eStatements, allowing you to conveniently review your financial activity and manage your accounts with ease.
Find the locations of our bank’s branches, by visiting clicking here or use our mobile app, which includes a branch locator feature. Additionally, you can call our customer service phone number to inquire about branch locations.
BankProv provides free access to our own ATMs and offers fee waivers for using ATMs within a specified network. Transactions performed by using out-of-network ATMs could incur additional fees depending on the product that you are in.
Personal checking accounts offer several benefits, including easy access to your money, the ability to write checks and pay bills, and convenient features like online and mobile banking. BankProv personal checking accounts come with debit cards for ATM access and purchases, as well as mobile check deposit, enhancing your overall banking experience.
Setting up direct deposit for your personal checking account involves providing your employer or the depositing entity with your bank account personal information, including your account number and routing number. Your employer may offer a direct deposit form where you can fill out these details. This allows your payments to be automatically deposited into your online personal bank account. Contact a deposit specialist to get set up today.
To order personal banking checks for your personal checking account, you can request them by visiting a branch. You are also able to order checks by phone: 877-487-2977. Ensure you have your bank account personal details handy, such as your account number and routing number, to complete the order.
BankProv has branches conveniently located to serve your personal banking needs. Click here to find the branch nearest to you.
Interest rates on personal savings accounts at BankProv are compounded daily and paid monthly, ensuring your savings grow consistently over time. Fees charged can impact interest earned.
You can apply for a personal bank account at BankProv by visiting one of our branch locations or calling our customer service at 877-487-2977 for assistance.
Yes, BankProv has a minimum opening balance requirement for its personal savings accounts. Connect with a Deposit Specialist today to find an account that works best for you.
BankProv offers a variety of personal savings accounts, including standard savings accounts, high-yield CD accounts, and money market accounts to meet your financial needs.
Deposits must be submitted by 6:00 p.m. EST to receive same-day ledger credit. Any deposits made after that time will be credited on the next business day.
There is no limit on the number of items per batch, though our service provider recommends up to 50 checks per batch since deposits are verified by live staff. The RDC Treasury service can process up to 500 items per deposit. If a deposit exceeds the specified limit for each service type, a new batch or deposit will automatically be created, starting with the next check.
Typically, setting up standard Remote Deposit Capture (RDC) services takes up to 48 hours once all required documents are signed and submitted. If the client is purchasing a scanner, the process may take an additional 3-5 days, depending on postal delivery times.
A bank representative assists the user through a screen-sharing session to install the necessary drivers and provide training.
With Remote Deposit Capture (RDC), U.S. dollar checks drawn on banks with valid U.S. Routing and Transit numbers are generally accepted, including personal, business, Traveler’s, and government checks. However, non-U.S. dollar checks are not eligible, and additional restrictions are outlined in the Master Services Agreement (MSA). It’s important to note that Remotely Created Checks (RCCs) are not permitted for deposit under the bank’s deposit agreement.
Remote Deposit Capture (RDC) has transformed the check deposit process, delivering unparalleled convenience, faster transaction times, cost savings, and enhanced security.
Deposited items being returned follow the same returns process as deposited items at a teller window. A substitute return check is created and sent back to the depositor.
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.
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.
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.
We offer loans for construction financing, equipment loans, and development capital.
Our team is based out of the Northeast region of the US but is equipped to help support your project anywhere in the US.
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.
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.
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.
We encourage early engagement to discuss debt structure and industry preferences for your search fund. Our team is available to provide guidance and can often issue letters of support to accompany your IOI or LOI, helping you secure exclusivity on the transaction by demonstrating a strong lending partner alongside your investor base.
BankProv’s search fund lending team operates on a national scale, providing financing across the United States. The business receiving the funds and the majority of its clients must also be based within the U.S.
BankProv’s search fund lending team focuses on financing companies with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ranging from $1 million to $15 million. This makes BankProv a strong partner for search funds targeting small to mid-sized businesses within that range.
BankProv provides senior debt for both traditionally backed and investor-backed non-SBA search funds, making it a reliable financing partner for various types of search fund structures.
BankProv is a dedicated Search Fund lender. Our Search Fund Lending team is a leading partner that deeply understands the search fund model and the unique goals of entrepreneurs. Whether you’re looking to restructure debt, expand your portfolio, or acquire your first business, our team offers customized lending solutions tailored to meet your needs.
A search fund is an investment vehicle created by entrepreneurs, typically backed by investors, with the goal of acquiring and growing a business. Entrepreneurs use a search fund to raise capital, identify a target company, and then manage its operations post-acquisition. BankProv’s Search Fund Lending team understands this model and provides tailored financing solutions to support entrepreneurs throughout the process.
Yes. Our Small Business Lending team offers term loans, lines of credit, and seasonal working capital needs. Whether you’re looking to purchase or expand your small business, we will be there to assist you.
There are pros and cons to both SBA and traditional financing products. However, SBA loans do offer some unique benefits. As an example compared to conventional loans, SBA loans typically have longer repayment terms. Your BankProv Small Business Lending Expert can confidently guide you through the best option for your needs.
BankProv has a diverse portfolio of clients, ranging from local small businesses to real estate investors. We offer a consultative approach to customize various small business lending solutions, including commercial mortgages, term loans, and lines of credit.
BankProv is committed to providing accessible small business loans primarily in our local communities in New Hampshire and Massachusetts.
The SBA 7(a) loan guarantee program is commonly used for non real estate related financing such as business acquisitions, working capital, and small equipment purchases.
The SBA 504 loan program provides long-term asset financing for real estate and large equipment acquisitions.
Our BankProv Small Business Lending Experts can help determine the best option for you.
