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Other Business Services

Your business is your first priority ~ that’s why we are working hard to make business banking more convenient.

We offer:

Cashier’s Checks
Account Balancing & Research
Wire Transfers, Domestic & International
Direct Deposit – Social Security & Payroll
Automatic Transfer of Loan Payments
Bank by Mail
Debit Mastercard®
Bill Pay
Credit Card Merchant Processing
Health Savings Accounts
Insurance Options*

Fax Service
Overdraft Protection
Canadian Check collection
Night Depository
Notary Services
Safe Deposit Boxes
Internet Banking
Cash Management
Visa® Credit Cards
Retirement Planning*

*= Not FDIC Insured

Debit MasterCard® – Running your business just got easier

There’s an ATM/Debit card designed specifically for business owners. It’s the perfect partner, offering purchasing flexibility and control, and easier tracking capabilities and best of all it’s accepted almost everywhere. Use it to make deposits and withdrawals at ATMs and purchases at the millions of places that accept Mastercard® cards. The best thing is, your purchases are automatically deducted from your business checking account and itemized on your statement ~ which makes keeping the books a much simpler task.

With Osgood State Bank’s Debit Mastercard, you can forget about these hassles:

  • Check writing and check approval delays
  • Reimbursing employees who use personal funds to pay for business items
  • Relying on petty cash

From managing cash flow to buying office supplies to paying invoices, your Mastercard Business card makes running your business easier. It’s a great tool to help you better manage your finances and spend more time getting ahead of the competition.

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Internet Banking – Simplify it all with Internet Banking

  • Login to Internet Banking for your latest account activity, including ATM & Debit Card transactions, pre-authorized withdrawals, direct deposits and more.
  • View your canceled check images
  • Download your statement into your account management software
  • With Internet Banking, your account is protected with state-of-the-art technology. Your personal data is just that -- yours.
  • Same day transfers -- Instead of visiting one of our branches, you can complete transactions online in just a few clicks of the mouse. It’s easy, accurate and totally secure ~ same day convenience from the comfort of your own office.
  • No software to install
  • Any time access to all of your accounts
  • Complete privacy
  • All of this convenience at no cost to you

Click on our home page link to view a demo or to enroll online. Additionally you can enroll quickly and easily at any of our branches.

Bill Pay – Pay your bills on time, every time.

When you use Osgood State Bank’s Bill Pay program to pay your bills, such as phone, insurance, cable/satellite TV, utilities and countless others, you can count on:

  • Convenience – Paying bills online saves you the cost of postage and checks, the hassle of visiting the Post Office and time visiting your bank branch.
  • Efficiency – Manage your banking needs on your time.
  • Flexibility - The one-time bill payment option lets you control how much you pay, and the automatic payment option provides maximum convenience while helping ensure bills get paid. Schedule fixed bills, such as your Internet service provider, varying bills, such as your phone bill and utilities or a one time payments, such as a charitable contribution, to be paid from your account.
  • Reliability – No need to worry about your payment getting delayed or lost in the mail
  • And best of all, provided you pay at least one bill per month through OSB’s billpay feature, there is no cost to you.*

*A $4.95 fee is levied against accountholders who are registered for Billpay, but do not pay at least one bill per month.

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Business Internet Solutions – So you can concentrate on what really matters

We offer Internet commercial services that will save you and your employees’ time, streamline processes and offer increased privacy in a secure environment. The premier cash management tool, our Business Internet Solutions services include:

  • Payroll direct deposit
  • Creation of electronic debits and credits via ACH origination
  • Ability to view statements and canceled checks online
  • EFTPS (Electronic Funds Tax Payment Services) for your corporate federal taxes
  • Transfer funds electronically between your account(s) with us and other financial institutions
  • Ability to download account histories to Money, Quicken or other financial management software

Contact any of our branches for more information regarding Business Internet Solutions.

VISA Business

The world’s most widely accepted credit card gives you purchase power right at your fingertips.  Visa Business allows you to take control of expenses:

  • you set the limit on your employees’ cards
  • you choose to pay your monthly balance in full or take advantage of flexible payment. 
  • Enjoy convenience and control with an Osgood State Bank Visa Business card.
  • Best of all – no annual fee.

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VISA/MasterCard Merchant Services – Increase sales and strengthen customer relationships...

By accepting debit and credit cards, you are able to maximize sales potential as well as provide convenience for your customers.  We are your one-stop merchant solution! Whether retail, internet or home based, we will help you build customized payment processing solutions to aid in maintaining customer relationships and growing your business. The benefits of accepting credit and debit cards far outweigh the costs involved.

