Account Reconciliation

Knowing your business's daily cash position is critical. However, reconciling accounts in-house can take countless hours to determine balances, detect errors, and sort and retrieve checks.

Sovereign Bank's Account Reconciliation service expedites checking account reconciliation through an automated delivery system.

Reconciliation Options

• Partial Reconciliation—this most basic service provides a report of items paid, which can be sorted according to your instructions. Sovereign supplies a detailed summary of account activity, and information on paid checks and stopped items.
  
• Deposit Reconciliation—a cost-effective way to easily track daily deposits from multiple locations and then reconcile those deposits in a timely manner to a single Sovereign bank account. Specially-coded deposit tickets and detailed reports allow you to track and monitor deposits by branch or store location. Reports are available in hard copy and via Business Online Banking, and can be provided on a daily, weekly, or monthly basis.
  
• Positive Pay—Sovereign is among the first banks in the nation to offer an online, real-time Teller Positive Pay system, which dramatically decreases susceptibility to check fraud.
  
  This service allows tellers to match items presented over the counter at a Community Banking Office to check-issue files you submit in advance. You can receive alerts by email or cell phone text message, notifying you to log into Business Online Banking to decide whether to pay or return exception items.
• CD-ROM Check Imaging Services—provides quick and convenient access to paid check information to dramatically reduce check research to just seconds. A CD-ROM stores up to 25,000 check images, provides flexible search criteria for easy retrieval of specific check information, and delivers superior digitized images of the front and back of all checks.