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Cash Management Services
Improving your company's cash flow is vital to your success in today's competitive market. At Millennium Bank, we can help you do this on several fronts including reducing the time it takes to collect or disburse funds and streamlining day-to-day banking functions to help cut costs, enhance income and increase convenience.
What Is Cash Management?
Cash management is not a single service. It is the design and implementation of many bank services customized to the unique needs of your company.
Collection Services-Learn about Millennium Bank's Lockbox services, Automated Electronic Payment Collection, and Cash Concentration services.
Disbursement Services-Information about Zero Balance Accounts, automated electronic payments, direct payroll deposit and vendor payments.
Information Reporting Services-Check out our Internet Banking and Imaged Statements.
Investment Services- The place for information about our Automated Investment Plan that sweeps money to invest in Repurchase Agreements.
Does your company spend a lot of time and effort collecting and processing payments that are mailed to you by your customers? Millennium Bank can receive those payments for you and make the deposit more efficiently and economically. You have the use of those funds quicker, contributing to an enhanced bottom line.
Automated Electronic Payment Collection
If your company collects payments from your customers on a recurring basis (i.e., club or association dues, monthly rental fees or lease payments, etc.), you can streamline your collection process by electronically drafting your customers' bank account for the amount due.
If your company utilizes multiple banks for deposit purposes, Cash Concentration is an efficient way to accumulate those funds into your Millennium Bank operating account. You transmit a file to Millennium Bank containing the amounts to be collected and we transfer the funds from your deposit accounts at any bank into your operating account at Millennium Bank.
Disbursement Services and Zero Balance Accounts
If your company uses separate bank accounts for different departments or disbursement functions, consider Millennium Bank's Zero Balance Account. A Zero Balance Account, or sub-account, is linked to your Master ("operating") account and always maintains a zero balance. Checks you write on your sub account(s) (i.e., payroll, payables account, expense reimbursement, etc.) are automatically "covered" by a transfer of funds from the master account when they are presented for payment. You receive separate bank statements for each account at month-end.
Automated Electronic Payments
Direct Deposit of Payroll
Instead of issuing payroll checks, pay your employees electronically. It is inexpensive and less time consuming. The funds are automatically transferred from the company's payroll account to each employee's personal bank account.
Do you make repetitive payments to the same vendors? You can reduce the cost of printing checks, postage and your employee's time by making these payments electronically. It's fast and easy.
Now you can use your home or office computer to connect to your Millennium Bank accounts, making everyday banking easier than ever. It is like having one of our offices at your fingertips! A few keystrokes and click of the mouse gives you access to the following account information and transactions whenever you like:
- Check your balance
- Transfer funds
- View Your Checks
- Print Your statement
- Make a Loan Payment
- View Your Transactions
- Verify a Deposit
- Download transactions into any of your financial software
All images of items are stored on optical discs. You no longer have to maintain boxes of returned checks. Images of each check and deposit ticket are returned with your statement. You may obtain a certified copy of any image if it is ever needed for any reason. You may also view front and back images of current transactions with our Internet Banking Service.
Automated Investment Plan (REPO Sweep)
Would you like to maximize the use of excess balance in your checking account by earning a competitive rate of interest while keeping the funds readily accessible? Millennium Bank's Automated Investment Plan can help.
With our REPO sweep, your checking account is linked to an investment account. Excess funds are automatically invested daily after checks, deposits and other items have cleared. Those funds remain invested until they are needed to cover checks, minimum balance requirements or other withdrawals. These investments are not FDIC insured.