Treasury Management

Treasury Management

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Community Advantage offers a suite of products and services to assist associations in managing their cash and operations. We provide Treasury Management services that allow you to minimize internal administration and maximize use of excess funds. Because different associations have different needs, our treasury management services are flexible and custom-designed for you.
 

COLLECTION SERVICES

With today’s technology, a bank does not have to be next door in order for you to make deposits. For example, you can utilize our sophisticated lockbox services by having your monthly payments sent directly to the bank for processing. We offer a number of collection services to meet your company’s specific needs:
• Retail and wholesale lockbox services
• ACH Collection (Automated Clearing House)
• Remote deposit image capture
• Credit card processing of assessments (Visa®, Mastercard® and Discover®)
• Affiliate Banking program

DISBURSEMENT SERVICES

From the traditional paper checks to electronic transactions, we have the capabilities to provide you with individualized disbursement services:
• Corporate credit and debit cards
• ACH payment
• Online bill pay
• Domestic and international wire transfer services

ACCOUNT MANAGEMENT SERVICES

We provide a variety of account management services to help you maximize efficiency:
• Zero balance accounts
• Account reconciliation
• CD-ROM image service (E-Statements)
• Association deposit accounts
• ACH Debit Block & Positive Pay

ONLINE BANKING SERVICES

To meet the financial needs of our clients, we have developed i-BusinessBanking™, an integrated, web-based treasury management application. i-BusinessBanking provides 24-hour access to an extensive array of account information. Many of the below services are also initiated through online banking:
• Balance reporting
• Transaction reporting
• Customer-initiated account-to-account transfers
• ACH templates for direct debit payment processing
• Bill payment
• Tax payments
• Online retrieval of bank statements

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.


Association Account Products

COMMUNITY ADVANTAGE® of Barrington Bank & Trust Company offers a wide range of financial services that can help meet your financial requirements today and in the future.

Operating Checking Account

The Operating Checking Account earns a competitive Earnings Credit Rate, which is applied to available balances maintained in the checking account. The earnings credit can be used to offset the cost of deposit and lockbox service fees, which are very competitively priced.

Reserve Advantage Money Market Account

This Money Market Account allows you to manage your cash flow by moving funds between your checking account and a FDIC-insured interest-bearing account. This account allows unlimited in person teller withdrawals and deposits and up to six preauthorized withdrawals each month. Interest rates are tiered which provides a higher yield with higher balances. The Regular Reserve Money Market account has a minimum balance of $2,500. The High-yield Reserve Money Market account has a minimum balance of $25,000.

Certificates of Deposit

We offer competitive rates and a variety of terms for our association customers with a minimum balance of $1,000 and a premium rate for accounts with a $100,000 balance. Current interest rates are available upon request. Through our sister banks in Wintrust Financial we can offer up to $3,750,000 of FDIC insurance. Be sure to ask about our rate specials!

MaxSafe® Reserve

MaxSafe Reserve, a new product designed for condominium, townhome and homeowner associations that value convenience and an unparalleled level of protection. MaxSafe Reserve is an innovative and unmatched investment alternative that provides up to 15 times the FDIC security of a normal reserve account.

In today’s volatile marketplace, the added security and convenience of $3.75 million in FDIC insurance per account means peace of mind. How can we offer this unparalleled level of protection? By depositing your funds across our 15 affiliated community banks. Fifteen banks equal 15 times the usual $250,000 level of FDIC maximum protection.

 

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com

Retail Lockbox

Our Retail Lockbox Service is designed to receive a large volume of monthly assessments. It accelerates funds availability, provides timely assessment collections, and expedites assessment receivables at the unit owner level with the precise information you need.

Unit owners will send payments to a post office box unique to their management company, used only for Community Advantage lockbox mail. We pick up the checks at the post office and prepare them for deposit. The bank will deposit funds to the individual condominium accounts on a daily basis. The remittance coupon that your unit owners enclose with their payments will be machine-readable, providing you with the information needed to post assessments.

After initial sorting, the checks are run through an automated workstation that captures the account number, payment amount, property I.D. number, and any other additional information you require. We will organize the information in a format that is compatible with your current accounting procedures. Once data capture is complete, we create an uploadable receivables file that includes individual remittance data plus a summary report that is available for you to use and download.

