Disbursement

Your cash has many uses – meeting payroll, paying vendors, and even earning more cash. Solid cash management depends on these things happening predictably, safely and securely within your company's daily objectives and long-term strategy. Our Disbursement offerings enable your business to manage payables effectively.

Business Checking Account

Our Business Checking Account will provide your company with a vehicle for collecting and consolidating funds so that they may be used for disbursing or investing. The account receives an earnings credit for the funds kept on deposit, which is used to offset the service fees charged to the account.

For more information about our Business Checking Account, call us today at 800-322-3623 and we will connect you with a First Midwest Business Banker.

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Business Checking with Interest

Our Business Checking with Interest Account is similar to our Business Checking Account, but it earns interest on all collected balances maintained in the account instead of receiving credit to offset service fees. Interest is credited and compounded monthly based on the daily collected balance in the account and on the number of calendar days in the year. This account is available to:

  • Sole proprietorships
  • Security deposits
  • Escrow funds
  • Trusts or other fiduciary accounts
  • Public funds and nonprofit organizations operating for religious, charitable, educational or similar purposes

For more information on our Business Checking with Interest, call us at 800-322-3623 and we will connect you to a First Midwest Business Banker.

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Controlled Disbursement

Inclearing check information is particularly important to companies with aggressive investment agendas that need to work their surplus cash while maintaining a reserve to fund disbursements. First Midwest Bank's Controlled Disbursement service provides the total amount of inclearing checks that have been presented against the Controlled Disbursement Account (an account used for check disbursement only) on an intraday basis. Essential to the accurate forecasting of daily cash outflow, Controlled Disbursement enhances your ability to make the most productive and profitable use of your company's cash resources by giving you greater control over cash flow and eliminating idle balances.

  • Gain greater control and forecasting ability with timely and accurate information;
  • Maximize investment income as you only pay what is needed for that specific day;
  • Minimize the cost of borrowing through cash flow management; and
  • Increased efficiency as clearing notifications are provided early each morning.

To find out more about Controlled Disbursement, call us today at 800-322-3623 and we will connect you with a First Midwest Business Banker.

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Direct Deposit

Save time and money by electronically depositing your employees' paychecks into their bank accounts. First Midwest Bank's Direct Deposit service offers you a safe, convenient method for eliminating the time-consuming and costly paperwork associated with paying your employees with checks. Direct Deposit will electronically deposit each of your employees' net pay into a checking or savings account at the financial institution of their choice.

To find out more about our Direct Deposit service, call us today at 800-322-3623 and we will connect you to a First Midwest Business Banker.

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Positive Pay

Gain peace of mind and added security by reducing your exposure to check fraud. Each time your company issues a check, it is exposed to possible fraudulent checking activity. From the time a check leaves your desk to the time it posts to your account, any number of things can happen to it. It may be lost, stolen, altered or forged. To manage your exposure to this type of risk, we offer Positive Pay. With Positive Pay, First Midwest will only pay on the checks you have authorized and will bring to your attention any checks that you have not authorized – before they have a chance to clear through your account.

  • Tighten security by monitoring all of your check clearing activity;
  • Greater convenience as all unauthorized checks or "suspects" received by First Midwest are brought to your attention; and
  • Improve cash flow forecasting due to reduced likelihood of fraud.

To find out how our Positive Pay service can help secure your payables, call us today at 800-322-3623 and we will connect you to a First Midwest Business Banker.

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Purchasing Card

Take control of your payment process by consolidating multiple purchases into a single payment with a Purchasing Card from First Midwest. Our Visa® Purchasing Card is a corporate credit card aimed at streamlining the traditional purchase order process and payment process for low value transactions. Corporations and governmental agencies find a disproportionate number of small dollar payments, those less than $1,000 make up the majority of payments while representing a small percentage of the dollars spent. It's the perfect solution for increasing your payables float and lowering your purchasing transaction costs.

  • Increase your payables float by using the card for purchases;
  • Lower your purchasing transaction costs by using Visa's end-to-end solution;
  • Consolidate multiple payments into a single payment to cover yoru Commercial Card balance;
  • Gain online access to your transaction detail and integrate it into your accounting system; and
  • Gain greater control over spending with custom restrictions on individual cards.

To find out how the Purchasing Card can reduce your payables expenses, call us at 800-322-3623 and we will connect you to a First Midwest Business Banker.

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Zero Balance Account

Concentrate funds in a single account while benefiting from the flexibility of multiple disbursement accounts. Zero Balance Accounts (ZBAs) provide an automated, efficient means of cash flow control between multiple disbursement accounts. ZBAs eliminate the need to maintain idle balances in disbursement accounts in anticipation of checks clearing. Funds transfer from a central account to the disbursement accounts to cover actual clearings.

For more information on our Zero Balance Account, call us today at 800-322-3623 and we'll connect you with a First Midwest Business Banker.

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Customer Care

Got questions? Get answers.

Call us at 800-322-3623.

  • Monday – Friday: 7am – 7pm
  • Saturday: 8am – 5pm
  • Sunday: 9am – 2pm

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