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First Banking understands the demands and responsibilities associated with
managing funds on behalf of others. FBS’ Sub-Accounting Services
works for you to eliminate the necessity of multiple bank accounts and the
hassle associated with each. The identification for each
“sub-account” transaction is encoded on your deposits and payments, or you can
supply us the detail electronically from your existing accounting system.
Simply by identifying your deposits and payments to a specific “sub-account”
within one “master” bank account, you can enjoy the benefits of one account
while maintaining the detail as if you had multiple accounts. By
consolidating your multiple bank accounts, you increase the earning power of
your balances as well avoiding costly overdraft charges associated with
individual bank accounts that are historically short and are funded by loans
from your other accounts. Optional Interest Allocation Services
offered by First Banking Services, allows your “master” account to earn
interest with the interest earnings allocated to each
“sub-account”. FBS can even provide year-end 1099INT reporting to
each sub-account if applicable.
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With our service, you receive
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Relief from opening / closing multiple bank accounts
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Ability to track balances and detail on one report
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Ease of managing one bank account instead of multiple accounts
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Automatic coverage of “sub-account” overdrafts
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Increase earning power for your “sub-account” holders
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An economic solution to an overhead intensive function of your company by paying
for the service with the earning credits generated by your bank account
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Monthly Reports
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We at First Banking are a group of individuals
dedicated to providing the best service possible to your
organization. We have 15 years of experience assisting organizations
such as yours in providing timely, economic solutions in streamlining &
consolidating bank account needs.
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