Cash Concentration Zero Balance Accounts
(ZBA)
Manage separate bank accounts for each of your
company's locations or for various accounting
purposes. Bank Independent's Zero Balance Account
(ZBA) allows independent operating accounts to be
funded from - or concentrated to - a single account.
Under this structure, you will have improved control
over disbursements, collections and cash flow.
 With your Bank Independent commercial
checking account as the master account, you can
establish any number of commercial accounts
(sub-accounts). Bank Independent then establishes the
sub-accounts so that the balance remains at zero.
These sub-accounts can then receive deposits from each
of your company locations, or they can disburse funds
for your multiple accounting purposes. At the end of
the day, Bank Independent will automatically transfer
the excess balances in each sub-account to the master
account, or transfer funds from the parent account to
each sub-account to cover the items that presented
that day.
Either way, your sub-account closes out each
day with a zero balance. You will receive a monthly
statement for each individual sub-account, providing
the detailed transactions (including ZBA transfers)
for use as an audit trail.
Investment Sweeps
Eliminate the routine of manually determining
your investment position and making a last minute call
to invest your funds. Instead, link your commercial
checking account to any one of our automated sweep
options that provide you with the opportunity to earn
interest income. You select the sweep option which
best meets your company's investment strategy.
Options such as interest bearing checking
accounts and repurchase agreements are available. Once
you determine which investment type best suits your
company's needs, we then work with you to establish a
"target balance" for your checking account.
When balances in the account exceed your target
balance, the excess collected funds will be
automatically transferred to the sweep option you
choose. The sweep is the last transaction to occur on
your checking account each night, so you can be
assured that you are fully invested. A detailed
description of all sweep transactions will be mailed
to you.
Contact
Bank Independent today to learn more about Cash
Concentration accounts. |
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- Multiple Account
Control
Commercial customers can control multiple
accounts and establish multiple privileges by
user, Authorized users can also access account
details, such as float balances and hold
amounts, to assist with timely decisions about
money management.
- Added
Security
Usage
can be limited and/or tracked to a specific PC
location to provide verification restrictions
above and beyond the standard password
protocols.
- Wire
Transfers: Commercial accounts can conduct secure
wire transfers via the Internet.
- EFTPS Tax Payments: Commercial accounts can pay their taxes
via the Internet.
- Payroll/direct Deposit: Allows direct deposit payroll for
commercial customers.
- ACH Origination:
Conducted using standard NACHA format for debits
and credits. Files are transferred to disk for
use on Bank's ACH origination system.
- Universal Bill Payment:
Commercial customers can conveniently pay bills
online and take advantage of time and cost
savings usually afforded only to retail
customers.
- View balances on checking,
savings, loan, line-of-credit accounts and CDs
- View account histories, including
deposits, withdrawals, cleared checks and
transfers
- View check images with point & click
- View up to the minute account information
including transactions, ATM withdrawals & POS purchases
- Search account history by check
number, amount and/or date range
- Reconcile accounts by
automatically comparing bank's data to personal
financial data
- Download history to
popular personal finance software programs
- Transfer funds between
accounts
- Pay bills
- Stop payments
- Access "Help"
button on every page of the system
- 128 Bit encryption security
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