Bank Independent

Internet Banking
Log-In Area:

Personal Banking:

Business Banking:

> Business Products: Specialized Products

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.

Funds Direct (ACH Origination)

The Automated Clearing House (ACH) system allows you to create electronic transfers to or from the accounts of other companies or individuals.

When you originate ACH credits, funds are distributed from your account at Bank Independent to the accounts of receivers regardless of where they bank. The most common use of ACH credits is direct deposit of payroll to employee accounts. Companies can offer direct deposit of payroll as an employee benefit, increasing employee goodwill. This service will reduce your check writing expense and decrease the possibility of fraud and lost checks.

When you originate ACH debits, funds are moved from the accounts of receivers and credited to your Bank Independent account. The most common use of ACH debits is recurring billing to your customers. This service will reduce your collection time and the expenses of billing and collection can be reduced.

Contact Bank Independent today to learn more about Funds Direct.

Member

Equal Housing Lender