Direct Deposit and Payment
Great North Bank can help simplify your business by allowing you to move money electronically to pay your bills, collect payments from your customers and to directly deposit payroll checks to your employees’ accounts. The Automated Clearing House (ACH) system is dependable, flexible, convenient, and easy.
Direct Deposit of Payroll
Offer this benefit to your employees and your business will realize the convenience of:
No processing and printing expensive paper checks
ONE debit to your payroll account for the TOTAL payroll amount.
Instant reconcilement of your payroll account; no waiting for employees to “cash” their checks
Better cash management
No lost or replacement checks
Your employees will realize the convenience of:
Payroll deposited into their account at ANY financial institution on pay day
Not having to wait for the mail or go to the bank to deposit their paycheck
Direct deposit of payroll EVERY pay period, even if they are on vacation or sick
When your customers sign up for Direct Payment, both your business and your customers will benefit. The electronic payment option helps in several ways:
Your scheduled payments are PAID ON TIME and automatically deposited into your account in one lump sum
You can better manage your cash and expenses
You eliminate the need to “shuffle” paper checks
Your customers save check printing costs, postage, and late charges
Statements cannot get lost or payments missed
Ask any one of our Universal Bankers for more information about how Direct Deposit and Direct Payment can help your business.
|Business checking||Business Cash MANAGEMENT||Great North Money Market||Business Saving Account|
|Minimum To open||No Minimum||No Minimum||No Minimum||No Minimum|
|Minimum Balance Requirement||No Minimum||$5,000 Daily Balance to avoid maintenance fee ($10.00)||No Minimum||$100.00 Daily Balance to avoid maintenance fee ($5.00)|
|Interest||No Interest||*Tiered Interest, Interest paid/credited monthly||*Tiered Interest, Interest paid/credited monthly||*Interest paid/credited monthly|
|Service Fee||$0.07 per Check/Debit $1.00/Month Maintenance Fee||$10.00 Maintenance Fee||None||$5.00 Maintenance Fee|
|Additional Benefits||An earning credit of 0.50% is given to offset any activity charges. Credit is earned on collected balances. Excess credit is not carried forward to the next month.||None||None||None|
|Additional restrictions & Fees||None||None||None||None|
Additional Services Offered:
Debit/ATM Cards • Night Depository Services • Check Ordering • Auto Transfer • Wire Transfers • Notary Services statements • Online Banking • Mobile Check Deposits • Online Bill Payments • Overdraft Protection • Payroll Origination • Remote Deposit Capture
* Limitations apply. Additional services maybe be subject to approval/subject to agreement of terms and conditions.
Additional services may require additional charges. MUST BE 18+. See account disclosures for further information.