Cash Management

Amalgamated Bank offers a full line of cash management services to help you accelerate the collection of receivables, manage disbursements, invest excess cash, access information, and achieve complete control over your company's cash. Our banking experts can custom-tailor our services to meet your particular needs and deliver positive bottom-line results.

Collection and Disbursement Services

Lockbox Service

Our Lockbox Service accelerates the collection and deposit of your checks, giving you faster funds availability by reducing mail and processing float.

Payments are mailed directly to a Post Office Box rented by your organization. Amalgamated makes multiple daily pickups from the Chicago Post Office and delivers the checks to our lockbox department for immediate processing. Incoming checks are deposited the same day they are received from the Post Office.

With our Lockbox Service, checks are converted to usable cash two to three days faster, and the time and costs associated with in-house processing is reduced.

State-of-the-art automated lockbox equipment captures images of checks, envelopes, remittance forms, and other documents. Daily, weekly or monthly CDs of lockbox work are available for storage and back-up purposes. In addition, these images can be retrieved through Amalgamated Bank of Chicago's Internet service, reducing the time and cost associated with delivery of lockbox receipt detail.

Lockbox Plus

Lockbox Plus is our enhanced lockbox service. This service includes our imaging system which captures digitized images of checks, documents, and envelopes. You can choose to access these images from a secure website or from a CD-ROM produced daily, weekly or monthly. Lockbox Plus can save you time and money as it transmits your payment typically at a lower cost than the physical transportation of checks and documents.

Retail Lockbox Service

Our automated Retail Lockbox Service is designed for consumer-to-corporate payments, such as insurance, credit cards, gasoline, utility, mortgage, and membership dues. It combines fully scannable OCR (Optical Character Recognition) documents with the latest equipment and software technology to provide fast, accurate data for input into your organization's accounts receivable system.

Your customers mail payments to your organization's Post Office Box where we make multiple pickups each day. Our high speed automated equipment reduces your processing costs, and funds are deposited to your account faster and more efficiently.

Remote Capture

Our remote capture service allows you to transmit images of checks received in your office to the Bank for same day deposit. Same day ledger credit is given if established deadlines are met. By using the latest in scanning software and hardware, physical proximity to the Bank is no longer an issue. Further, the costly and time-consuming messenger trips, expensive overnight delivery, or the potential delays of first class mail is eliminated. Multiple deposits can be made to a range of existing bank accounts on a daily basis. Further, by transmitting deposits to the Bank available funds are increased as more frequent deposits result in checks being cleared quicker. Increased availability of funds improve cash flow, offset service charges, and increase earnings potential by taking advantage of investment opportunities, improving bottom line performance.

With the system users can be restricted to specific accounts and daily and/or transaction dollar limits. User identification and password can also establish the type of authority given to the individual. Other features include automatic amount recognition and duplicate check detection.


WebPay is our web-based service for online payments. WebPay offers all the benefits of a traditional paper-based lockbox, with the speed of the internet. The collection of payments by organizations or individuals using WebPay saves time and money. With this service, you are provided a personal and confidential identification number, password, and step-by-step payment instructions. You can choose to pay by credit card or from your checking or savings account through the ACH system. Once a payment is received, the receiving account is usually credited the following business day.

Simplified Single Payment (S.S.P.)

Simplified Single Payment is a service that lets contractors make a single check payment to unions for various 'funds' (e.g., pension, health & welfare, apprenticeship, etc.). Amalgamated distributes the proceeds from the check into various 'funds' as directed by the contractors and agreed to by the union and management trustees.

Each contractor saves time and costs associated with issuing multiple checks, and the union benefits with improved cash flow and greater availability of funds.

Zero Balance Accounts (ZBA)

Our Zero Balance Account processing gives you centralized cash control with decentralized disbursing and deposit options, as well as an automated funds transfer program to help you maximize interest revenue. Your centralized master account may be linked to one or several Zero Balance Accounts that maintain a zero or targeted balance. The system automatically maintains a zero balance by transferring money from the master account to cover a negative position or transferring a positive balance to the master account each night. Therefore, you only need to monitor a single account to determine your cash position. There are no idle balances since positive balances are moved daily to the master account and remain there until needed to cover check presentments.

ACH (Automated Clearing House)

ACH is an electronic delivery system that lets you move funds between Amalgamated Bank and banks throughout the United States, Canada, and Puerto Rico. ACH transfers are faster and more efficient than checks, and less expensive than wire transfers. ACH transactions require a standard format established by the National Automated Clearing House Association (NACHA) and can be communicated to the Bank by direct computer link, PC upload or the Internet.

An enhancement to Amalgamated Bank of Chicago's Internet Information service allows organizations with relatively low ACH volume to enter data into an ACH module that automatically formats the file for the type of transaction being initiated. The ACH module also has the ability to accept imported files from a variety of internal sources.

ACH Fraud Prevention

With increased fraud occurring through Automatic Clearing House (ACH) transactions, Amalgamated Bank of Chicago offers full ACH debit blocks for our business clients.  All ACH debit transactions are blocked unless specific transactions have been designated by our customer as acceptable.  The account number and originating company identification number are required to list transactions as acceptable. Customers are notified of any transaction that has not been previously reported as acceptable, and have until 10:00 am central time to provide a pay/no pay decision regarding the suspect transaction.

