First Banking understands the demands and responsibilities associated with managing funds on behalf of others. FBS’ Bank Account Consolidation & Sub-Accounting Reporting works for you to eliminate the necessity of multiple bank accounts and the hassle associated with each. The identification for each virtual “sub-account” transaction is supplied to us:

• Electronically from your existing accounting system or via our electronic form
• Via our on-line system
• Via encoded deposits and payments –for high activity/large transaction volume accounts

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 of each “fund” as if you had multiple bank accounts. By consolidating, you increase the earning power of your balances and avoid costly overdraft charges associated with individual bank accounts. Optional Interest Allocation Services provide distribution of interest earnings on your “master” bank account to each “sub-account” including 1099INT reporting.

You Receive

• Relief from opening / closing multiple bank accounts
• The ability to fulfill your fiduciary responsibilities to maintain your customer balances detail on one report
• Lower risks and costs of bank overdraft fees
• Optional fee and/or interest earnings allocation to each “sub-account”

Reports

• Account History Ledger – details activity and balances for all “sub-accounts"
• Trial Balance Report - details the master account balance by "sub-account"
• Optional Interest Allocation Report - details the Monthly and YTD interest allocated to each “sub-account”
• Optional Transaction Summary Report – details credits and debits in a bank statement format to aid in the reconciliation of your account