Lock Box Services
Does your business take in a lot of payments by mail? Are you looking for a way to process these payments more efficiently? If so, Pinnacle's Lockbox Services can help! When you partner with us, you'll be assigned a PO Box where your customers may begin submitting payments. We'll collect the payments from the PO Box five days a week and then take them to our operations center. We process each payment directly for you, and then drop off the pay slips at your office that same day. This service saves you time and money, and because we process the payments directly, your money goes in the bank that much faster.
Our Lockbox Services were first developed at the request of a large public utility service here in Georgia - just one example of how at Pinnacle Bank, we're constantly tailoring our services to meet our customers' needs!
1031 Qualified Intermediary Services
1031 Exchanges are used to defer taxes when selling and buying like-kind properties. After selling the property, funds must be held by a "Qualified Intermediary." Pinnacle Bank will hold your proceeds in an interest bearing Money Market account, with FDIC coverage available beyond the $100,000 standard. If the IRS guidelines for 1031 exchanges are followed, then the seller can defer all capital gains taxes resulting from the sale of their property. To find out more about our 1031 Qualified Intermediary Services, please contact us or speak to a representative at any of our branch locations.
(Nothing contained herein is given or intended to be interpreted as tax or legal advice. Please contact your tax and legal advisor before proceeding with any 1031 exchanges.)