Put Your Cash to Work for You With Cash Management
Designed to help you manage and make the most of your cash position, our cash management services keep your idle cash invested through our “sweep” service, minimizing your internal float through our “zero balance” accounts. You can monitor your balances and make internal account transfers online, or move funds externally through ACH and Wire Transfer.
Cash Management Menu Options
“ACH Origination” allows you to initiate electronic transfers between accounts at Home Federal Bank of Tennessee and accounts at other financial institutions.
- Payroll Batch (or Credit Batch): Transfer funds from your account at Home Federal Bank to your employees’ accounts at Home Federal Bank or at other financial institutions
- Collect Payment (or Debit Batch): Collect one-time or recurring dues or fees by transferring funds to your account from consumer accounts at Home Federal Bank or at other financial institutions (transactions subject to applicable consumer protection laws)
- Credit Batch (CCD/CCD+): Transfer funds from your account at Home Federal Bank to commercial accounts at Home Federal Bank of Tennessee or other financial institutions
- Debit Batch (CCD/CCD+): Collect one-time or recurring fees or invoices by transferring funds to your account from commercial accounts at Home Federal Bank or other financial institutions
Submit NACHA-formatted files to initiate Consumer (PPD) or Commercial (CCD) transactions
Now you can send funds directly to the IRS for federal tax payments. The IRS refers to this as the CREDIT option. It creates a specially formatted ACH credit entry, sends it to the IRS and charges your account for the total of the tax payment. Prior enrollment with the IRS is required.
Pull daily detail and summary reports of activity on your accounts, and customize reporting criteria to suit your particular needs. Once created, reports may be exported in tab-separated format to use with your accounting software, simplifying tracking of income and expenses and facilitating the creation of financial reports.
Transfer funds between accounts shown on the Accounts page with proper account-level authority. Schedule recurring transfers. View previous and pending account transfers.
Complete a secure, web-based form with information necessary for submitting outgoing domestic wiring instructions. Additional documentation must be completed in order to initiate wire transfers. The cut-off time for all outgoing wires is 1:00 p.m., EST. Wire Templates allow you to input wiring instructions for repetitive outgoing wire transfers and to restrict employee access to wire recipients.
Assign different security levels within the company. Control an individual user’s access to accounts and the initiation of cash management transactions—with sub-user administration. This and more will be yours to control. As personnel and job responsibilities change within the company, the manager may add or delete users as well as disable and reassign users as necessary. Dual control over cash management transactions can be established to ensure further risk control.
Other Cash Management Services
In addition to checking accounts, we offer related services to conduct your day-to-day business and manage your money.
Other Cash Management Services Fees
|Sweep Account - Loan||$60/month|
|Sweep Account - Repurchase||$60/month*|
|Target/Zero Balance Accounts||$20/account|
|Express Deposit Service (subject to approval)|
|Up to three accounts per relationship||$40/month|
|More than five accounts per relationship||$3/each|
*Funds invested in a repurchase sweep are collateralized by U.S. government securities, are not FDIC insured, may lose value and include no bank guarantee.