|
Account Analysis
Account Reconciliation Service
ACH Services
Automatic Investment Account (Sweep)
CD-ROM Services
Lockbox Services
Money Wire Transfers
Night Depository Services
Zero Balance Account (ZBA)
One of the greatest challenges of a business is efficiently managing working capital. If collecting outstanding receivables, managing your inventory, and knowing your cash position at any time are important to you, then Lake City Bank can help.
Our corporate cash management specialists can assist you with your specific cash management needs. They understand that to compete in today's markets, businesses must effectively use technology to control and maximize their assets. To contact our corporate cash management specialists, e-mail us.
Account Analysis
Account Analysis provides you with a detailed statement of your corporate checking accounts. This comprehensive monthly report summarizes all the activity on your accounts, provides detailed balance information, and lists the unit price of each Lake City Bank service provided along with a total of all service fees incurred during the cycle.
Account Reconciliation Service
Simplify balancing and reconciling your company's check register while improving your audit controls with this cost-effective service.
ACH Services
ACH (Automatic Clearing House) origination provides you the ability to transfer funds electronically without the use of paper checks. Additional information.
Automatic Investment Account (Sweep)
The Sweep account allows your company to maximize daily financial value of corporate cash flows by providing a fully automated investment service. At the end of every business day, funds from your Lake City Bank accounts linked to the automatic investment are automatically transferred (swept) into a single concentration investment account. Lake City Bank has three investment account (sweep) choices: *
- Repurchase Agreement Account* - invested in U.S. government and agency securities. These repurchase agreement investments, which produce a yield on a daily basis, are collateralized by U. S. government or agency securities but are not covered by FDIC insurance. They are an ideal investment vehicle for funds that exceed the $100,000 protection limit by the FDIC, therefore this account is designed for businesses with $100,000 or more to invest.
- Taxable Money Market Mutual Funds*
- Government Obligations Only*--this fund invests exclusively in U. S. Treasuries or government agencies.
- Commercial Paper*--this fund invests primarily in commercial paper rated at least A-1 by Standard & Poor's or Prime by Moody's Investor Service at the time of investment.
- Tax-Free--this fund invests in high-quality municipal securities, commercial paper, and variable rate demand notes. Provides income exempt from federal income taxes although certain shareholders may be subject to alternative minimum tax. This fund is rated AAA by Fitch**.
Lockbox Services
Save time and money on all payments you receive by mail with Lake City Bank's expert processing lockbox systems. This service also frees you from the time-consuming tasks of handling payments. We pick up your receivable payments from a post office box, deposit the funds to your account, and forward to you the information you need.
Mail Teller - a semi-automated process designed to assist your company in collecting the accounts receivables of your company.
Retail Lockbox - an automated process designed to assist your company in collecting the accounts receivables of your company.
Wholesale Lockbox - an automated process designed to assist your company in collecting the accounts receivables of your company. Your customers are instructed to mail their payments and invoices to a bank-accessible post office box. A remittance document may be included to expedite this process. Thus, no one from your company has to handle the checks or has to go to the bank to make a deposit. This is all done for you. Lake City Bank can provide your business with a customized lockbox processing system specifically designed to meet your company's unique business needs.
Money Wire Transfers
Move funds quickly and reliably from one bank to another. Wire transfers are a universally accepted way of transferring large payment and receipts between banks, nationally and internationally.
Night Depository Services
Make deposits 24 hours a day. Convenient night drop locations are available at most of our branches throughout northern Indiana.
Zero Balance Account * (ZBA)
Control balances by accessing only the cash needed for each day's activity. You don't have to leave funds sitting idle while waiting for checks to clear. To segregate transactions and concentrate funds, money is transferred between a single master account and the ZBA's daily for collecting receivables or disbursing such things as payroll, vendor payments, or other expenses. At the end of the day, the ZBA balance is brought back to zero and the excess funds are deposited to the master account. Your excess funds can then be invested.
E-mail
* Funds swept into the Money Market Mutual Funds or the Repurchase Agreement are not deposits of Lake City Bank. Funds swept into any of the automatic investment choices are not guaranteed by Lake City Bank, are not insured or guaranteed by the FDIC, are not insured or guaranteed by any government entity and do involve risk including the possible loss of principal. Prior to investing in the Money Market Mutual Funds, you should read the prospectus carefully.
** Fitch's money market ratings are an assessment of the safety of invested principal and the ability to maintain a stable market value of the fund's shares. Ratings are subject to change and do not remove market risk.
|