BankProv’s team of experts can help you determine the best loan amount and terms to meet your needs. Our team goes above and beyond to create a customized lending for small businesses that aligns with your business goals.
Yes, during implementation you will specify a target balance. After all deposits, checks and other debits and credits post to your account, available funds above the target balance and less than the maximum investment amount will automatically sweep.
Specify a target balance, if desired, for your primary checking account.
At the close of each business day, the bank will automatically cash position your checking account to include the stated target balance. Available funds are drawn against the line of credit to cover any shortfalls. Conversely, excess funds from the checking account are used to pay down any balance owed on the line of credit.
To begin the switching bills process, you’ll need the biller name, address, and your account number. From there, follow these steps: Sign in to BankProv from the web or mobile app. From your Checking account, select Pay Bills to access our Bill Pay functionality. Add a company or person who will receive the payment and enter the required biller information. To set up a recurring payment, follow the steps provided. Next, sign in to your old bank account and remove the payment from there.
Tip: When you move banks, set up bill payment through BankProv online bill pay at least 7 business days before the bill’s due date.
The amount of time it takes to switch banks varies depending on the type of account you’re opening and the bank you’re switching to. Generally, the switching banks process should take no more than a week to open even the most complex account structure. We recommend keeping your old account open while transactions clear, which typically takes one to two statement cycles.
Switching banks typically does not affect your credit score. However, when you move banks or go through the process of switching banks, you may be required to provide information on account closures at other institutions or to verify the information you provide to us.
A trust account is a legal arrangement where the grantor authorizes a third party, known as the trustee, to manage assets on behalf of the beneficiaries. Bank trust accounts are designed to hold and protect these assets, ensuring they are managed according to the terms of the trust. This type of account provides benefits such as asset protection, professional management, and potentially favorable tax treatment. Trust accounts are commonly used for estate planning, charitable donations, and managing funds for minors or individuals with special needs.
Yes, converting an existing account to a trust account is straightforward. If you’re wondering how to set up a trust bank account, simply bring your trust agreement to the bank. Instead of opening a new account, you can update your current one to reflect the trust. This allows you to enjoy all the benefits of a trust account with minimal hassle.
Revocable and irrevocable trusts are two distinct types of legal arrangements for managing assets and property, each with unique characteristics and purposes. The primary difference between them lies in the level of control and flexibility the grantor maintains over the trust and its assets during their lifetime.
Revocable Trusts: A revocable trust allows the grantor to retain control over the trust assets and make changes or revoke the trust entirely during their lifetime. This type of trust is often used for estate planning, providing flexibility in trust account management. It can include both trust account checking accounts and trust account savings accounts, making it versatile for various financial needs.
Irrevocable Trusts: An irrevocable trust, once established, cannot be easily altered or revoked by the grantor. This type of trust is typically used for specific purposes such as asset protection, tax planning, or charitable giving. By relinquishing control over the assets, the grantor can achieve potential tax benefits and safeguard assets from creditors.
If you’re considering how to open a trust account, whether a revocable or irrevocable one, it’s essential to consult with financial and legal professionals to determine which type best suits your needs and goals.
You must have an account with BankProv and a contract in place with our partner Loomis to use Cash Vault Services.
Cash Vault Services can reduce employee risk, provide faster access to funds, save time on transaction research, and make it easier to place orders.
Cash Vault Services are designed for businesses that make frequent cash deposits and require an inventory of coins and currency to be picked up and delivered by an armored car carrier. This may also be a good solution for seasonal businesses that have higher cash needs in different periods of the year.
We offer Agency (FNMA/FHLMC) and HUD (FHA/VA/USDA) eligible loans. Additionally, we provide expertise in and funding for Specialty products secured by 1-4 family residential homes, including Jumbo loans, Construction-to-Perm (CTP) loans, and Fixed Rate Second Mortgage loans. Our Master Repurchase Facility enables Independent Mortgage Bankers to efficiently fund a variety of competitive residential mortgage loan products.
A mortgage warehouse facility enables Independent Mortgage Banking companies to fund residential mortgage loans without using their own capital. Banks and Credit Unions with wholly-owned subsidiary mortgage companies may also benefit from such a facility. Mortgage warehouse lending is a form of asset-based lending that provides short-term funding between the time of a mortgage’s closing and when 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 allow you to close mortgages in your company’s name and maximize profitability by using our paperless and efficient funding process. This results in funding more loans that close faster, enhancing your borrowers’ experience.
BankProv offers advanced fraud protection and security measures to help safeguard your business against wire transfer fraud. Our business banking security solutions include:
By leveraging state-of-the-art fraud prevention strategies, BankProv helps businesses minimize risk and keep their wire transfers secure.
Wire origination fraud happens when cybercriminals gain unauthorized access to a company’s banking system using compromised login credentials, phishing scams, or malware attacks. Once inside, fraudsters initiate unauthorized wire transfers to fraudulent “mule” accounts, which are emptied and abandoned before detection. Since wire transfers are often irreversible, businesses may suffer financial losses if fraud is not prevented in time.
Wire fraud can also occur when clients receive fraudulent wire instructions from someone posing as the intended recipient. Cybercriminals may compromise email accounts or create lookalike addresses to send altered wire instructions, redirecting funds to fraudulent accounts. To prevent this, all wire instructions should be verified by phone using a known, trusted number and never accepted solely via email.
Wire origination is the process of initiating a wire transfer, an electronic payment method used to send funds between financial institutions securely and quickly. This process is widely used for high-value transactions, including business payments, real estate closings, international trade, and financial settlements. Wire transfers can be domestic or international, with processing times and fees varying by bank, transfer method, and destination.