Kensington Bank offers support services to assist our business owners with the day-to-day operations of running a business. From payment solutions to fraud prevention, we have you covered. Payroll services and ACH Payments are available for your convenience.
With ACH, businesses can make electronic funds transfers at their convenience. This service allows you to create, upload, import and submit ACH files to Kensington Bank for further processing.
Easily execute debit / credit functions
Offer your employees direct deposit payroll*
Provide your customers with direct debit billing
Have membership dues debited from customers
Create ACH formatted files within Digital Banking or upload files to Digital Banking from your existing software
*Not a payroll services provider.
Make your deposit without coming to the bank! Remote Deposit Capture (RDC) makes this possible. Checks are scanned right at your desk in your own office. The file is then transmitted securely to your account at Kensington Bank. Multi-factor Authentication and easy setup get you up and running with ease.
An active business checking account with Kensington Bank
Adequate secure storage for imaged checks
A scanner, which we provide
A PC with Windows 7, 8.1 or 10
A high-speed Internet connection
For everyone who is on the go depositing that check and not being close to a bank is not a problem. Make deposit from anywhere using your mobile device. Simply snap a picture of your check and transmit your image. You have now made a deposit to your account good to go.
Positive Pay is an efficient fraud detection tool is offered to Kensington Bank business clients to help you prevent check fraud. This service matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the company. All three components of the check must match exactly or it will not pay.
Positive Pay requires the company to upload a file of issued checks to the bank. When those issued checks are presented for payment at the bank, they are compared electronically against the list of transmitted checks. The check-issue file sent to the bank contains the check number, account number, issue date, and dollar amount.
When a check is presented that does not have a “match” in the file, it becomes an “exception item.” Each day the customer is presented with their exception items through Digital Banking. The customer has the ability to tell the bank whether to pay the item of return it to the depositing bank.
You can simplify your accounts payable process by electronically scheduling and arranging payments to your creditors or anyone else.
Kensington Bank is proud to offer two robust programs through Promontory ®, that gives you access to multi-million dollar FDIC insurance on deposits so you can enjoy yield, peace of mind, and flexibility all at the same time.
Businesses, nonprofits, government entities, advisors (trustees, trust officers, lawyers, accountants, financial advisors/planners, and other fiduciaries), and individual investors can:
Everything is handled through Kensington Bank. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum, so that your investment is eligible for FDIC protection. By working directly with just one bank—our bank—you can receive insurance through many.
You earn one rate per maturity on your entire investment—so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.
You receive one regular account statement listing all of your CDs along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there’s no need to manually consolidate statements or track changing collateral values on an ongoing basis.
By working directly with just Kensington Bank you can receive coverage through many banks and get just one regular statement.
Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option, into money market deposit accounts using the ICS savings options, or into both.
Your ICS funds are eligible for multi-million-dollar protection that is backed by the full faith and credit of the United States government.
The ICS demand option offers full liquidity through unlimited program withdrawals. The ICS savings option offers access to funds through up to six program withdrawals each month.
Your funds can be placed using either or both ICS options to best match your cash management and liquidity needs.
Kensington Bank offers the convenience of night deposit boxes at our Cokato, Herman, and Kensington branches. With this service, deposits can be dropped off at the bank any hour of the day and be secured in a vault until they are processed during the next business day.
This service can help improve your bottom line with solutions for accepting credit, debit gift and purchasing cards, checks, and online transactions. Kensington Bank partners with FIS to provide you with the most comprehensive payment processing program.
Online banking is available at your convenience with Intuit® Quicken or QuickBooks – FREE!
With Kensington Bank’s Digital Banking you can download your account statements directly into Quicken and QuickBooks with a few easy clicks. Transfers and payments are available through Digital Banking.