It's simple: controlling cash is important in business.
Amalgamated Bank of Chicago offers a full line of cash management services so you can achieve complete control over your organization's cash.
Cash Management Services help you accelerate the collection of receivables, manage disbursements, invest excess cash and access information. Our banking experts can custom-tailor services to meet your particular needs and deliver positive bottom-line results.
Collection and Disbursement Services*
- Accelerates the collection and deposit of your checks, giving you faster funds availability by reducing processing and mail float
- With multiple daily mail pickups and same-day deposits, Amalgamated Bank of Chicago converts checks to usable cash two to three days faster than having the checks sent to your location, dramatically reducing the time and costs associated with in-house processing
- Online access to images of checks, envelopes and remittance forms through our state-of-the-art image lockbox information reporting platform. CD-ROMs of images are also available for storage
- Increased efficiencies that save you time and money, with same-day processing image availability. This eliminates the delay of receiving the physical check copies and documents, as well as the associated mail and delivery cost
Retail Lockbox Service
- Designed for consumer-to-corporate payments, such as insurance, credit cards, gasoline, utility, mortgage and membership dues
- Combines fully scannable documents with the latest technology and software, providing fast and accurate data for input into your organization's accounts receivable system
- With daily mail pickups and high-speed equipment, we'll help you reduce your processing costs and deposit funds to your account(s) faster and more efficiently
Remote Check Capture
- Allows you to transmit images of checks received in your office to the Bank for same-day deposit, with same-day ledger credit if established deadlines are met
- Allows you to make multiple deposits to multiple existing bank accounts on a daily basis, increasing available funds by shortening the check clearing process
- Helps improve cash flow, offset service charges and increase earnings potential by allowing you to take advantage of investment opportunities, improving your company's bottom-line performance
- Includes automatic check recognition and duplicate check detection
Secure web-based service for online payments. Receive a personal and confidential identification number, password and step-by-step payment instructions.
- Offers all the benefits of a traditional paper-based lockbox, with online speed
- Saves time and money
- Pay by credit card or from a checking or savings account through the Automated Clearing House (“ACH”) system
- Once a payment is received, the receiving account is usually credited the following business day
Simplified Single Payment (S.S.P.)
A service that lets contractors make a single check payment to unions for various employee benefit funds (e.g., pension, health & welfare, legal, education, etc.).
- Amalgamated Bank of Chicago distributes the proceeds from the check into various employee benefit funds as reported by the contractors and agreed to by the union and management trustees
- Each contractor saves time and costs associated with issuing multiple checks
- The union benefits from improved cash flow and availability of funds
Zero Balance Accounts (ZBA)
Our Zero Balance Account processing gives you centralized cash control with decentralized disbursement 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
- 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)
An electronic delivery system that lets you move funds between Amalgamated Bank of Chicago and banks domestically.
- Transfers are faster and more efficient than checks, plus less expensive than both check payments and wire transfers
- Transactions require a standard format established by the National Automated Clearing House Association (NACHA), and can be communicated to Amalgamated Bank of Chicago by secure electronic transmission
- An ACH module offered through Amalgamated Bank of Chicago's online business banking allows organizations with relatively low ACH volume to input data which is then automatically formatted for the type of transaction being initiated
ACH Fraud Prevention
With increased fraud occurring through Automated 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 authorized, and have until 10:00 am Central Time to provide a pay/no pay decision regarding the suspect transaction
Controlled Disbursement tells you by 9:00 am Central Time each morning the exact check-clearing totals that will be charged to your account that day.
- Allows you to fund your disbursement account with the exact amount needed to cover the daily check presentment
- Allows you to maintain all excess or idle balances in an interest-bearing account and avoid overdraft charges
- Disbursements can easily be funded through a wire transfer, zero balance transfer, or from an automatic investment account
Customized Sweep Processing
Excess balances can be moved to a variety of investment vehicles on a regular basis as determined by your cash needs.
- All available balances can be swept into an investment account, or you can establish a target in your operating account, typically 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
Web-based solution that allows you to monitor account activity, initiate transactions and access information about your accounts at Amalgamated Bank of Chicago.
- Makes it easy to access reports, make internal transfers, generate wire transfer and ACH instructions, issue stop payments and perform security functions
- Obtain current-day or previous-day data (and up to 180 days of historical data), either online in a standard report format or in a downloadable spreadsheet
- Images of checks paid within the storage period can be viewed and printed if required
Reduce your exposure to high-tech check fraud with our Positive Pay service. Whenever you issue checks, provide Amalgamated Bank of Chicago with check issue data, serial number and check amount via direct transmission. Every day, the system compares 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.
Provides you with images of checks written, as well as your month-end checking statement.
- Physical checks and statements can be truncated, dramatically reducing storage and research costs
- 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
- Offers the ability to search for a specific item or sort checks by number, dollar amounts or date
- Greatly reduce your account reconciliation time
- Limit the exposure of payment data
- Keep your payment information confidential
- Receive paid data in an electronic format for input into your payable system
- Full Reconcilement – Supply Amalgamated Bank of Chicago with a file of checks issued. Amalgamated Bank of Chicago will match checks presented for payment with your check issued data, and provide reports as needed.
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' decisions 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 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 disbursed as instructed by the union.
To find out more about how our advanced cash management services can benefit your organization, contact your banker today. Don't yet have a banker? Click here and let us introduce ourselves.
*Amalgamated Bank of Chicago account required. Account opening subject to approval.