Concentration of Funds
NetConnect Concentration of Funds service provides several effective and inexpensive plans for collecting funds from your company's remote bank accounts for deposit to your company's concentration account at Bank of Albuquerque. The service employs the Automated Clearing House (ACH) to accumulate deposits made to remote financial institutions. The ACH guarantees one day availability of funds as items are processed electronically. This service allows your cash manager maximum use of funds in remote locations at the earliest opportunity.
The Way It Works...
Your company reports transfer instructions to Bank of Albuquerque using one of the following methods: Touch-tone Phone, Personal Computer, CPU to CPU, Magnetic Tape and Point-of-Sale (POS) Terminal.
Bank of Albuquerque collects funds via ACH from your company's remote locations.
Your company receives collected credit on the following day.
Benefits
- High level security.
- Weekend and Holiday processing for Monday funds availability.
- Hard-copy reports for improved audit control.
- Continuous operation is guaranteed.
- Time and personnel currently occupied with concentrating cash may be reallocated to more productive activities.
- Less expensive than a wire.
Bank of Albuquerque's Concentration of Funds service is invaluable to your company's cash management system.
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