Cash Concentration

Getting Your Funds Where You Want Them To Be

If your company has multiple locations and makes deposits into other banks, Cash Concentration Service from First Citizens will help you transfer those deposits into your First Citizens account. Cash Concentration is a timely, cost-effective way to bring together and keep track of funds from multiple business locations.

Make Transfer Easily

Here's how Cash Concentration works:

• Each of your business locations reports daily deposits to us via a secure website.
• Using Business Online Banking Advantage, our Internet-based Business Online Banking Advantage service, you can monitor those deposit reports and make any desired changes.
• At cut-off time each business day, we download the reports and prepare an Automated Clearing House (ACH) file to transfer deposits.
• The funds are available the next business day in your First Citizens account.

The Advantages Go Beyond The Transfer

Your locations continue to use local banks while deposits they make are transferred into your First Citizens account. Here are some additional benefits of Cash Concentration:

• Idle balances in outlying bank accounts are eliminated.
• Funds are available in your First Citizens account for disbursement or investment purposes on the next banking day following the day of transfer.
• You can quickly verify each of your location's reported deposits via Business Online Banking Advantage and make changes if desired.
• The time and cost of preparing checks or initiating wires to transfer funds to your First Citizens account are eliminated.

If you would like to transfer funds from your First Citizens account to a location's outlying bank account, we can establish Reverse Cash Concentration. Funds are made available in your location's local account on the banking day following the transfer.