First Business


Additional Services include international banking tailored to facilitate foreign trade and sweeps which provide automated investment services. Streamlining your operating cycle with First Business treasury management solutions can do wonders for your business’s bottom line.

International Banking

Incoming & Outgoing Wire Transfers

  • Originates in U.S. dollars or foreign currency
  • Value dated for settlement in near future (typically next business day)
  • Fund settlement is faster than sending a check
  • Large wire transfers may receive preferred rates
  • Funds received at beneficiary's bank are immediately available for withdrawal
  • Client information (purchase orders or remittances) can be transmitted
  • Ability to trace

Documentary Letters of Credit

  • Promise to pay guaranteed by First Business Bank
  • Satisfies requirement set by vendor or other interested party
  • Creates credit availability to make payment
  • Able to purchase goods and services otherwise paid for in advance
  • Product must conform with rules and specifications for payment to be made
  • Fee is less than the cost to borrow funds

Forward Contracts

  • Wire of funds on a specified date at a contracted, pre-approved rate
  • Client must have funds available when contract matures
  • Rate is negotiated and guaranteed at the time of purchase
  • Various options available
  • Specified date can be at various future dates (for example: three, six, or twelve months)

Foreign Drafts

  • Check drawn on foreign bank in foreign currency
  • Smaller dollar denominations
  • Avoids check(s) going for collection and delays in shipment
  • Avoids fee applied to converting check drawn in U.S. dollars

Foreign Exchange Options

  • Allows for purchase of foreign currency at a future date
  • Call contract at any time before maturity
  • Collateral is typically not needed in these transactions
  • Option to set rate range based on risk tolerance

 

Sweep

Zero Balance Accounts

  • Reduces fraud
  • Automated — no need for manual intervention
  • Increases earnings

Funds Management Sweep

  • Maximize interest earning ability
  • Reduce interest paid on loans
  • Reduce service charge expense

Investment Management Sweep

  • Leverage funds to earn more interest
  • Automated — no need to monitor account balances
  • Reduces service charges


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Trust & Investments


Our approach allows us to act as an advocate for our clients helping them exceed their goals.

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