Cash Concentration

All your funds accessible in one location

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

How it Works

  • Cash Concentration is managed online through Business Online Banking Advantage® (BOB Advantage®), our online banking service for businesses.
  • Using BOB Advantage, you can create locations that represent your various accounts at different banks and then schedule funds transfers between those accounts and your First Citizens accounts.
  • At cutoff time each business day, we download the transfers and process an Automated Clearing House (ACH) file to transmit through electronic funds transfer.
  • Funds are available as early as the next banking day.

Additional Benefits of Cash Concentration

  • Your locations can continue to use local banks while the deposits they make can be transferred into your First Citizens account.
  • Eliminate idle balances by pulling deposited funds into your First Citizens account.
  • Funds are available in your First Citizens account for payment or investment purposes on the next banking day after the transfer.
  • The time and cost of preparing checks or initiating wires to transfer funds to your First Citizens account are eliminated.
  • Cash Concentration also can be used to transfer funds from your First Citizens account to a location's outlying bank account. Funds are available in the local account on the next banking day.
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