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Pool funds from multiple locations to a centralized First Midwest account.
Companies with multiple locations and accounts at various banks are faced with the task of concentrating cash rapidly and efficiently. The acceleration of their funds into a central account via one of First Midwest's cash concentration options gives a company faster use of their cash for investments, debt reduction or working capital.
Cash Concentration services are ideal for companies with:
large balance accounts in outlying banks;
multiple lockbox collection sites;
multiple banking relationships; and/or,
branch locations or regional collection centers.
The Advantages
Productive Use of Cash Idle funds in multiple decentralized accounts are reduced or eliminated.
Increased Profitability: The increase in cash reserves can be invested or used to reduce borrowings.
Flexible Schedule: Funds can be transferred daily or weekly according to your company’s needs.
Convenience: Maintain convenient local banking relationships while taking advantage of a centralized corporate account.
How it Works
1. A First Midwest Bank Cash Management Representative will analyze your concentration needs and recommend the appropriate service.
2. First Midwest's cash concentration options include:
Automated Clearing House (ACH)
Transfers Depository Transfer Checks
Deposit Reporting - PC Based
Repetitive Wire Transfers
Contact a Cash Manager
Return to Concentration
Cash Concentration
ACH Collections
Wire Transfers
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