Disbursement Solutio

Direct Deposit Benefits

• Reduce costs associated with printing, signing, distributing, reconciling, and storing checks
• Simplified accounting by no longer needing to maintain idle balances or a separate payroll account
• Eliminate the possibility of lost, delayed, stolen, or forged checks
• Increase employee productivity since employees no longer need to leave work and deposit checks
• Provide a service many employees have come to expect

How does Direct Deposit work?

• You (or your payroll processor) provide the bank with your employees’ net pay information through Commercial Online Banking
• ACH credit entries are processed based on your instructions
• Your employees’ net pay is deposited into their accounts when the bank opens on payday and is immediately available as cash
• Your account is debited for the total net pay amount

Would my business benefit from Direct Deposit?

Yes, if your business:

• Wants to streamline payroll and reduce exposure to check fraud
• Want to eliminate costs associated with maintaining and reconciling a separate payroll account
• Has employees who travel frequently and/or go to the bank on company time to deposit their paychecks

Same Day Automated Clearing House (ACH) Payment Benefits

• Enhance cash flow by sending and receiving Same Day ACH
• Quickly process payments with a tight deadline
• Payment to payment-related information may flow more rapidly from bank to bank saving you time

How does Same Day ACH work?

• Log in to your Commercial Online Banking account
• Prepare and send a Same Day ACH file. File requirements match NACHA rules. Contact our team for more information.
• Accounts receiving your payment should see funds posted the same day
• Detailed reporting available

Would my business benefit from Same Day ACH?

Yes, if your business:

• Needs to meet short or missed deadlines for payroll processing
• Seeks quicker settlement of payments to other businesses

ACH Vendor Payments

With ACH Vendor Payments, your business can easily make electronic payments to other businesses. 

Pay bills through your Commercial Online Banking without having to write a check. 

Wire transfers allow you to send or receive money from anywhere in the world through an electronic transfer of funds. Both individuals and businesses can send a wire transfer and funds are available the same day if sent from a domestic bank.

During wire transfer, different currencies can be accepted and are exchanged on your behalf at the time of deposit. Because a wire transfer is an electronic transfer of funds, funds sent are considered “collected” and are available immediately upon receipt.

Can I send and receive wire transfers for my business?

We are dedicated to helping your business run smoothly and efficiently. That's why we offer a variety of ways for your business to send and receive wire transfers including: 

• Calling and initiating a wire transfer over the phone
• Stopping in the Bank in person
• Online through Commercial Online Banking

How do I receive a wire transfer?

To receive a domestic wire transfer, provide the sender’s financial institution with the following information:

• Your name
• Your account number
• Merchants Bank’s routing number: 091900193
• Merchants Bank’s wire processing address:
  Merchants Bank, NA
  102 East Third Street
  Winona, MN 55987
• Merchants Bank’s phone number: (800) 944-6285

To receive an international wire transfer, provide all of the information requested above, plus the Merchants Bank SWIFT Code: MENTUS44.

How do I send a wire transfer personally?
You can send a wire transfer by coming to the bank in person or calling us on the phone at (507) 457-1170. A wire transfer agreement must be filled out in order to complete a transfer. An agreement can be obtained from our Wires Department.