How does Controlled Disbursement work?
- You open a zero-balance Controlled Disbursement Account through Broadway Bank at our disbursement bank.
- Early each business day, the disbursement bank reports total check clearings to us and we, in turn, report this to you by 11 a.m
- You ensure that collected funds equal to the day’s check clearings are in your funding account at Broadway.
- Broadway transfers funds from the funding account to your disbursement account each day.
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The benefits of Controlled Disbursment?
It lets you:
- Increase earnings. Use surplus cash more productively, earning a better return to your firm’s bottom line.
- Save costs. Eliminate guesswork in daily cash management, avoid overdrafts and minimize short-term borrowing.
- Enjoy more convenience with automated reports of your daily clearing totals.
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