Fidelity Bank

Fidelity Bank: Banking on the Best Service

Business Problem

Shifting responsibilities to enhance core functions

Fidelity Bank wanted to minimize internal management and staff hours devoted to tax form processing to ensure focus on core business functions, reduce B-notices, and elevate customer service to new standards of excellence.

“Sovos Compliance’s Managed Services are an indisputable value. Thanks to Sovos Compliance we pay no IRS penalties; have virtually eliminated internal staff time devoted to tax form processing, printing, and delivery; and have significantly enhanced customer service—every bank teller in our two dozen branches has instant access to the precise documents submitted to the IRS. Exceptional customer service is extremely important to us.”

– Teresa Bentley, VP of Deposit Operations

Sovos Compliance’s Solution

Relieving burden and resources

Sovos Compliance recommended a managed services solution to significantly reduce internal burden and minimize internal staffing resources devoted to 1099 processing. “Among the many key benefits is the complete elimination of fines and penalties,” says Terese Bentley, VP of Deposit Operations. “The TIN matching program provided by Sovos Compliance’s Managed Services has reduced our fines to zero. We pay no fines to the IRS. This is a big win for us.”

The Advantage

The features Fidelity Bank values most:

Flawless TIN matching
Fidelity Bank was able to ensure tax-payer information accuracy through automatic verification with the IRS. The solution eliminated all fines owed. The result: IRS fines reduced to zero.

Worry-free tax solution
Fidelity managers and staff have been freed up to focus on core business functions and strategic goals. Sovos Compliance manages tax form administration and processing resulting in minimized internal burden.

Error-free & cost-effective
Sovos Compliance provides Fidelity Bank with secure printing and delivery, guaranteeing 100% accuracy in compliance with regulation. An efficient, cost-effective process that has led to increased accuracy.

Great advice adds up
Supplying a dedicated and knowledgeable representative has allowed Fidelity Bank to provide superior service. Customized solutions let the bank offer their patrons quality and precision.