Nonprofits provide vital services throughout the communities where they operate.
Mascoma Bank’s nonprofit banking package simplifies your organization’s financial operations, allowing you to focus on your clients, customers, and supporters.
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Products
- Small Business Checking Account with unlimited monthly check writing
- Additional interest-bearing accounts are available for your reserve funds, allowing you to maximize how your money works for your organization.
- Debit Card
- Cash Management Services
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- Automated Clearing House (ACH): Widely used for payroll and paying bills; the two main types of ACH transfers are direct deposits and vendor payments.
- Remote Deposit Capture: Mascoma Bank provides customers with a shoebox-sized machine that allows you to deposit checks electronically from your office for credit to your account. Paper checks are digitally scanned, and an image of the check is electronically transmitted to Mascoma Bank, eliminating the need to go to a branch. We provide a demo and ongoing support for this service.
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- Autobooks: A tool to organize, send, and track your invoices to any of your providers, who can then pay electronically upon receipt. (Invoicing is free of charge. However, merchant processing and bookkeeping service may have additional fees.)
- Wire transfers are available on demand for a nominal fee.
- Protech Debit Blocker: This is a fraud prevention tool to help you control all of your electronic payments. It allows you to monitor electronic payments coming out of your account according to your specifications. This gives you additional peace of mind when making 21st century payments.
- Positive Pay: This tool helps you control and prevent duplicate check payments as well as proactively protect against lost or stolen checks. After you upload your issued check file, the system ensures accuracy and notifies you of any irregularities helping you avoid potential financial fraud and minimizing headaches/resources from your end.
Services
- Mascoma Pay: Credit card processing allows you to accept credit and debit card payments directly from donors, supporters, and others at public events (i.e. fundraisers).
- Ready Assist: A loan product for your employees for emergencies. Up to $1500 for employees in need, amortized over 18 months. Mascoma Bank works with your human resources team to outline the specifics of this service and educate your employees about this program. Available after a 6-month onboarding period.*
- Financial wellness education to help your employees better understand and manage their finances.
- Fraud prevention education to help you protect your organization from fraud, including tips on online safety, the latest scams happening in your community, and steps you and your employees can take to protect their privacy and personal identifying information.
- Loan officers are available to discuss any and all of your lending needs. Contact us directly for more information.
- As part of this package, Mascoma Bank employees can connect you with a Mascoma Wealth Management advisor to address your organization’s needs (i.e. endowments, investment policies, retirement plans) on an as-needed basis.
- Free personalized assistance with all your organization’s financial needs over the course of our relationship.
All of the above products and services are bundled together for $45 per month.
* Ready Assist Loan Terms: Annual percentage rate (APR) for automatic payments from a Mascoma Bank account is 8.99%. If automatic payments are not enabled, APR is 12.99%. For a loan amount of $1500, amortized over 18 months with an APR of 12.99%, the estimated biweekly payment will be $45.62.
Rate accurate as of 3/1/25. Rates and terms are subject to change.