Business Banking - Community Bank of Lawndale

CBL’s Business Statement:

“One of our most important goals is to create and provide products and services which will sustain and grow businesses in our communities.”
When it comes to checking accounts, there are so many banking options for the business owner. There are interest-bearing accounts, accounts for sole proprietors, small and large businesses. But the smart business owner knows, frills aside, a sound bottom line comes from effective support. At Community Bank of Lawndale, you can have the support that strengthens your bottom line.

LET US HELP YOU BUILD YOUR BUSINESS.

Working capital loans
Acquisition of commercial real estate
Refinancing of commercial real estate
Construction financing
Revolving lines of credit
Loans for not-for-profit organizations
Commercial Checking Account
Low Cost I Checking
Low Cost II Checking

Business Banking Checking Accounts

All Community of Lawndale checking accounts receive the Premier Checking Package. This package is a new and better way for you to organize, store and retrieve your checks. Images of your canceled checks are returned to you neatly arranged and ready to store in a convenient binder. Reconciling your statement and researching past canceled checks will take far less time. People have found this system to be of great assistance when preparing income taxes. All of this at no additional cost to you. In the future, the Premier Checking Package will include Internet Banking, account information via e-mail, fax and CD-ROM, plus more.

Small Business Checking

At Community Bank of Lawndale we understand the importance of a business checking account that’s tailored to the needs of the small business customer. That’s exactly why we offer you a basic Small Business Checking account. With a minimum opening balance of $100 you are well on your way to maximizing your business account. Community Bank of Lawndale offers two Small Business Checking account options to meet the unique needs of your business—one for low-volume users and one for high-volume users. Among the most affordable checking accounts in our market, Small Business Checking is also easy to understand with its no-frills, back-to-basics approach.

FIRST & ONLY™ CHECKING

First & Only includes the following benefits:
• One year free checking*
• Turn your old checks into cash. CBL will buy back your existing checks for $. 03 each, up to a maximum of $150
• No fee for daily sweep to an FDIC- insured CBL money market savings account
• No fee Business Check Card
• Online Banking “Small Business” version at no charge
• No fee Business Cash Reserve
• No fee cash deposits up to $2,500 daily
• Free night deposit bag processing (unattended opening only)
• Free retirement program evaluation
• Free business insurance quote
• CEO Program for free checking benefits to employees of the small business

Business Checking

Fees for Community Bank of Lawndale’s Business Checking accounts are determined through the process of Account Analysis. This monthly analysis often results in a credit, designed to offset processing and service fees. We first determine your earnings credit based on a percentage of your monthly average collected balance. Then we review the level of account activity to determine an equitable fee.

Account Analysis Guide

The monthly service charge for Business Checking is determined by Account Analysis, a comprehensive analysis of services used and balances maintained. Below are two examples of how Account Analysis works. (CLOB = Community of Lawndale Online Banking)

Example #1:

Net collected balance = $3,500
Earnings credit = $11.661

Activity fees:

Maintenance fee @ $15 = $ 15.00
65 checks deposited @ $0.15 = $ 9.75
85 checks paid @ $0.20 = $ 17.00
Before total activity fee CLOB Access Fee = $15.00
Total activity fee = ($56.75)
Net Service Charge = ($45.09) Service Charge Due

Example #2:

Net collected balance = $15,000
Earnings credit = $50.001

Activity fees:

Maintenance fee @ $15 = $15.00
30 checks deposited @ $0.15 = $4.50
75 checks paid @ $0.20 = $15.00
Before total activity fee CLOB Access Fee = $15.00
Total activity fee = ($49.50)
Net Service Charge = $.50 No Service Charge Due

If the earnings credit is greater than the activity fee, the credit will not be posted to your account. However, there will be no monthly service charge. If the earnings credit is less than the activity fee, the monthly service charge will be the difference between the earnings credit and the activity fee. Listed below are the charges subject to account analysis:

Maintenance fee $15.00
Community Bank of Lawndale checks deposited $0.10
Other checks deposited $0.15
Checks paid $0.20
ACH Debits $0.10
Community of Lawndale Online Banking Access Fee $15.00
Returned Items charge (each) $8.00
Coin Processing N/C
Cash deposit verification N/C
FDIC insurance assessment per $1,000 average ledger balance N/C
Per deposit slip N/C

Business Banking Savings Accounts

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Community Bank of Lawndale will custom-design a Cash Management program for you, using both short- and long-term investment options. These are just a few of the many ways we can help you maximize return on idle cash:

Cash Management (sweep) accounts provide for daily automatic transfer of idle funds to high yielding investment accounts. Invested funds are automatically returned to the business checking account when needed.

Money Market Savings accounts offer liquidity as well as high yields.

Certificates of Deposit earn competitive rates with varying deposit levels and terms (please contact a Financial Service Representative for investment rate information).

