Business customers with multiple checking accounts may want to fund these accounts using ZBAs (Zero Balance Accounts). ZBAs may be used as part of a Sweep Service or as a stand-alone product solution. A typical ZBA example is a payroll account. The payroll account is joined to a primary checking account. As checks are presented for payment to the payroll account, funds are automatically transferred from the primary (funding) account to cover the disbursements. The payroll account balance is effectively zero.

You will receive a monthly statement on both the funding and ZBA accounts in order to reconcile the automatic transfers. Multiple accounts may be ZBA’d. If ZBA accounts are part of a Sweep Service, the net result of the day’s transfers (funding account’s collected balance), will be used to determine the amount of the daily sweep to/from the investment/loan account.

Questions: Contact Customer Service