Smart Safe Advance Credit Service
Standard Cash Vault service customers store cash on site until an armored carrier makes a pickup. The cash is then transported to a designated Bank processing site, where it is verified and credited to the customer’s Bank account.
“Smart safe” describes an enhancement to traditional armored carrier service. Most armored carrier companies offer a proprietary smart safe, which is installed at the customer’s location and counts cash being deposited, detects counterfeits, provides detailed reporting, and can only be opened by the armored carrier. Smart safe pricing is bundled with armored carrier service pricing, and the contract is between the armored carrier customer and armored carrier vendor, which includes smart safe hardware, installation, maintenance, and support.
Optionally, the Bank provides qualified smart safe customers Smart Safe Advanced Credit, which is advanced credit for cash deposited in the safe, instead of waiting to credit the customer’s account after cash is processed by the Bank’s Cash Vault facility. Smart Safe Advanced Credit is available to Analysis Business Plan customers. Implementation requires additional due diligence and specific bank officer approvals, and additional Bank fees apply.
Armored Carrier and Smart Safe Service Implementation (Loomis/Sectran)
The Bank works with three Armored Carriers to offer two Smart Safe Advanced Credit options. The Bank’s Smart Safe Advanced Credit service is available for Loomis and Sectran smart safes. Brink’s offers its own provisional credit option bundled into its armored transport contract and fees; therefore, the Bank’s Smart Safe Advanced Credit service is not required and does not apply.
What is Cash Vault Service?
Businesses that receive a moderate to high volume of cash payments, and/or regularly need cash on hand, are candidates for Cash Vault service. A Cash Vault customer has an agreement with the Bank to deposit cash with (or order cash from) the Bank’s Cash Vault vendor, Brinks. Transportation of cash between the customer and the Bank’s Cash Vault requires Armored Carrier service.
What is Armored Carrier Service?
Cash Vault customers require armored transport of cash to and from their location(s). The contract for armored carrier service is established between the armored carrier customer and an armored carrier vendor. In some instances, a customer may also want to obtain a Smart Safe.
What is a Smart Safe?
Smart safes are physical devices offered by most armored carriers as a means to centralize and secure a customer’s on-site cash. Smart safes are installed at the customer’s location and counts cash being deposited, detects counterfeits, provides detailed reporting, and can only be opened by the armored carrier. Pricing for the physical smart safes, installation, and maintenance is bundled with the vendor’s armored carrier service and fees. The contract for smart safes, just as with armored carrier service, is between the customer and armored carrier vendor.
Optionally, the Bank may provide provisional credit for cash deposited into the customer’s smart safe before it is picked up by the armored carrier and taken to the Bank’s Cash Vault. This Bank service is called Smart Safe Advanced Credit.
What is Smart Safe Advanced Credit?
Standard Cash Vault customers receive credit for cash after it is delivered and verified by the Bank’s Cash Vault. Smart Safe Advanced Credit is an optional, Bank-offered service that provides advanced, or provisional credit for cash deposited into the customer’s on-site smart safe, before it is picked up and delivered to the Bank’s Cash Vault.
Note: Smart Safe Advanced Credit service is only available to Analysis Business Plan customers.
Will the Smart Safe check for counterfeit items?
What kind of reporting is available?
Many options are available for daily, detailed, deposit reporting through an online portal provided by the Smart safe service provider. Reporting can include by employee, drawer, shift, store, and more.
If I have a Smart Safe from another armored carrier, can I use it with different armored carrier?
Smart safes are often proprietary to each armored carrier and cannot be used with another armored carrier’s solution.
If I have multiple locations/smart safes, will I receive consolidated reporting?
Yes, reporting will be available through an online portal provided by the smart safe service provider.
When will my account receive Smart Safe Advanced Credit for deposits made to my smart safe?
When you make a deposit to your smart safe before the established business day deadline, your designated bank account will be credited the following business day morning.
What is the Smart Safe Advanced Credit deposit deadline?
7:00 PM (Pacific) each business day.
For more information about Smart Safe Advanced Credit service, please contact your Business Financial Center or your Treasury Management Sales Officer.