Zero Balance Accounts (ZBA)
Managing separate bank accounts for multiple locations or various accounting purposes is challenging at best. You are constantly transferring funds from one account to another. And most likely, you have encountered problems associated with both excess and insufficient balances. Simmons First's Zero-Balance Account (ZBA) service eliminates the need to monitor and manually transfer funds for your company's collection or disbursement accounts.
The Way It Works
Your company reports transfer instructions to Simmons First using Simmons First Bank Anywhere. Simmons First collects funds via ACH from your company's remote locations. Your company receives collected credit on the following day.
A zero balance is maintained through an automatic transfer between an account your company designates as its master account, and the collection or disbursement account after checks and deposits have been posted. The transfer amount will correspond with the net amount of activity, resulting in a zero balance on the collection or disbursement account. A network of these accounts may be associated with the master account, allowing the cash manager to effectively fund or concentrate funds through one master account.
- Enables the cash manager maximum control over balances and funding.
- Centralizes control of cash while maintaining decentralized disbursement and depository functions - each operating unit has the ability to transact business.
- Establishes an efficient disbursement system and/or a cost effective concentration system.
- Eliminates idle cash.
- Pools cash for improved funds usage.
- Eliminates time spent monitoring and transferring account balances.
- Simplifies account reconciliation.
- Zero-Balance Account detail information may be accessed on a daily basis through Simmons First Bank Anywhere.
to request more information on Simmons First Cash Management services.