HCN Bank's Zero Balance Accounts (ZBA) are special purpose accounts (payroll, operating, vendor, multiple locations, etc.) that are linked to a master account. The ZBAs maintain a balance of $0. All deposits made to the ZBA sub accounts are automatically transferred to a master account, and all checks and withdrawals posted to a ZBA sub account are automatically funded from the master account. The structure is flexible and can be tailored to the needs of the business.
Benefits of a Zero Balance Account
Eliminates time spent on manually funding subsidiary accounts
Eliminates the need to track balance levels and funding requirements
Saves clerical time and expenses
Maximizes funds available for investments and minimizes risk of overdraft fees
Permits easy tracking of transfers and reconciliation through cross-referencing account numbers on Bank statements
1 Electronic debits or credits are not considered when calculating the per debit or deposit fee. Transaction charges apply if monthly limits are exceeded. 2 Minimum balance of $1,000 must be maintained in the account each day to obtain the minimum disclosed APY. Variable rate may change daily and interest is compounded monthly. Interest begins to accrue no later than the business day we received credit for the deposit of non-cash items (example: checks).