| Why is your name Specialty Markets Banc (SMB), not Specialty Markets Bank? |
Why is your name Specialty Markets Banc (SMB), not Specialty Markets Bank? |
We are a division of Western National Bank (WNB) , a privately held community bank. We are not a separately chartered bank, therefore we use “banc” in our name instead of “bank”. Our division meets the specific banking needs of property management companies. We have a dedicated customer service team, lockbox operation and business development specialists for SMB to create the best banking relationship possible for your management company.
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| How are deposits made into accounts if you have limited branch availability? |
How are deposits made into accounts if you have limited branch availability? |
Deposits can be made using a Remote Deposit scanner from your place of business. We also have a lockbox service, courier service and access to Wells Fargo branches and ATMS.
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| Do you offer online banking? |
Do you offer online banking? |
Yes, we have online banking with cash management that will allow you to make transfers between accounts, make loan payments, initiate wire transfers, direct deposit payroll and ACH payments as well as many other banking services.
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| Why do you offer banking services without the fees that other banks charge? |
Why do you offer banking services without the fees that other banks charge? |
As a rapidly growing bank, deposit growth is essential to our bank. Property management companies consistently have deposit amounts greater than many other industries. We are therefore willing to offer more and charge less for these deposits.
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| Do you have competitive rates on money markets, saving accounts and CDs? |
Do you have competitive rates on money markets, saving accounts and CDs? |
Yes. In addition to not charging fees for most of our accounts and services, we typically have higher than market rates on savings and investment products.
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| How do we open accounts? |
How do we open accounts? |
We have a dedicated customer service team to open and help you manage your accounts. We will assist in any way possible to make the switch to SMB as simple as possible. We will do all the work. All you have to do is provide us with some essential information and our team will do the rest.
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| What if my deposits are more than the $250,000 FDIC insured limit? |
What if my deposits are more than the $250,000 FDIC insured limit? |
We can offer deposit protection through CDARs.
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| Do you outsource lockbox processing? |
Do you outsource lockbox processing? |
No. Unlike some banks, we do not subcontract this service. Our lockbox operation is located in our own facility and completely staffed by SMB personnel. This gives us the best possible quality control and ability to respond to any service questions or requests you may have.
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| Who do I call if I have a service question or request regarding my accounts? |
Who do I call if I have a service question or request regarding my accounts? |
SMB has its own customer service staff dedicated only to property management companies. You will have direct access to a live person who will know you and your company.
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| What are the set-up costs? |
What are the set-up costs? |
There is no cost to open an account, and we provide your supplies, and post office box free of charge.
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| What types of payments do you process? |
What types of payments do you process? |
We can process payments with or without a coupon or invoice. However, if there is not enough information on the check to process the payment we will contact you for instructions on how to handle the payment.
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| How do I know what payments were received by SMB in the lockbox? |
How do I know what payments were received by SMB in the lockbox? |
You will receive a data file daily. You will be able to transfer the data into your accounts receivable software program eliminating the manual posting of checks. You will also have access to images of all payments received. Additionally, we can provide a variety of reports regarding daily payments received.
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| What happens to any correspondence received by the bank? |
What happens to any correspondence received by the bank? |
You tell us what you want us to do with the correspondence. We can send all correspondence back to you if you like. It is advisable to inform your payors to send all correspondence directly to you.
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| How can we stop a payment from being processed? |
How can we stop a payment from being processed? |
Call us and advise us of the payments we should not process. We can enter specific information into our lockbox system to stop the payment from being processed.
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| What happens if a payment "bounces?" |
What happens if a payment "bounces?" |
You will be promptly notified by you customer service representative via phone.
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| What do I do with the all the time I save by not having to get the mail, open envelopes, prepare deposit slips, go to the bank and post payments to my accounts receivable? |
What do I do with the all the time I save by not having to get the mail, open envelopes, prepare deposit slips, go to the bank and post payments to my accounts receivable? |
Again, that is entirely up to you!
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