Labor Banking
Bank of Labor’s Treasury Services and Operations team has in-depth expertise with unions and union-related entities. Our team takes a consultative approach to discuss products and services your organization needs in order to succeed.
Deposit Accounts
At Bank of Labor, we understand that organizations have different banking needs. We offer straightforward accounts that help you keep your money productive and your organization profitable.
Primary Checking
Designed to accommodate organizations with low-mid balances and smaller transaction volumes.
Premium Checking
Designed to accommodate organizations with higher transaction volumes and multifaceted cash management needs.
Money Market Account
Increase returns on cash balances with our competitive interest rates without the time and expense of moving money to third-party investment securities.
Savings
Earn a competitive interest rate that complements your checking accounts.
Sweep Account Options
Maximize cash flow, save time and create efficiency using our automated process. Eliminate manual transfers, put idle balances to work with little to no daily effort and further improve your duty allocation within your accounting department by segregating certain business activities.
Zero Balance Account
Zero Balance Accounts (ZBA) organize your funds and simplify the aggregation process in your internal accounting. Funds can be swept to zero or a specified collected balance. Sweeps can be used independently or combined with Money Market, Savings, and ICS accounts to maximize investment opportunities. Loan Sweeps* allow a borrower to minimize their interest expense by using all available balances to pay down the loan each night over the predetermined peg balance. Conversely, if your operating account is insufficient, the funds will be swept back to cover any outstanding items. *Not available with all loan types and subject to approval.
Insured Cash Sweep
Insured Cash Sweep® provides peace of mind knowing your ICS funds are eligible for multi-million-dollar FDIC insurance backed by the full faith and credit of the U.S. government. With the ICS service, you can place your funds into demand deposit accounts, money market deposit accounts, or both, and earn returns. Your transaction account is managed at our bank and insured by IntraFi Deposit Network banks in the amounts exceeding $250,000, the standard FDIC insurance maximum.
ACH
ACH services allow you to send money or collect payments safely and securely without writing checks or waiting for them to arrive via mail. Process payments, direct deposit payroll, or collect funds electronically, while streamlining your payables and/or improving the speed of collection on receivables. ACH advances the remittance process for your members and customers.
Lock Box Services
Customizable lockbox services are an extension of your accounts receivable department. Lockbox processing improves your cash flow while eliminating manual internal procedures, reducing payment processing time, expenses and mitigating the risk of fraud and error. Receive customized processing, reporting and data extracts to streamline your payment posting.
Merchant Services
Bank of Labor’s merchant service no-term contract provides competitive, transparent pricing while saving you the hassle of returned checks and collecting cash. Our flexible full-service global payment service capabilities take a transaction from initiation through to clearing and funding. You will receive a wide-range of feature rich payment solutions and all major credit card and debit card networks are accepted.
MasterCard® for Union Leaders
Bank of Labor’s no annual fee MasterCard® is designed for union leaders. Credit checks are not performed on individual cardholders, rather underwritten on the union-entity, using its tax-ID. Receive fraud protection, online management to streamline expense tracking and restrict transaction categories for cardholders. Earn cash back in the form of a statement credit, reward points for merchandise, gift cards and more.
- No annual fee and competitive rates
- Falcon® fraud protection
- Online tools help you manage your account and issued cards
- Streamline expense tracking
- Restrict transaction categories including cash and more
- Earn reward points for merchandise, travel or cash back in the form of a statement credit
Commercial Prepaid Cards
Bank of Labor’s cost-effective, paperless program provides an innovative pay card option to simplify and better manage your payment needs without using traditional banking services. Reduce your risk in using large amounts of cash. Conveniently distribute funds for payments, expenses, payroll, reimbursements, incentives, pension payments, gifts, etc for members, convention delegates and partners who ‘live the code’ of the Labor movement.
Cardholders can access the full balance in cash, when authorized, with no fee when used at our nationwide network of ATMs. Eliminate costly and time-consuming escheatment procedures and more.
