BB&T Introduces New Vault360 Commercial Deposit Service
BB&T has announced Vault360, a new service that will allow the bank 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."
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