Zero Balance Accounts
Zero Balance Accounts allow you to segregate check disbursements (accounts payable) and deposit concentration (accounts receivable) transactions while still maintaining the ability to reconcile funds to your general Mechanics Bank operating account.
The ZBA system will post the daily transactions applicable to each ZBA. Each ZBA will then sweep a corresponding net credit or net debit against the general operating account. The sweep transfers will bring the ZBA to a zero balance at the end of each business day.
Other benefits of using a ZBA system are ease of reconciliation of accounts payable checks and accounts receivable payments. It can also be an added control measure for your general account to reduce direct exposure to check fraud.For more information about these Cash Management services, please contact 800-272-1876.