OUR RETAIL LOCKBOX SERVICE PROVIDES MANY BENEFITS:

• Protects against co-mingling of funds

• Reduces labor and processing costs 

• Ensures data integrity through expanded audit trail

• Accelerates access of the information telling you which residents have paid

• Reduces the time and expense of manual data entry of assessment information

• Minimizes the errors that can result from manual data entry

• Increases processing speed, accuracy, and funds availability

• Competitive pricing



i-Business Lockbox

Business Lockbox Research is an image-based lockbox research tool that can be accessed via the internet. Customers can access their account information quickly without having to contact the bank. Retail lockbox customers can retrieve images of coupons and checks. These images will be available to view by the end of each business day (6 p.m. CST). Lockbox customers can print or view images for 90 days. Operating system requirement: Windows XP.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

Wholesale Lockbox

Collect and process your assessments more efficiently with our Wholesale Lockbox Services.

Streamlined Funds Management

By instructing unit owners to remit their assessments to a unique lockbox address, associations will enjoy quicker availability of funds and increased audit control. We will pick up the payments at the post office each day and quickly credit your account. All remittance detail is available to associations through a variety of communications.

Without interfering with your current processing of assessments, our Wholesale Lockbox Service provides the fastest possible access to your funds while also reducing operation and collection costs.

OUR WHOLESALE LOCKBOX PROVIDES MANY BENEFITS:

• Increased audit control

• No co-mingling of funds

• Increased funds availability

• Improved operational efficiencies

• Customized service to meet your specific needs

i-Business Lockbox

Business Lockbox Research is an image-based lockbox research tool that can be accessed via the internet. Customers can now access their account information quickly without having to contact the bank. Wholesale customers can retrieve check images. These images will be available to view by the end of each business day (6 p.m. CST). Lockbox customers can print or view images for 90 days. Operating system requirement: Windows XP.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

i-Assessment Pay

Our i-Assessment Pay service provides unit owners the ability to pay their assessments directly to the association using an E-Check (electronic check) or credit card. Unit owners will receive a receipt and confirmation e-mail providing a full audit trail.

In addition, i-Assessment Pay provides real-time reports for the management company on a transaction-by-transaction basis. This service collects the billing information on a unit-owner account level and provides the management company an electronic receivables file to upload to their accounting software.

With i-Assessment Pay, we can help strengthen relationships and improve assessment collections. Use of this service will eliminate mailing time, improve accuracy, reduce collection risk and related expenses, and give unit owners the speedy service they expect. It also provides the management company with the efficient and accurate processes it needs to provide quality financial management to the association. We accept any card with a VISA®, MasterCard® or Discover® logo.

WHEN YOU ACCEPT ON-LINE PAYMENTS YOU WILL HAVE THE ABILITY TO:

• Offer a new option for assessment collections
• Improve customer service
• Offer significant convenience to your customers
• Reduce your accounts receivable
• Improve collections of monthly assessments
• Reduce expense and time involved in the collection process

Unit owners will be charged a convenience fee for each payment. These fees are subject to compliance with Visa®, MasterCard® and Discover® rules and subject to change without notice. Additional fees for this service may also apply.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at 847-304-5940 or email service@communityadvantage.com.

Automatic Debit and ACH Services

Improve Operational Efficiency

Automated Clearing House (ACH) debits and credits can now be maintained through electronic means in the standard NACHA (National Automated Clearing House Association) format. This provides property management companies greater control over their financial interactions while reducing operating costs, enabling more efficient collection of monthly assessment fees and disbursement payments to vendors.

ACH SERVICES CAN BE UTILIZED FOR THE FOLLOWING TASKS:

• Collection of assessment fees
• Payments to vendors
• Internal transfers between accounts
• Employee payroll
• Federal and state tax payments

All ACH transactions originated by customers and delivered to the bank are processed through the Federal Reserve Bank of Chicago. They have a settlement date that determines the actual debit/credit date.

