First Citizens Bank Announces New Features to Business Online Banking Product

May 28, 2003

RALEIGH, N.C. - First Citizens Bank has enhanced its Business Online Banking (BOB) product to help business customers more effectively manage their finances.

First Citizens has upgraded BOB’s Automated Clearing House (ACH) and wire transfer services with additional options and a more streamlined process. The bank also offers greater flexibility in account reporting and secure text messaging between First Citizens and its BOB customers.

“BOB already provides many convenient services that make it easy for businesses to take care of their accounts online,” said Executive Vice President Jeff Ward. “Our latest version of BOB gives customers more options for managing their finances and brings informative reports right to the desktop.”

Through the bank’s firstcitizens.com Web site, BOB provides companies with a full range of cash management options including detailed account information of balances as well as pending transactions, wire and internal transfers, transfers for automatic payments or deposits, electronic tax payments and stop payment options. All account information can be downloaded to most account management software.

Enhancements to BOB make this service even more versatile, according to Ward. Some of the additions to the product include:

• Enhanced Automated Clearing House services. ACH transactions are transfers of funds from bank to bank. Through BOB, businesses can authorize ACH transactions for payroll deposits, direct debits or even tax payments. BOB's enhancements now streamline ACH processes and provide greater transfer options.

• New wire transfer features. These features provide more choices for creating wire transfer requests using selected accounts, establishing a short list of wire banks or setting multiple approval levels based on wire amount thresholds.

• Additional reporting choices. New options for previous-day balance reporting and same-day balance reporting give BOB customers additional flexibility to get their account information in the format that fits their business needs.

Other enhancements include expanded online help and a new BOB system mail service that enables businesses to exchange secure text messages with the bank.

First Citizens offers two levels of online business banking: Basic BOB is free for business customers who want a fundamental online banking account. BOB Plus serves companies that have more intensive business banking and cash management needs. BOB Plus offers the basic service with a larger allowance for posted transactions and optional features such as ACH service, wire transfers and cash concentration. A Bill Pay feature can be added to either BOB plan.

Business Online Banking customers access the service through their standard Internet connection. Companies do not need any special software, so they can efficiently manage their finances from any computer with an Internet connection. A multi-level security system protects account and transaction information. Companies select an administrator and also designate other users who can access features approved by the administrator.

Customers can view a guided demo of BOB at www.firstcitizens.com/learn_more and can sign up for the service by contacting their business bankers or stopping by a bank branch. First Citizens launched BOB in January 2001.

Founded in 1898, First Citizens operates 342 branches in more than 200 cities and towns in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has $12.39 billion in assets. First Citizens Bank is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information about First Citizens Bank and its services, visit firstcitizens.com or call toll-free 1-888-FC DIRECT (1-888-323-4732).

Barbara Thompson
(919) 716-2716
First Citizens Bank