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Concentration Account |
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Concentration account A single centralized account into which funds collected at regional locations (lockboxes) are transferred. Concentration Account A large account kept by a bank or other financial institution for its own internal purposes. Financial institutions use the funds in their concentration accounts to settle numerous transactions that occur on a particular day. For example, if a customer closes his/her bank account, the money given to him/her likely comes from the concentration account. Often, the money in a concentration account comes from regional branches of a bank, which transfer funds to a central location. This is the origin of the name. It was formerly relatively common for customers to transfer their own money through the concentration account of their banks, for both legitimate and illegitimate purposes. However, the USA PATRIOT Act forbade this practice. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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S&K Famous Brands will also use ReconNET to help manage the movement of available cash from accounts in each store's depositing bank to its concentration account. The structural features that mitigate sovereign risk and otherwise enhance the likelihood of payments, as established in the transaction documents, such as debt service coverage triggers, the use of an off-shore collection account controlled by the indenture trustee, and the agreements to be established by Banco Agricola and some of its correspondent banks to make payments on the diversified payment rights into a concentration account controlled by the indenture trustee; and |
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