Vectra Bank, Loomis Fargo to Secure Currency
Vectra Bank Colorado and Loomis Fargo, the cash handling services division of Securitas AB, have teamed up to offer a solution for its business customers handling large quantities of cash. SafePoint currency security features an electronic safe and complementary cash management tools by Loomis. Vectra Bank's suite of financial services allow customers to receive same-day credit, and immediate cash availability for deposited funds.
Following each business day, daily deposit totals are extracted for all SafePoint transactions conducted during the day. Vectra Bank Cash Vault Services give the client's account a provisional credit for the previous day's safe deposits. The business schedules armored pickups as needed, without worrying about cash availability. Vectra Bank requires no underwriting process or credit approval for business customers.
"SafePoint customers choose their service level and pay fees for some services, such as cash counting, as usual," Jim Vogt, senior vice president and manager, of treasury management and merchant services for Vectra Bank Colorado, said in a statement. "But business owners who try SafePoint find the minimal fees are well worth the convenience and security they gain, plus fees can also be partially or fully offset by balances."