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Cash Management Services

Deerwood Bank provides customized solutions to small business and commercial clients through our wide variety of Cash Management Services. These products and services, tied to a commercial checking or savings account, can increase your business’s operational efficiency, reduce your risk, accelerate the availability of your funds and improve business relationships with clients.

They are exceptional resources, supplying the information and options you need for decision making.

For more information about Cash Management Services at Deerwood Bank contact:
Cheryl Schwegel
VP, Cash Management Sales
cheryl.schwegel@deerwoodbank.com or solutions@deerwoodbank.com

Deerwood Bank’s Automatic Clearing House (ACH) is a secure network used to connect banks to each other. ACH
offers your business an efficient alternative payment method to writing, collecting and processing paper checks.
Businesses rely on ACH to process direct deposits, electronic payments, certain transfers and debit card payments. Whether you are looking to reduce administrative and operating expenses, accelerate availability of funds or improve business relationships with customers, ACH is right for you.

Remote Deposit
Remote Deposit enables you to easily make your deposits electronically from any of your business locations
without leaving your office. Whether your business has multiple locations, makes deposits after normal banking hours, pays transportation costs to deliver deposits to the bank or receives checks with large dollar amounts, Remote Deposit is right for you. It’s like having a 24 hour bank teller right at your desk. Utilizing a desktop scanner connected to your computer and the Internet, you can scan checks received from your customers and send deposits electronically to the bank.

Commercial Internet Banking System
Deerwood Bank’s Internet Banking System delivers all the features you need to manage your business’s finances, including balance information, bill payment, ACH and wire transfers in a secure and convenient manner. With our Internet Banking System, all of your transactions and finances are at your fingertips - in or out of the office. To learn more or view a demo, click here.

Domestic Wire Service
Deerwood Bank’s Domestic Wire Service helps you move money quickly. Whether you are paying for manufactured goods, paying a vendor or purchasing equipment, Deerwood Bank can help you send money to accounts at other U.S. financial institutions in a secure and timely manner.

Foreign Exchange Services – International Wires
Whether you are planning a business trip, or paying for foreign manufactured goods or services, Deerwood Bank clients now have the opportunity to send more than 90 foreign currencies in international wires. Your total fees are lowered because we eliminate intermediary international banks allowing you to take advantage of our competitive rates. You can rest assured knowing the exact foreign amount and the exact U.S. dollar amount at the time the wire is initiated and that it will be delivered in a quick, timely and secure manner.

Line of Credit Sweep
With Deerwood Bank’s line of credit sweep, your company’s money is automatically transferred to where it benefits you the most. The sweep will either pay down your line of credit or replenish your checking account. This service is a convenient way to manage cash flow enabling you to disburse funds in a way that works best for your company. Sweeps are an excellent way to manage your company’s money automatically, eliminating the need to manually initiate internal account transfers, and reducing excess idle balances.

Lockbox Processing
With Deerwood Bank’s lockbox service, your incoming payments go directly to a post office box. We handle the entire remittance process, from opening the mail to sending you the information you need to update your receivables, eliminating your need for in-house remittance processing. We pick up these payments in the morning, process them according to your instructions, and credit your account that day. Deposit information is available for your review on the same day.

Merchant Card Services
Accepting credit card payments is a very important part of most business operations. Through our partnership with Bankcard Associates, a local company with over 20 years of payment processing experience, we’ll help you get started or give you a price comparison on your existing processing costs and work to ensure your credit card processes go smoothly. To visit Bankcard Associates website and receive a free quote or price comparison, click here.

Payroll Processing
We understand the importance of a properly managed payroll. We partner with Payroll Control Systems (PCS), a leading provider of payroll, payroll tax and human resource solutions in the upper Midwest. Through this partnership with PCS, you will experience a smooth transition from your current system and receive professional, personalized customer service.

Positive Pay
Deerwood Bank’s Positive Pay service is a beneficial and efficient web-based service to help businesses combat check fraud. Using our Commercial Internet Banking System, you send us your issued check file, an electronic list of all the checks you issue. Our Positive Pay service verifies checks received for payment against the check issued files. Only those checks that match the list will be paid. Items that do not match, and all ACH debit entries, will be considered exceptions. Positive Pay allows you to see an online image of the checks in question and a list of the ACH debit entries presented for payment. You then determine whether you would like to have the item paid or have them returned as fraudulent items.

Business Debit Cards
Deerwood Bank offers a business debit card with no annual fee. All purchases are automatically withdrawn from your checking account, and no interest is charged.

Zero Balance Account Sweep
This type of account sweep includes a Master Zero Balance Account and one or more checking Zero Balance Accounts (ZBA) i.e. payroll, disbursement, lockbox, etc. This service is a convenient way to manage cash flow and provides for the efficient disbursement of funds in a way that works best for your company. Sweeps are an excellent way to manage your company’s money automatically, eliminating the need to manually initiate internal account transfers, and reducing excess idle balances.



American Bank of St. Paul is now Deerwood Bank as successor by merger with American Bank of St. Paul.

Deposits serviced at offices of the former American Bank of St. Paul and Deerwood Bank are NOT separately insured by the FDIC.

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