Small Business Online Banking
Our online banking service is designed especially for the needs of small and micro businesses, offering easy administration and user-friendly functions. It's the ultimate in convenient and safe online banking.
Features of Small Business Online Banking are:
- Accounts can have multiple signers within either a single or dual signature structure.
- A single-signature account having one or more signers where only one is required to approve actions on the account.
- A dual-signature account having two or more signers, two of whom are required to approve actions on the accounts.
- Each signer can appoint up to three delegates and designate them as being either read-only or initiators. A read-only delegate can only view account information and activity on accounts that a signer designates. Initiator delegates can view accounts and initiate transactions that signers then approve.
- As well, account consolidation allows up to three personal and business accounts to be transacted through a single login.
- Direct Alerts: Receive notification via email or text messaging when activity has occurred within your online banking account(s).
Signers can approve transactions on-the-go from their mobile web device.
INTERAC e-Transfer† and SBOB
- INTERAC e-Transfer features designed just for the small business owner
- Your INTERAC e-Transfer recipient list will be shared and available to all signers and delegates for SBOB accounts.
- Transfer limits are based on your business needs as a whole, rather than limits for each individual signer.
- SBOB users can enjoy Instant e-Transfers1, so recipients won’t experience a delay in receiving their funds.
INTERAC e-Transfer limits
|Outgoing INTERAC e-Transfer||SBOB Limits|
|Daily rolling limit||$20,000|
|7-day rolling limit||$50,000|
|30-day rolling limit||$100,000|
|Low dollar amounts (max per Instant Transfer)||$500|
|24-hour rolling limit - per member||$500|
|Sender-to-recipient behavioural history||$5,000|
|Incoming - Receive/Credit|
|Daily rolling limit||$20,000|
|7-day rolling limit||$140,000|
|30-day rolling limit||$600,000|
Enhanced INTERAC e-Transfer features
Instant Transfer1: Instant Transfers is a unique feature for SBOB members that allows for the recipient of an INTERAC e-Transfer to receive an immediate notification of the transfer without the 30-minute delay. Several events can trigger an Instant Transfer:
- Low Dollar Amounts: INTERAC checks if the e-Transfer is below the dollar amount and sends a notification to the recipient immediately.
- 24-Hour Rolling Limit: INTERAC checks if the e-Transfer is below the cumulative dollar amount for a 24-hour period and sends a notification to the recipient immediately.
- Sender-to-Recipient Behavioral History: INTERAC checks if the e-transfer is below $5,000 and sends the notification immediately if there is a history between the sender and recipient. History is determined 14 days after an e-Transfer is successfully accepted by the recipient.
Learn more about Instant Transfer, read the FAQs.
Request Money: Now you can request money that you’re owed. Simply select a contact, enter a dollar amount, and the account where you want your funds deposited. You can even add the invoice number and invoice due date. For a small business owner, it’s an important tool to help streamline your payments.
Learn more about Request Money, read the FAQs.
Autodeposit: A new and secure way to receive money without having to answer security questions for every transaction, Autodeposit makes receiving money even easier by linking your email address to your bank account. When an INTERAC e-Transfer is sent, the payment is automatically deposited.
Learn more about Autodeposit, read the FAQs.
Take the next step: Call us at 1.800.728.6440 today!
†INTERAC e-Transfer is a registered trademark of Interac Inc., used under license.