Commercial Deposit Service processes deposits across nation.
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Press Release Summary:
Designed for cash-heavy retailers, such as grocery store and restaurant chains that use armored couriers, Vault360 will accept and process large cash or check deposits from clients operating anywhere in continental U.S. Service also enables BB&T to convert eligible check items into electronic deposit transactions. By consolidating deposit relationships with BB&T, clients can free up capital by eliminating minimum balance requirements at multiple institutions, idle funds, and excess fees.
Original Press Release:
BB&T Introduces New Commercial Deposit Service to Process Cash, Check Deposits Across Nation
BB&T introduces new commercial deposit service to process cash, check deposits across nation
WINSTON-SALEM, N.C., July 14 /- BB&T Corporation (NYSE:BBT) today said it has introduced a new service that will allow it to accept and process large cash or check deposits from commercial clients operating anywhere in the continental United States.
Vault360 is designed for "cash-heavy" retailers, such as grocery store and restaurant chains that use armored couriers to deliver their deposits to the bank. The new service allows clients to make all of those deposits with BB&T even if they operate outside of BB&T's 11-state footprint.
By consolidating their deposit relationships with BB&T, clients can free up capital by eliminating minimum balance requirements at multiple institutions, idle funds and excess fees.
With Vault360, BB&T will partner with armored couriers to transport check and cash deposits to one of several commercial vault centers across the country for next-day processing and crediting. The service also lets BB&T convert eligible check items into electronic deposit transactions.
"Managing business operations across the country and maintaining multiple banking relationships in different time zones can be complex," said Commercial Deposits Product Manager John Sherry. "Vault360 will enable our clients to consolidate their banking relationship, simplify account reconciliation and save time and money.
"And by using a national armored car network and combining their services with BB&T's banking network, we can expand our footprint well beyond our geographic -- and brick-and-mortar -- boundaries."
Vault360 will:
-- improve liquidity since businesses easily can move money between accounts, investments or lines of credit
-- reduce monthly reconcilement effort and expense, which leads to more accurate cash flow forecasting and better fraud prevention
-- offset service charges and free up more money for investing (through higher balances at only one financial institution)
-- help reduce potential losses (compared to traditional check clearing) with BB&T's unique electronic conversion option
-- keep employees and money safe with armored courier
With $136.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 14th largest financial holding company.
It operates nearly 1,500 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Georgia, Florida, Alabama, Indiana and Washington, D.C. More information about the company is available at www.bbt.com/ .
