Let Broadway Bank help you use surplus cash more productively.
With Controlled Disbursement Service from Broadway, idle account balances are a thing of the past. Get a check clearing total by 11 a.m. each business day so you know your exact disbursement funding requirements. Then use surplus cash as you see fit, without worry that overdrafts might occur from checks presented for payment later that day.
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.