BENEFITS OF ACH SERVICE:

• Operational costs will be reduced
• Efficiency and collection rates will increase
• Minimizes check writing

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

i-Business Capture™

Our i-BusinessCapture® service provides you with an easy, fast and convenient way to deliver your deposits to the bank electronically, thereby accelerating balance availability. Traveling to the bank to make your deposit is no longer required, allowing you more time to focus on the needs of your association.

Special imaging scanners are installed at your offices to scan your checks and transmit the images directly to the bank for deposit into your account. With our batch scanners, up to fifty checks for a single deposit account can be inserted into the feeding tray at once, so you don’t have to manually scan each check.

FEATURES AND BENEFITS

•   Increased deposit availability 
•   Reduces paperwork by eliminating paper deposit slips 
•   No need to travel to the bank to make your deposit 
•   Consolidate banking relationships for clients with remote locations 
•   Extended deposit deadlines 
•   Improve check deposit research ability 
•   Our technology specialists will procure and install all equipment

HOW IT WORKS
It’s a simple and fast four-step process:

    1. Log onto the bank’s secure i-BusinessCapture site
    2. Feed your check into the scanner 
    3. Balance the deposit
    4. Submit

 

 

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

Positive Pay and Account Reconciliation

Billions of dollars are lost each year due to check fraud. With the continued technology advances it has become much easier to create and redeem fraudulent checks. Community Advantage® understands the need for further protection against fraud, so we are offering tools to our customers such as Positive Pay and Account Reconciliation.

How Positive Pay Works

Positive Pay is a monitoring system used to verify what checks are clearing your accounts daily. Customers can use their accounting software to send their issued check files to the bank electronically as checks are issued. Checks issued files are then compared to the check number and dollar amount clearing; items that match are paid without further inspection. Exceptions are reviewed for encoding errors, and errors are corrected. Suspect items are reported to the customer via i-BusinessBanking™ for “pay/no pay” decisions, which require responses by a pre-established time.

FEATURES AND BENEFITS

•   Transfer check issued files directly from your desktop via i-BusinessBanking
•   View report of exception items online
•   Protect your association’s assets from check fraud
•   Control overpayment of exception items
•   Reduce disbursement risk with timely return deadlines


How Account Reconciliation Works

Community Advantage also offers reconciliation services to simplify your internal bookkeeping and to meet your association’s requirements that can be used in conjunction with our Positive Pay service. The bank receives a file of issued checks from you to match checks to be cleared with those that are issued. Additionally, we will send you a file of paid and outstanding checks which will balance to your statement.

FEATURES OF ACCOUNT RECONCILIATION

•   Reduces potential losses due to fraud by identifying suspect checks
•   Accomplishes daily reconcilement in an efficient manner
•   Improves audit control
•   Reduces the amount of your time devoted to account reconciliation
•   Improves financial statement preparation time and quality

 

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or emailservice@communityadvantage.com.

Business Debit Card

We currently offer our customers a Business VISA® Debit Card that acts as two cards in one. The card is your ATM Card and a Banking Card that can be used anywhere (worldwide) that VISA is accepted and will debit your checking account with the bank without writing a check.

Features & Benefits

  • Convenient, no hassle of getting a check approved
  • Accepted anywhere (worldwide) that VISA is accepted
  • Purchase goods and services without issuing a check
  • Card is personalized with the name of the individual to whom the card is issued.
  • ATM withdrawals (worldwide)
  • Transfer funds between accounts within the bank
  • Option to personalize your PIN number

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com

Zero Balance Accounts

The Zero Balance Account (ZBA) provides customers with an efficient, centralized use of available funds for investment purposes while maintaining multiple disbursement accounts at either a zero balance or other pre-determined target balance. How ZBA Works Zero Balance Accounts also provide convenience for business owners by offering separate payroll or processing accounts. With our ZBA, the bank will automatically maintain an agreed upon pre-determined balance in your account. The accounts are linked to a funding account or the primary checking account, which will transfer funds in and out of the ZBA nightly based upon the ending daily balance. Features and Benefits Control over deposits and disbursements for various company branches or specialized functions Centralized cash control while allowing for multiple disbursement options Automatic transfer of funds between accounts Consolidate funds for investment or debt reduction purposes Reduces the occurrence of overdrafts If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com