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.
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The Kitsap County Treasurer Currently Utilizes A Primary Concentration Account To Centralize Banking Activity.
dollar amount swept into a concentration account to be used by treasury to pay down commercial paper or for other corporate purposes.
Additionally, ReconNET will facilitate the movement of available cash from accounts in depositing banks to a concentration account to maximize treasury income returns.
Accordingly, ENA is expected to pay to the related Panamanian Concentration Account of ENA Norte Trust USD1, 390,000.
The County Maintains One Main Concentration Account Through Which Most Activity Flows, Either
The account structure features hundreds of zero-balance sub-accounts that roll up to one master concentration account, dramatically simplifying reconciliation and improving visibility and control.
This is accomplished by scanning checks received at the customer's office and transmitting an electronic deposit to LaSalle Bank or Standard Federal Bank for credit directly into a concentration account.
All transaction accounts will be controlled by the Indenture Trustee domiciled in New York, except for the Panamanian Concentration Account which will be controlled by the Panamanian Trustee.
This is accomplished by scanning checks received at the customer's office and transmitting an electronic deposit to Standard Federal Bank for credit directly into a concentration account.
All deposits will be made to the Depository Concentration Account.
In order to open a concentration account and special accounts, a regional operator of Rostov region, in accordance with applicable law, organized a tender to select a credit institution, which was won by Rostov branch of the Bank of Moscow.
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.