Cash Concentration – with First National Bank & Trust’s Electronic Funds Transfer Computer Software (ACH), you can pool funds, from multiple bank relationships into your First National Bank & Trust account, right from your own personal computer. Funds transferred in this manner are considered collected when credited to your account, and can be immediately invested.

Business Banking Electronic Services

Recent technological advances have made it easier than ever to manage your finances. Working with Community Bank of Lawndale can expand those capabilities even further. By linking our data processing services to your computer system, we can streamline your routine banking functions.

Electronic Funds Transfer

As a member of the Automated Clearing House System (ACH), Community Bank of Lawndale can provide electronic funds transfer services that replace your paper-based transactions. Besides saving time and money, this system helps you control cash flow and maximize investments by knowing exactly when certain funds are available each month.

Electronic funds transfers can be classified into two groups: corporate-to-consumer and corporate-to-corporate. In either case, the system allows for both cash disbursements and collections.

One example of a common corporate-to-consumer transfer is direct deposit of payroll. Instead of writing checks each pay period, you simply transmit payroll information to us electronically, using First Community Bank of Lawndale’s ACH software, and each employee’s pay is delivered to the designated financial institution, anywhere in the U.S. This saves costs related to payroll processing, eliminates the problems of lost or stolen checks and of making special arrangements for paying absent employees.

If you routinely do business with another company, you can also use ACH for corporate trade payments. By automating the bill payment process, you can reduce the time and costs associated with paper checks, take advantage of payment discounts and avoid any interest charges due to late arrival. Trade payment information can include invoice numbers, discount information and other details.

Taking advantage of electronic funds transfer is easy. You probably have the necessary computer equipment, and special training is not necessary. The system also provides a summary and detailed reports of all transactions.

While costs vary, the following basic service charges apply:

Initial set-up fee $200
Maintenance fee of $50 (includes first 100 transactions) plus $.10 per transaction over 100

Community Bank of Lawndale Online Banking and Telephone Banking

Community of Lawndale Online Banking…Enjoy the convenience and control of managing your accounts online. Community of Lawndale Online Banking offers you the ability to review transaction history, check account balances, transfer funds between accounts, place a stop payment, and download data for account reconciliation. You will have the flexibility to access your accounts and conduct transactions when it is most convenient for you.

Telephone Banking. . .No matter where you are, no matter what time of day, Community Bank of Lawndale is as close as the nearest phone. Use any touch-tone telephone to check account balances, transfer funds between accounts, or even stop payment on a check.

For more information about Community of Lawndale Online Banking, or Telephone Banking, give us a call or come in and speak with a Financial Service Representative at a Community of Lawndale location.

Cash Management

Money Market Savings accounts offer liquidity as well as high yields.

Certificates of Deposit earn competitive rates with varying deposit levels and terms (please contact a Financial Service Representative for investment rate information).

Cash Concentration – with Community Bank of Lawndale’s Electronic Funds Transfer Computer Software (ACH), you can pool funds, from multiple bank relationships into your Community Bank of Lawndale account, right from your own personal computer. Funds transferred in this manner are considered collected when credited to your account, and can be immediately invested.

For more information, contact our Cash Management Division

Lock Box Services

Have payments remitted to you at a designated Post Office box, and let us take care of collection and processing.

Consider the benefits:

saves time forwarding deposits from the collection location to the bank

speeds up availability of funds for investments or operations

reduces personnel costs associated with payment collection and processing

strengthens internal audit controls

For more information about Lock Box Processing, contact the Cash Management Division

Payroll Services

Community Bank of Lawndale can help you set up an automated Payroll Service program through payroll processors ADP (Automatic Data Processing) or PRIME PAY.

With ADP or PRIMEPAY Payroll Service, an employee’s earnings may be electronically direct deposited into their First National Bank & Trust account. Employees also have the option of having their earnings direct deposited to any other financial institution in the continental United States, provided the institution can receive electronic funds transfers through the Automated Clearing House (ACH).

With automated Payroll Service, you can:

reduce payroll expenses

enhance payroll reliability, timeliness and accuracy

include complete management reporting

provide for automated tax filing, guaranteeing timeliness and accuracy of payment

reduce the opportunity of fraud

protect the confidentiality of employee payroll information

Retirement and Trust Services

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An attractive pension or profit-sharing plan can help you keep good employees and provide long-term security for your employees and yourself. Everything you need to develop these plans is available through Community Bank of Lawndale. To protect your hard-earned assets for future generations, we also offer a complete array of Trust services.

Personal Financial Services

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Community Bank of Lawndale also offers a broad range of retail services – from real estate mortgages and home equity loans to money market investments and accounts for children. For more information, contact a Financial Service Representative at any of our locations.