Advance Account

Advance Account

Money given to an employee to spend for a specific purpose before the employee is expected to spend it. For example, a company may give an employee a corporate credit card in anticipation of that employee going on a business trip.
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After the reconciliation is completed, the system will generate an Accounts Payable entry if the employee spent more than the advance or an Accounts Receivable entry if the employee owes the organization money, clearing the advance account.
As of November 10, the bank is offering the new Advance account that will carry no monthly fee.
For the launch, HSBC Advance account includes what it says are the following "exclusive" benefits and offers:
Interest bearing current account / Profit-sharing Amanah advance account
A WIDE range of accounts are offered to suit customers' different and changing needs including accounts such as Premier, Plus and the new Advance account.
For launch, HSBC Advance account, which offers an enhanced level of service and benefits over regular bank accounts, is set to provide an eight percent interest in a regular saver account fixed for 12 months, a 12-month fixed rate cash individual savings account (ISA) paying up to 2.
The new $67 million credit facility will consist primarily of a $33 million revolving advance account which is similar in terms to the Company's current revolving advance account and a $34 million additional facility.
Running until March 8, the HSBC sale packs lucrative discounts and special offers for customers on conventional mortgages, personal loans, credit cards and Amanah personal finance, vehicle finance and premier and advance accounts.
During the sale, which will run from January 16 through February 28, HSBC customers in the UAE can sign up for discounted mortgages, personal and auto loans, insurance, credit cards, wealth products and exciting Air Miles bonus rewards on premier and advance accounts, the bank said in a statement.
This advance accounts for why people at large companies are more productive, but the changes that enabled improvements at large companies have not yet occurred at most smaller companies," says Bliss.
And best of all, the CabCARD is rechargeable, using either a message from the truck that accesses the driver payroll or advance accounts, money transfer systems, personal checks, money orders or major credit cards.
Bank of Boston's acquisition of Workingmens Co-operative Bank involves the transfer of 23,200 deposit accounts, fully guaranteed student loans, passbook loans and advance accounts.