WINSTON-SALEM, N.C., July 14 /PRNewswire-FirstCall/ -- BB&T Corporation
(NYSE: BBT) today said it has introduced a new service that will allow it
to accept and process large cash or check deposits from commercial clients
operating anywhere in the continental United States.
Vault360 is designed for "cash-heavy" retailers, such as grocery store
and restaurant chains that use armored couriers to deliver their deposits
to the bank. The new service allows clients to make all of those deposits
with BB&T even if they operate outside of BB&T's 11-state footprint.
By consolidating their deposit relationships with BB&T, clients can
free up capital by eliminating minimum balance requirements at multiple
institutions, idle funds and excess fees.
With Vault360, BB&T will partner with armored couriers to transport
check and cash deposits to one of several commercial vault centers across
the country for next-day processing and crediting. The service also lets
BB&T convert eligible check items into electronic deposit transactions.
"Managing business operations across the country and maintaining
multiple banking relationships in different time zones can be complex,"
said Commercial Deposits Product Manager John Sherry. "Vault360 will enable
our clients to consolidate their banking relationship, simplify account
reconciliation and save time and money.
"And by using a national armored car network and combining their
services with BB&T's banking network, we can expand our footprint well
beyond our geographic -- and brick-and-mortar -- boundaries."
Vault360 will:
-- improve liquidity since businesses easily can move money between
accounts, investments or lines of credit
-- reduce monthly reconcilement effort and expense, which leads to more
accurate cash flow forecasting and better fraud prevention
-- offset service charges and free up more money for investing (through
higher balances at only one financial institution)
-- help reduce potential losses (compared to traditional check clearing)
with BB&T's unique electronic conversion option
-- keep employees and money safe with armored courier
With $136.4 billion in assets, Winston-Salem, N.C.-based BB&T
Corporation is the nation's 14th largest financial holding company.
It operates nearly 1,500 financial centers in the Carolinas, Virginia,
Maryland, West Virginia, Tennessee, Kentucky, Georgia, Florida, Alabama,
Indiana and Washington, D.C. More information about the company is
available at http://www.BBT.com .
SOURCE BB&T Corporation
 back to top
Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
John Sherry, Product Manager, Commercial
Deposits, +1-704-954-1928, or Jeff Nichols, Vice President,
Corporate Communications, +1-336-733-1472, BB&T Corporation
|
