Correspondent Services - Operational
MIB's Clearing/Cash Management services offer financial institutions an alternative to traditional cash letter processing.
- Automatic daily balance sweep to the nearest $1000.00 into Federal Funds
- Personalized, friendly service that eliminates daylight overdraft concerns and a need for additional staff with the expertise necessary to effectively monitor your bank's funds position.
- Allows your staff the extra time and flexibility to take care of your bottom-line by focusing on your customers.
MIE.net - A Check 21 Image Cash Letter Solution
With Midwest Image Exchange Network, or MIE.net, MIB is able to assist community banks with an image cash letter solution that creates efficiencies for Check 21 files. The items that are drawn on other participating banks will be exchanged directly at a reduced cost. The remaining items will be combined and MIB will leverage those volumes to reduce clearing costs through other networks.
How do we do this? Your bank will create an approved X9.37 file using your software solution and then upload the file into our CONTROL Product.
With MIE.net your bank can:
- Reduce or eliminate courier costs
- Increase cash letter availability to virtually 100%
- Reduce hardware maintenance and staff costs
- Simplify settlement
- Reduce per item fees
- Improve customer service
Information Reporting - CONTROL-CONnect & Transmit Reports On-Line
CONTROL is a secure internet-based system that is accessible from multiple locations. With CONTROL, you can automate many of the functions you may currently perform manually and take advantage of lower electronic fees. Federal Reserve transactions and reports may be passed through CONTROL, making it unnecessary for your bank to maintain a separate account at the Federal Reserve Bank.
- ACH Services
- Check Image File Delivery/Receipt
- Large Dollar Return Notification
- Funds Transfer
- Currency & Coin Ordering
- Automated Submission of FRB Check Adjustments
- FR-ETA (Federal Reserve’s Electronic Tax Application)
- Statement Retrieval
- Report/Advice Retrieval
- Official Check Remittance
- Archive Retrieval
Fed Fund Rates Posted Daily
- - Requires log in to Customer/Shareholder area
AGENCY-Diversify your risk! With MIB acting as your agent, we sell your fed funds into the upstream money market to well-capitalized banks throughout the United States. We monitor all upstream banks for Reg F compliance and provide you with weekly and quarterly reports.
PRINCIPAL-Funds invested on a principal basis are backed by MIB. Based on your bank's pre-approved fed funds borrowing line, we can use the principal pool to sell funds to your bank to satisfy your liquidity needs.
MIB can safekeep all of your treasury and agency issues, plus municipals and other bank-qualified instruments. All securities in book-entry, DTC, PTC or physical form can be safekept at MIB.
Through our vast correspondent network, you are able to provide your customers with a full range of international services in a timely and cost-effective manner.
- Import & Standby Letters of Credit
- Foreign Currency Drafts
- International Wire Transfers
- Foreign Cash Letters & Collections
- Foreign Currency Orders & Exchange
MIB is ready to help your financial institution prosper. Find out how easy it is to partner with us for all your correspondent banking needs.