Online Payroll
Free your time and save money with one of the most comprehensive and convenient payroll services available. You receive full unlimited customer service and payroll taxes are completely managed and paid on your behalf for a friendly price.
SmartPay: Online Payment System
Collect Dues the SmartWay With SmartPay
Revolutionize how you receive payments online with SmartPay. It’s a payment portal that enables online payments through your organization’s website. This portal is ideal for Labor leaders who want to increase their online revenue, streamline payment processing, and create efficient, convenient operations.
SmartPay works by creating a unique URL on your website that would link to a Bank of Labor SmartPay payment page.
- No web developer is needed to install the portal
- Safer than using third party entities that put you at risk for fraud and theft.
- Bill or direct vendor payments
- Payment page is branded to match your existing website
- Customizable fields to collect specific payee/donor information
- Payment posts are created automatically and can be exported or imported into Quickbooks
- Members can use multiple credit and debit card payment options, including MasterCard®, Visa®, American Express® and Discover®
Call 855.24.LABOR today to get SmartPay – the SmartWay to make money and save time.
Online Banking
Bank of Labor’s online technology provides fraud management and helps you manage your organization’s finances. Receive immediate access to real-time banking information, 24/7 access to your accounts, export history, place stop payments, pay bills, transfer funds, set account alerts and more.
Mobile Banking
Mobile Banking is the ultimate on-demand 24/7 service to manage your accounts in the palm of your hand. Access deposit and loan accounts, pay bills, transfer funds, deposit checks using a smartphone camera. Supports iPhone and Android smart phones and iPad/tablets.
Remote Deposit Capture
Remote Deposit Capture (RDC) is a convenient device to securely submit checks using your PC and our desktop check scanning device. This device reduces time spent balancing, processing, keying and copying received checks while saving time and expense associated with traveling to the bank. Multiple locations can use the same service with no additional cost to you.
Lockbox Services
Customizable lockbox services are an extension of your accounts receivable department. Lockbox processing improves your cash flow while eliminating manual internal procedures, reducing payment processing time, expenses and mitigating the risk of fraud and error. Receive customized processing, reporting and data extracts to streamline your payment posting.
Merchant Services
Bank of Labor’s merchant service no-term contract provides competitive, transparent pricing while saving you the hassle of returned checks and collecting cash. Our flexible full-service global payment service capabilities take a transaction from initiation through to clearing and funding. You will receive a wide-range of feature rich payment solutions and all major credit card and debit card networks are accepted.
Commercial Prepaid Cards
Bank of Labor’s cost-effective, paperless program provides an innovative pay card option to simplify and better manage your payment needs without using traditional banking services. Reduce your risk when large amounts of cash. Conveniently distribute funds.
Online Payroll
Free your time and save money with one of the most comprehensive and convenient payroll services available. You receive full unlimited customer service and payroll taxes are completely managed and paid on your behalf for a friendly price.
Sweep Account Options
Maximize cash flow, save time and create efficiency using our automated process. Eliminate manual transfers, put idle balances to work with little to no daily effort and further improve your duty allocation within your accounting department by segregating certain business activities.
Zero Balance Account
Zero Balance Accounts (ZBA) organize your funds and simplify the aggregation process in your internal accounting. Funds can be swept to zero or a specified collected balance. Sweeps can be used independently or combined with Money Market, Savings, and CD accounts to maximize investment opportunities.
Loan Sweeps allow a borrower to minimize their interest expense by using all available balances to pay down the loan each night over the predetermined peg balance. Conversely, if your operating account is insufficient, the funds will be swept back to cover any outstanding items. *Not available with all loan types and subject to approval.
Insured Cash Sweep
Insured Cash Sweep® provides peace of mind knowing your ICS funds are eligible for multi-million-dollar FDIC insurance backed by the full faith and credit of the U.S. government. With the ICS service, you can place your funds into demand deposit accounts, money market deposit accounts, or both, and earn returns. Your deposit is sent from your transaction account at our bank into deposit accounts at other IntraFi Network banks in the amounts below $250,000, the standard FDIC insurance maximum.
