First National Bank Cash Management services provide state-of-the-art electronic banking to meet the ever-growing needs of business and organizations. Commercial customers receive comprehensive and competitive options such as the following.
A sweep account is actually two separate accounts: a checking account, and an interest bearing investment account, also called a repurchase agreement. Funds are simply transferred between the two accounts to maximize you interest earning power.
A target balance is set in the checking account. When the balance exceeds the target balance, the excess funds are automatically transferred to the interest bearing account and interest is earned on the funds. When the balance in the checking account falls below the target balance, funds are then automatically transferred from the interest bearing account back to the checking account, maintaining the target balance.
Are you often juggling cash flow to and from such accounts as payroll, accounts payable, dividends, and field office disbursements? A Zero Balance Account automatically funds different disbursement accounts as needed, eliminating the time you spend managing multiple transfers and keeping track of fluctuating balances. This valuable cash management service can improve your record keeping for accounting and audits, eliminate overdraft charges and reduce unused balances in you disbursement accounts.
All funds are maintained in a master checking account. Your disbursement accounts are set up as Zero Balance Accounts (ZBA). At the end of each business day, transfers are made from the master checking account to fund the ZBA only in the amounts that are required by the checks that have cleared. The ZBA maintains a zero target balance at all times.
Each month you receive a detailed statement for both the master checking accounts and your ZBA.
Account Reconciliation provides your business with an accurate record of your checking account disbursements. This essential cash management service frees you from the burden of account balancing, provides you with complete information about your disbursements, and allows you to make informed analysis of your company’s process.
You or your service provider sends us a file of the checks you’ve issued. This can be sent to the bank electronically utilizing a variety of transmission methods. A bank representative will help set up a method that works best for you. We then match this file against the checks that have cleared. From this comparison, our system generates a reconciliation report, showing paid and outstanding checks, in serial number order. This is provided on a daily, weekly, or monthly basis – it’s your choice!
Bank Direct is a comprehensive electronic banking service that puts transactions and important account information at your fingertips. You can improve financial performance and achieve cost savings with such functions as collections, disbursements, and electronically transferring funds between accounts.
Using a U.S. standard ACH file format, your business originates electronic transactions, either to or from any of the 22,500 participating financial institutions in the ACH network. Your existing software might already have the capability to create this type of file – if not, we will provide you with a PC software package and the training necessary to get you up to speed.
Bank Direct gives service providers access to a comprehensive ACH processing system that allows us to originate and receive ACH transactions on our customer’s behalf.
Lockbox service provides your business quicker access to your accounts receivables. Your remittances are mailed to a postal box established by the bank. On a daily basis, we retrieve you incoming remittances from the box, process and deposit them directly into your commercial checking account. By having your remittances mailed to and processed by First National Bank, you have a solid audit trail along with built-in quality controls as an insulation against certain types of fraud. With First National processing your receivables, you have effectively separated the receivable and payable processes, another deterrent to fraud. Flexibility is one of the key features of our cash management system. We work with you to tailor the Lockbox service around your needs.
Timely processing of your receivables is critical to the healthy operation of your business. Lockbox service allows you to maximize the return on you receivables by quickly converting them to cash available for business use. Used alone, or in conjunction with other First National Bank Cash Management products, you are assured that your money is working hard for you. Lockbox improves your cash flow allowing you to choose whether to invest the excess funds left in your account at day’s end or allow them to remain in the account earning valuable credits to help offset bank fees. With improved cash flow, your business can make better use of available funds, thus improving its bottom line.
Another benefit of Lockbox service is your business saves on staff costs. Your staff is free to perform other functions, and allows you to postpone or entirely avoid hiring additional people to process your receivables. Another benefit of First National’s Lockbox service is clerical errors are reduced.
We prepare daily detailed remittance information that you can retrieve electronically from your location. Your detailed reports can be faxed to you, e-mailed to your location via the Internet, delivered on diskette – you choose the option that works best for your business. With First National Bank, you are assured of the safety of your receivables as well as the integrity of the reports processed for you, many of which can be customized for your individual needs. We know how hard you work for your money, and we like to help your money work hard for you.
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