Maintaining separate deposit accounts at different banks across multiple locations is common. Moving cash from these to a central account can be inefficient, expensive and time-consuming. Simplify this process using low-cost ACH transfers with our Cash Concentration service.

Here’s how it works.

  1. Designated employees in your satellite locations use our phone or PC-based services to request a transfer of deposits made from their local banks to your core Citizens Commercial Banking account.
  2. An ACH transaction transfers the funds.
  3. Your central concentration account is credited with the deposit the next business day.
  4. Funds can be automatically moved into your sweeps account to maximize yield or pay down outstanding debt.
  5. Detailed reports will list which locations have reported and transferred their deposits, or you can view this information online using our accessMONEY Manager™ application.

Reverse this process using our Cash Disbursement service to electronically transfer cash from your central account to your satellite offices’ local banks. Either way, using ACH instead of wires can significantly reduce transaction fees.

 

Customize any receivables management services to meet your needs with the help of our Treasury Solutions Specialists. Training for your employees and full implementation support make it easy to put our time-saving, efficient solutions to work.

 

CONTACT A TREASURY SOLUTIONS SPECIALIST

1-877-228-6155

(Mon-Fri 7am-8pm, EST)

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