ACH
ACH services allow you to send money safely and securely or collect payments without writing checks or waiting on checks to arrive via mail. Process payments or collect funds electronically, while streamlining your payables and/or speed collection on receivables. Improve the remittance process for your members and customers.
ACH Positive Pay
ACH services allow you to send money safely and securely or collect payments without writing checks or waiting on checks to arrive via mail. Process payments or collect funds electronically, while streamlining your payables and/or speed collection on receivables. Improve the remittance process for your members and customers.
Check Positive Pay
Check Positive Pay is an excellent tool to reduce check fraud, improve audit controls, quickly catch alterations or duplicate statements, eliminate costly stop payment fees and control the amount of time a check can remain outstanding. You provide a check issued file and Bank of Labor compares your file to only pay items you authorize.
Account Reconciliation
Bank of Labor’s module offers full or partial reconciliation features. We will establish the reconciliation cycle and delivery method for the service according to your unique needs. With full reconciliation, you can manually enter or import check issue data, update check issues and view, print or export your reconciliation report through online banking.
Overdraft Protection
We all make mistakes sometimes. When it happens to you, Bank of Labor has your back with overdraft protection. We offer two options to assist you in managing your account and avoiding overdrafts.
Automatic Transfer Program – Fees Apply.
If you maintain another checking account or a savings account you may establish an automatic transfer link from that account to cover any overdrafts you may incur in your checking account, assuming you have sufficient funds available in the other account.
Program requirements:
- You must be the owner and signer on both accounts in the transfer relationship
- You must sign a form with one of our bankers, providing the account numbers and exact or incremental amounts for transfers
Overdraft Privilege
Overdraft Privilege is a discretionary service available to qualified checking accounts. With Overdraft Privilege, Bank of Labor may pay items overdrawing qualified accounts up to a predetermined amount for eligible Personal Checking accounts and Personal NOW accounts.
Overdraft Privilege fees may be imposed for covering overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. This service is not intended for casual or everyday use, but only for protection against inadvertent record-keeping errors or occasional timing issues related to deposits.
Program requirements:
- To qualify, accounts must be open for a minimum of 30 days, have a positive balance, and meet certain minimum deposit requirements.
- Overdraft Privilege will not be active until you receive notification from Bank of Labor that you are enrolled.
A fee of $30 is charged for each overdraft created by check, in-person withdrawal, ATM withdrawal, or other electronic means (each debit or check paid). Bank of Labor has the choice to either pay the overdraft or not. Bank of Labor reserves the right to require repayment of any overdraft on demand.
ACH Positive Pay
ACH Positive Pay helps protect your accounts from unauthorized ACH debit transactions. You provide a list of approved vendors and Bank of Labor will compare all incoming debits to your list. If any unidentified transactions are presented, you have the ability to decide whether the item is paid or returned.
Check Positive Pay
Check Positive Pay is an excellent tool to reduce check fraud, improve audit controls, quickly catch alterations or duplicate statements, eliminate costly stop payment fees and control the amount of time a check can remain outstanding. You provide a check issued file and Bank of Labor compares your file to only pay items you authorize.
Account Reconciliation
Bank of Labor’s module offers full or partial reconciliation features. We will establish the reconciliation cycle and delivery method for the service according to your unique needs. With full reconciliation, you can manually enter or import check issue data, update check issues and view, print or export your reconciliation report through online banking.
Lockbox
Customizable lockbox services are an extension of your accounts receivable department. Lockbox processing improves your cash flow while eliminating manual internal procedures, reducing payment processing time, expenses and mitigating the risk of fraud and error. Receive customized processing, reporting and data extracts to streamline your payment posting.
Commercial Prepaid Cards
Bank of Labor’s cost-effective pay card option simplifies your payment needs without using traditional banking services. Reduce your risk when large amounts of cash are being brought in and out of the organization, minimize costs associated with checks, postage and replacing lost or stolen checks. Cards are customizable by logo design, embossed message and fund amounts. Conveniently distribute funds for disaster relief disbursements, convention delegate payments, membership organizing incentives and/or as a payroll tool for unbanked individuals.