Payroll Direct

Payroll Direct provides electronic direct deposit of an employee's net pay amount into their checking or savings account at a financial institution of their choice. The service uses the Automated Clearing House as the avenue to distribute the electronic entries in a standard format required by the ACH system. Instead of preparing, distributing, and handling paper paychecks, you submit payroll data to Amalgamated Bank in the required format for distribution to the employees' account, which is accomplished quickly and efficiently. Statements detailing normal payroll deductions (taxes, insurance, etc.) must be given to the employee. This service can lower your bank cost associated with check processing and reconciliation, and provide your employees with convenience and security for their payroll deposits. Also, employees no longer need to make trips to their financial institutions on payday.

Controlled Disbursement

Controlled Disbursement tells you by 9:00 am each morning the exact check-clearing totals that will be charged to your account that day. This allows you to fund your disbursement account with the exact amount needed to cover the daily check presentment. As a result, you can maintain all excess or idle balances in an interest-bearing account. You can easily fund disbursements through a wire transfer, zero balance transfer, or from an automatic investment product. By leaving funds invested until needed you can increase your interest income as well as avoid overdraft charges.

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Information Services

Customized Sweep Processing

Excess balances can be moved to a variety of investment vehicles on a daily, semi-weekly, weekly, or monthly basis as determined by your cash needs. All available balances can be swept into an investment account or a target in your operating account can be established. The target is established by you and is normally based on required available balances needed to cover service charges. Excess balances are swept into one of four investment funds holding primarily government instruments, or they can be swept into a money market account.

Information Reporting

Our information reporting service allows you to monitor account activity, initiate transactions, and access information about your accounts at Amalgamated. Our Web-based solution makes it easy to access reports, make internal transfers, generate wire transfer and ACH instructions, issue stop payments, and perform security functions. Either current day or previous day data is available, as well as at least sixty days of historical data. Data can be viewed on line in a standard report format or downloaded to your PC for storing or importing into a spreadsheet. Images of checks paid within the storage period can be viewed and printed if required. Comprehensive on line HELP functions give your users detailed instructions.

Positive Pay

Check fraud has increased dramatically from individuals using PC equipment to scan or duplicate checks. With our Positive Pay service, you can reduce your exposure to this high-tech check fraud. You provide Amalgamated Bank with check issue data via direct transmission, or through the Internet whenever you issue checks. We capture this same information from your checks as they are presented for payment. Every day, we compare the check information with your issue information to make sure they match. Checks that do not match are identified as 'suspect' and are paid only with your approval.

CD ROM Imaging

Our CD ROM Imaging service provides you with images of checks written and deposited, as well as your month-end checking statement. Physical checks and statements can be truncated reducing storage costs and costs associated with research time are greatly reduced. The software allows you to view images of both sides of a check, rotate the check image, enlarge highlighted portions and adjust color contrasts for precise viewing. You can search for a specific item or sort checks by number, dollar amounts, or date.

Account Reconcilement

Our Account Reconcilement Service can greatly reduce your internal expense of check reconciliation, while keeping information regarding your payments confidential through automation. Reconciled account activity is provided on a timely basis and in an efficient manner. You have the option of receiving paid data in an electronic format for input into your payables system or to supply Amalgamated Bank with a file of checks issued. With the latter, Amalgamated Bank would match checks presented for payment with your check issued data. A report detailing paid and outstanding items is generated and can be provided to you in hard copy or in an electronic medium. Either method is designed to simplify the monthly reconciliation of your checking account(s).

Electronic Bank Statement

Get your statements delivered by e-mail.

The Electronic Bank Statement (EZ Statement) service is a faster and more environmentally friendly way for us to deliver your bank statements to you.

You will be able to print your statements and check images at your convenience. The files are viewed in a PDF format, you will need Adobe Acrobat Reader version 5.0 or higher, available free at

You will receive your paper statement for 90 days after you sign up and then the paper statements will stop and you will get your statement only be e-mail.

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Security Deposit Agreement

A Security Deposit Agreement is a legal document between an employer and a union on behalf of the employer. It works in conjunction with collective bargaining agreements and executive board and/or trustees' decision to guarantee the prompt payment of benefits due. The process begins with the employer obtaining a Security Deposit Agreement (Cash Bond). The amount depends on the number of employees' wage and fringe benefits prior to the signing of the agreement. The funds are placed in a tiered interest bearing money market account through Amalgamated Bank of Chicago. Withdrawal from the account may be executed only by the Union, payable on demand. At the completion of the contract the balance in the interest bearing money market account is returned to the employer.

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For More Information

Our commitment to quality and our investment in the latest technology has allowed Amalgamated Bank to remain highly competitive in the rapidly changing field of cash management. To find out how our advanced cash management services can benefit your organization, please call 312-822-3061.

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30 North LaSalle Chicago, IL 60602 312-822-300028600 Bella Vista Parkway Warrenville, IL 60555 630-225-4300