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Electronic/ACH Transactions
Through Direct Deposit, employees have the benefit of access to their money
without making a trip to their bank, and employers can lower payroll processing
and check reconciling costs.
Each payday, employee accounts are credited based on information transmitted to
their financial institutions by Dollar Bank. You can use the Automated Clearing
House (ACH) function in CashAnalyzer®, our online cash management
system, to enter the net amount of pay for each employee and transmit the
information to Dollar Bank. Funds are then transferred through the ACH system
and deposited to their respective accounts. You can also pay your federal and
state taxes through CashAnalyzer®.
Recently, some companies have been mandated to make both federal and state tax
payments electronically. The primary method for doing this is through the ACH
(Automated Clearing House). The ACH function in CashAnalyzer®, our
online cash management system, has an easy to use template for entering the
necessary information. The file is then transmitted to Dollar Bank and to the
receiving bank for processing.
Funds Concentration
Concentrating funds allows you to maximize the use of corporate funds for
investment or simply increase cash flow for daily operating needs. Dollar
Bank's Funds Concentration service is available through the Automated Clearing
House (ACH) module of CashAnalyzer®, our online cash management
system. Each of your locations can make deposits into its local bank accounts.
As often as every business day, you can initiate an electronic debit from these
accounts and credit your Dollar Bank account, where the funds will be available
the following business day. You can access the CashAnalyzer® ACH
function through the Internet or direct dial via modem, enter the dollar amount
you wish to transfer and transmit this information to the bank. Funds are then
transferred through the ACH system and deposited into your account. You can
also print daily reports of transfer activity, providing an excellent audit
trail.
Wire transfers are the real time method for moving funds and their supporting
information immediately between two financial institutions. These funds are
moved the same day the request is made, as opposed to the one or two day delay
necessary for the ACH (Automated Clearing House). Dollar Bank accepts wire
transfer requests online through CashAnalyzer®, our online cash
management system, by telephone or fax.
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