Commercial Customer Newsletter |
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To celebrate Cyber Security Month |
Planters First Bank has a product that will help our business customers combat fraud. The product is Positive Pay and it can be used with Check and ACH transactions.
ACH Positive Pay- customer has the bank set up filters of payees they do not want to be included. All other transactions will be listed to be worked as exceptions.
Check Positive Pay- compares a registry uploaded by the customer and is compared to the daily paid items. Exception items are worked. Customers can also download an Outstanding and a Paid Check report daily. Software is looking at the following before making a decision.
- Payee Match
- Check number
- Amount
- Date issued
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International Wire Transfers |
If you send International Wires through Cash Manager in Business Online Banking, there has been a change in the receiving bank information.
Below are things to do before sending an International Wire:
- If you have templates setup as repetitive wires you will need to replace them with a new template using the information found in the updated Online Wire Transfer Instructions.
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- If you have provided a vendor with Planters First Bank’s incoming wire instructions in the past you will want to send them the SouthState Bank incoming wiring instructions for future wires. Please request the new outgoing wire transfer instructions to use going forward by contacting the bank for your copy.
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Presidents Day
Monday, February 21st
Memorial Day
Monday, May 30th
Juneteenth National Independence Day
Monday, June 20th
Independence Day
Monday, July 4th
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For ACH files please take the previously mentioned holidays into consideration for payroll effective dates. Files received on these days will be processed the next business day. For half-day closures please submit your ACH file before Noon to ensure the processing of the file.
If you have any questions, please contact Tracy NeSmith, Genny McDonald, or the Solution Center at 833.732.8351.
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Onsite visits
Due to the last Covid outbreak we had to push back our Onsite visits…. Beginning in March 2022 Tracy NeSmith will be preforming these visits. She is looking forward to seeing all of you and meeting in person. Please be on the lookout for an email to verify the time and date of our visit. If the timing is not good, please let Tracy know so she can schedule a more convenient time to meet.
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Cash Management Users: Update Your Contact Information
It is important that we have your updated contact information to ensure you receive timely updates on cash management services. Remember that if employees leave or you add key team members that should receive updates to cash management updates or educational tools, contact your account officer or treasury service representative.
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Your Responsibility for Receiving Notifications of Change (NOCs)
A Notification of Change (NOC) is a non-dollar entry transmitted by a Receiving Depository Financial Institution (RDFI) to notify you that information contained within an entry is erroneous and/or has become outdated and must be changed. The ACH Rules require your company to make the requested changes within 3 banking days of the receipt of the NOC or prior to the initiation of another ACH entry.
Although the NOC is unlike a return that normally has a dollar amount attached, Originators are still required to handle the NOC in accordance with the NACHA Rules.
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Ransomware Awareness: Your Guide to Understanding This Cyber-Threat |
Ransomware is a form of malware (malicious software) designed to encrypt files on a device, resulting in any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption. Ransomware actors often target and threaten to sell or leak exfiltrated data or authentication information if the ransom is not paid. Over the years, ransomware incidents have become increasingly prevalent among the Nation’s state, local, tribal, and territorial (SLTT) government entities and critical infrastructure organizations and hit smaller organizations and consumers.
Malicious actors continue to advance and adjust their tactics over time, and the U.S. Government, state and local governments, as well as the private sector remain vigilant in maintaining awareness of ransomware attacks and associated tactics, techniques, and procedures across the country and around the world.
This guide describes what actions organizations should take to understand the technological and regulatory limitations, responsibilities, and resources available to them, and how to implement controls to their operations. This guide does not constitute legal advice and is only for reference purposes. For additional information on ransomware awareness, visit https://www.secretservice.gov/investigation/Preparing-for-a-Cyber-Incident.
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Understanding The Difference Between an ACH Originator, Third-Party Sender and Nested Third-Party
The Nacha Rules require participants to comply with network Rules based on the type of participant they represent. It is important for participants to understand the difference in types of entities for the purpose of complying with network Rules. It is first important to understand the type of entity you are based on the relationship with your financial institution and the customers you serve.
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The risks associated with Third-Party Senders and Nested Third-Party Senders has to do with the downstream relationships of the Originating Depository Financial Institution. While the network does allow Third-Party Sender and Nested Third-Party Senders, organizations need to understand their requirement to comply based on the type of relationship. Network rules have evolved over recent years to place an emphasis on organizations to ensure compliance with Nacha Rules and to build out their programs commensurate with the risks associated with the type of relationship. In September 2022, the network Rules will be expanded to include specific requirements of layered relationships including Third-Party Senders and Nested Third-Party Senders. Effective September 30, 2022, there are requirements that an Originating Financial Institution must:
- Address in their agreement with the Third-Party Sender to ensure that Nested Third-Party Sender relationships are addressed. NOTE: Originating Financial Institutions can prohibit Nested Third-Party Sender relationship in their agreement with Third-Party Senders.
- Updates existing TPS registration to denote whether a TPS has Nested TPS relationships
- Requires that a Third-Party Sender, whether Nested or not, complete a Risk Assessment of its ACH activities.
- The obligation to perform a Risk Assessment, as well as the required Rules Compliance audit, cannot be passed onto another party; i.e., each participant will conduct or have conducted its own.
If you are an Originator and have a change in processing relationships, this may impact you as there are specific compliance requirements when a change in processing results in a layered relationship.
If you are a Third-Party Sender, it is important that you prepare for this change, train all applicable areas and implement an ACH program that aligns with these upcoming network changes.
If you are a Nested Third-Party Sender regardless of the size of your company, it is important to understand this type of relationship presents additional risks and should be addressed in preparation with upcoming network changes.
For information on these types of relationships, the risks presented and current and newly passed network requirements, contact your originating depository financial institution.
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CONTACT US WITH QUESTIONS
Let us know if you have any questions. We are happy to provide you with additional information on how to protect your account and comply with network rules and regulations.
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For Treasury
Sales, Implementation Services & Support:
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Tracy NeSmith, AAP
Vice President
Treasury Support Officer
Direct: 478-892-4024
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Genny McDonald
Treasury Management
Specialist
Direct: 833-732-8351
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In Person | Solution Center (Call Center) 833.PFB.TEL1 | Online/Mobile | Video Banking
Cordele - Hawkinsville - Fitzgerald - Ocilla - Perry - Macon - Warner Robins
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About Planters First Bank:
Founded in 1896, Planters First Bank, the 8th oldest financial institution in Georgia, is headquartered in Cordele, Georgia, and operates seven full-service locations throughout Middle Georgia. In February 2021 Planters First Bank celebrated its 125th Anniversary.
Contact Planters First Bank Toll-Free at (833) 732-8351 or email us.
Member FDIC | Equal Housing Lender | Bank NMLS#500174
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