Cash Concentration

Consolidate Funds from Multiple Business Locations While Maintaining an Accurate Audit Trail

Does your company have multiple locations that make deposits into other banks? Cash Concentration Services from First Citizens is a timely, cost-effective way to transfer these deposits into your First Citizens account.

  • Each location reports its daily deposits to us through a secure Web site.
  • You monitor these deposits using reports on Business Online Banking Advantage.
  • At a given cut-off time each business day, we download the reports and prepare an Automated Clearing House (ACH) file to transfer the deposits.
  • The funds will be available in your First Citizens account the next business day. You can use them right away for disbursement or investment purposes.

The Advantages Go Beyond the Ease of the Transfer

With Cash Concentration, you can give employees in all of your locations the convenience of using their local banks — while you know that these funds will be transferred right into your First Citizens account. Cash Concentration allows you to:

  • Eliminate idle balances in outlying bank accounts.
  • Quickly verify each reported deposit via Business Online Banking Advantage.
  • Save the time — and cost — of preparing checks or initiating wire transfers.

We can establish a Reverse Cash Concentration if you need to transfer funds from your First Citizens account to an outlying bank account. Funds will be available on the banking day following the transfer.

To find out how easy it is to get started, contact the First Citizens Cash Management Division at 1-866-733-2501 Monday through Friday, 8:30 a.m. to 5:00 p.m.


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