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|
1What is an Instant Transfer
Instant Transfer 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.
Want to learn more? Check out our 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.