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Vendor Services and Discounts - Banking
Northwestern Bank - www.nwbank.com
Northwestern Bank was chartered in 1955 and is now the largest independent community bank in northern Michigan. A growing financial institution with $700 million in assets, we are one of the leading mortgage, consumer, and commercial lenders in the region. Based in Traverse City, we offer complete banking and trust-related services from 23 offices throughout northern Lower Michigan. Northwestern Bank is pleased to be a preferred vendor for NPO members. Northwestern has put together the following cash management services to help you manage your practice more efficiently and reduce costs:
No Charge Account Check Up
All non Northwestern Bank clients are eligible for a free account “check up”. Northwestern Bank will analyze your current banking relationship and if we are unable to reduce your banking fees we will give you a $25.00 gift certificate to the restaurant of your choice.
Lockbox Services
Northwestern Bank will pick up payments from a post office box specifically for your practice and process them per your instructions for deposit to your account. Northwestern will electronically image all of the checks and/or remittance information which can be delivered to you electronically via a secure internet connection or the information can also be mailed directly to your office. We also have the ability to create a customized deposit report. This report can include payment specific information such as payee, patient name, account number, check number, insurance company, etc….
Fees for the lockbox service are:
| Monthly Maintenance Fee |
$50.00 |
Per Item Processed |
$0.10 |
ACH Services
Northwestern Bank’s Web-based ACH capabilities allow you to create debits, credits, recurring payments and direct deposit of payroll as well as view, print, and download transaction reports. State and federal tax payments, Northwestern Bank internal account transfers, cash concentration, and other corporate payments are simple and quick with templates specific to the task.
Fees for the ACH services are:
| Monthly Maintenance Fee |
$25.00 |
Per Item Processed |
$0.10 |
Sweep Investment Account
Northwestern’s Cash Sweep Account uniquely combines a business checking account with the ease of automatically investing excess cash in a money market fund. You can maximize your revenue and enjoy check writing without having to juggle balances between accounts.
With a Cash Sweep Account, cash in excess of your target balance is automatically invested in an FDIC-insured money market account, ensuring competitive rates on all of your excess cash balances. And, if your end-of-day checking account balance falls below your target balance, funds will be automatically swept back to your checking account. Because the sweeps to and from your checking account are automatic, there is no need for you to worry about managing your daily balances. There are no last-minute phone calls, no wire transfers, no transaction fees and no penalty fees.
Fees for the Sweep services are:
| Monthly Maintenance Fee |
$25.00 |
If you are interested in learning more about these services or any other services that Northwestern Bank offers please contact the following:
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