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Disbursement Services
Zero Balance Account (Includes Reverse and Two-way)
Zero Balance Account services provide centralized control over daily cash flow and minimize
idle cash on hand. The main checking account funds various subsidiary accounts such as payroll
or general operating accounts. Deposits made into subsidiary accounts can be concentrated automatically into the general account. The ZBA is an excellent way to utilize cash resources
more efficiently and productively.
Controlled Disbursement
Controlled Disbursement provides you same-day information on the total dollar amount of checks being presented for payment against your checking account. Checks are drawn on a FirstMerit community bank, allowing us to transfer the funds from your funding account at our bank to the Controlled Disbursement account the same day. You can use your excess balances more effectively and eliminate the uncertainty of your disbursements.
Wire Transfer Service
The bank is an online member of the Federal Reserve Wire System. Our wire transfer service
enables you to transfer collected funds to any bank in the country. Once the agreement is signed, wire transfers are easily initiated and a confirmation of the transaction is mailed.
Automated Clearing House
Automated Clearing House Services are designed to provide a low-cost alternative
for initiating electronic payments and/or electronic collections. ACH credits are typically
used for direct deposit of payroll and accounts payable. ACH debits are used for collecting
recurring payments and accounts receivable.
Electronic Data Interchange
As a result of increased technology, there is an increased desire for businesses to streamline
their billing, receivables management, and payment collection process. Electronic Data Interchange
is quickly becoming the preferred method when dealing with trading partners. EDI transactions are electronic transactions, via the ACH network, designed to replace paper-based transfer of documents and money. Monetary and non-monetary data is transmitted, so you can either electronically send or receive payment information and payments.
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