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Recording of balance – business customers who are hands-on in preparing their cash balances register to their account’s online recording and transaction details. These banking compilations are comprised of the different activities made by the depositor; including foreign currency balance, floating cheques, payment activities of deposits, wire transfers and ACH credit and debits. Cash concentration service – multi-national corporations with local or rural branches opt for this service. Here, the company comes to an agreement with their primary bank to use ACH in their local bank account. The primary bank then pulls the assets from the company’s local bank so interest will generate and not become idle. Organized disbursement – this is another service offered by banks to manage your cash flow. The bank presents a report every day where a list of disbursements is found, which will be applied to the account holder. This is given beforehand to provide information on the daily asset requirement of the customer in capitalizing in other surplus investments or money-market opportunities. Wholesale/retail lockbox services – Wholesale lockbox service is opted by companies that receive huge amount of mailed checks. Banks usually build a mailbox for them where they can deposit and open their checks. Retail lockbox services are used by organizations with small amount of payments received. Positive pay service – this is an electronic sharing service of check registers with a banking institution. The banks consequently make an encashment of checks only listed in that register with the exact information on the list. When it is the company that makes the list of registered issued checks to the bank, the transaction is referred to as reverse positive pay. The checks that reconciled each other’s list will only be encashed. Sweep account service – this service is often provided by the bank’s cash management department. It entails the transfer of excess company funds from their account into a mutual money market fund. This service can do overnight and returned the following day. Sweep accounts allow the company to earn overnight interests. Zero balance/ “hack” accounting – in this service, multi-national companies with a number of branches tend to be confused in making deposits in one bank account. In this case, you cannot easily find which deposit is made from where without other deposit records. To address this problem, such system was created to know which store deposited what amount into the account. Also, the deposited money from the main account is swept automatically into the mother account of the company. This will give the business a more accurate look of the statement for every store. Majority of Australian banks are adopting this system for their client companies to make the appropriate deposits even with just a single account. Nevertheless, such type of service is rarely used. Wire transfers – this is the most common service of total cash management solutions for businesses. It is usually carried out by a simple fund transfer, or by transfer of account at a branch office. Wire transfers made by banks are practical methods, especially when the transfer is done between banks. Technically, this service entails a message to a recipient bank wishing to effect payment suitable for the provided instructions. The wired message may include instructions of account settlements. In actual bank wire transfers, funds are transferred instantly in any of these ways: telephone call, fax, CD account images and online. Better yet, click on http://www.cashpoint.com.au/.
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