Advantages include:

  • Competitive rates for processing ~ in many cases the lowest available
  • No need to purchase new equipment ~ most existing equipment can be reprogrammed. If your business is accepting credit cards for the first time, we offer the most popular and reliable equipment with purchase, rent and lease options available.
  • Deposits can be transmitted electronically to your checking account from credit card/debit card sales. 
  • Increased sales – studies show that credit card customers buy 2.5 times more than cash customers and tend to buy larger-ticket items. In addition, credit card customers often make more unplanned or impulse purchases
  • We offer you a free cost analysis

Health Savings Accounts

An innovative solution to rising health-care costs, Health Savings Accounts (HSAs) are the answer that many have been waiting for. The HSA is designed to help individuals save for qualified medical expenses and retirement expenses on a tax-advantaged basis.

This account offers triple tax savings to those who qualify. Many business owners and those who are self-employed are barely able to keep up with health care premiums, which continue to grow at an astounding rate. The HSA allows a business owner to possibly decrease the amount of health care premiums they pay by offering a health care plan that has a high deductible. Generally, the higher the deductible, the lower the premiums. Many employers are then able to fully or partially fund their employees’ Health Savings Accounts. For many employers, the HSA is a way to introduce control into their health benefits program, while providing the protection their employees expect and deserve.

Our competitive interest rates and no fee accounts have been a great solution for those individuals who qualify.

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Savings Incentive Match Plan for Employees of Small Employers
(SIMPLE Plan)

A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan) is a simplified tax-favored retirement plan which was designed for the benefit of small Employers. Any type of Employer including commercial and professional entities, corporations, and unincorporated businesses, tax-exempt organizations and state or local governmental units may sponsor a SIMPLE IRA Plan as long as certain eligibility requirements are met. All contributions are deposited directly into participants’ SIMPLE IRAs. Any employee who has received at least $5,000 in compensation from an Employer in any two of the preceding calendar years and who is reasonably expected to receive at least $5,000 in compensation during the current year, must be eligible to participate in the Employer’s SIMPLE IRA Plan. An Employer may set less restrictive requirements. The types of contributions that can be made into a SIMPLE IRA Plan are the Salary Reduction Contributions made by participants and either the Matching Contributions or Nonelective Contributions made for the year by the Employer. The annual dollar limit for Salary Reduction Contributions is 100% of compensation up to $11,500 ($14,000 if age 50 before the end of the year). An Employer generally makes a 100% match of each participant’s contributions up to 3% of the participant’s compensation. An Employer may make a 2% Nonelective Contribution, instead of making a matching contribution in any year. If this method is chosen, the contribution has to be made on behalf of all eligible employees regardless of whether the employee makes salary deferrals or not. The employer’s fiduciary duty is reduced because participants in a SIMPLE Plan select their own investments in their individual account. The participants have a wide range of investments from which to choose. We provide ongoing guidance to help you and your employees make investment choices that are most suitable for each individual’s goals and needs.

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Simplified Employee Pension (SEP) Plan

A simplified employee pension plan is an employer-sponsored, tax-favored retirement plan. Contributions to a SEP plan are made solely by the employer by depositing into the IRA account of each participant. Any type of business entity can establish a SEP plan for its employees. Unlike a traditional qualified plan, a SEP plan does not need an extensive plan document and requires minimal reporting and disclosure. A SEP plan is easy to establish and there is no annual reporting of IRS Form 5500 required. Any employee who is at least 21 years old and has worked for the employer in any three of the preceding five years must have contributions made on his or her behalf, provided that in the year they become eligible, they earn in excess of the minimum indexed compensation amount ($550 in 2009). This includes part-time employees. The employer may set less restrictive age or service requirements. There is limited liability to the employer in a SEP plan. The employer’s fiduciary duty is reduced because participants in a SEP select their own investments in their individual account.

The participants have a wide range of investments from which to choose. We provide ongoing guidance to help you and your employees make investment choices that are most suitable for each individual’s goals and needs.

Insurance Options

Insurance plays an important role in your business operations. Whether you need to protect your business and your employees, or to attract and retain employees, we have options to give you the security you need. Through our insurance associations we make available the following:

  • Life Insurance
    • To protect your family or the families of your employees
    • To fund buy/sell agreements or insure key employees
    • To help pass a family business through generations
  • Disability Insurance
    • To protect the income of yourself or your employees in the event of an accident or illness
    • To protect your business in the event of key employee disability
  • Health Insurance
    • To protect you and your employees from the high costs of healthcare
  • Long-Term Care Insurance
    • Available for Individual and Group
    • To protect your assets from the costs of Long-Term Care in the future

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