Cash Management Services
Get easy, convenient access to your operating loan funds. Adding cash management services to your operating loan account can save time and money.
Whether your operation is a part-time endeavor or a large corporation, you need options. Compeer Financial offers mobile remote deposit as well as options for dedicated scanners for businesses that need to deposit a large number of checks each month.
Mobile remote deposit is available for Mobile Banking users and enables deposits on any qualifying operating loan. Deposits of up to $250,000 per day can be made with funds applied same day if deposited by 4 p.m. CST. Deposit history is available, at a finger tap, for three months.
Dedicated remote deposit scanners enable up to 100 checks per batch to be deposited. We can customize payment types depending on the loan agreement and enable payments to multiple loans through a single interface. In addition, reporting history of all deposits with deposited check images are available to the operation from the same login.
Online Banking is the fastest, most convenient way to access your operating loan account information, initiate transactions, check your account, make loan payments, transfer funds, automate and schedule money movement and see draft images.
Submit multiple ACH payments at one time using our ACH Payments module. ACH Payments are electronic funds transfers. We use your payment instructions to send electronic payments direct to the Federal Reserve, and they are posted the next business day if submitted by 4 p.m. You may import payees and payments direct from your accounting system or you may store all of your payees in the ACH Payments module and simply send different amounts each time.
Save time and money by submitting wires using our Online Banking Wires module. If you have regular wire recipients, you can store those payees and simply send them an amount each time. You can even import a batch of payees from your accounting system to simplify template creation or enter one-time payees very easily.
Do you offer direct deposit to your employees? Our Payroll module enables you to upload a payroll file each pay period and schedule these payments through Online Banking. Use a single accounting entry for all of your payroll payments with a virtually unlimited number of payments to be sent. What could be easier?
Secure your drafts and be assured that only those checks you write are cleared on your loan. Positive Pay services enable a strong security layer for any operation that writes drafts out of the loan.
Intuit WebConnect and Direct Connect
Easily download your Compeer Online Banking transactions into your Quicken or QuickBooks® software using Intuit’s WebConnect service. WebConnect enables single-click download of your Compeer transactions whenever you wish. Direct Connect takes it to the next level by synchronizing your Compeer Online Banking account with your Quicken or QuickBooks® software, eliminating the need for manual downloads.
Other Cash Management Services include:
- Farm Cash Management Account®
Make your money work harder for you with a Farm Cash Management (FCM) account. This short-term investment account automatically invests your excess funds and pays you a return, similar to a money market account. Commonly used when you have Remote Deposit applied to the loan so if your deposits pay for the loan, your money can be invested until you need it.
Access your operating loan funds via credit line drafts. When writing a check is the easiest, most convenient way to complete a transaction, drafts provide an easy way to pay.
- Funds Held
Plan ahead and earn interest by making advanced payments on your real estate and intermediate term loans. This can effectively reduce your cost of borrowing. Funds Held balances will be credited an administered interest rate which is set by Compeer Financial based on various factors, including Compeer’s costs and desired returns, general economic conditions, and other factors, and is intended to be comparable to other highly liquid short-term money market rates. The current interest rate for Funds Held is 5.55%, up to a maximum of the bill rate (i.e., the rate you pay) on your loan. Please note, Funds Held is not a depository account and is not insured. Not all loans or clients are eligible for a Funds Held account and additional terms and conditions apply. Please see your loan agreement for program details.
Funds Held Interest Rate History
February 1, 2024 – 5.55%
January 1, 2024 – 5.55%
December 1, 2023 – 5.50%
November 1, 2023 – 5.50%
October 1, 2023 – 5.50%
September 1, 2023 – 5.50%
August 1, 2023 – 5.50%
July 1, 2023 – 5.30%
June 1, 2023 – 5.42%
May 1, 2023 – 5.17%
April 1, 2023 – 4.92%
March 1, 2023 – 4.77%
February 1, 2023 – 4.69%
January 1, 2023 – 4.51%
December 1, 2022 – 4.29%
November 1, 2022 – 4.0%
Prior to November 1, 2022 - Loan’s bill rate, minus 3.0%