Hudson United Bank also provides an automated Lockbox service which processes remittance documents that contain an optically-readable scan line. We will produce a tape or diskette for entry into your receivables program for automatic updating of your records. This service is particularly well-suited to high volume or repetitive billers. Your organization can save time and money by automating regular payments to multiple recipients. Electronic payments are safer and faster than paper checks and will increase the efficiency of your payroll operations.
Funds are available for withdrawal the morning of the pay date.
Hudson ZBAs facilitate cash concentration and decentralized disbursements in one easy program. The primary difference is that the ZBA is maintained at a zero balance. At the close of each business day, we'll automatically fund ZBAs that have debits clearing against them and need funds, or we'll transfer credits made into ZBAs into the concentration account. With the first scenario, collected funds must be available in the conentration account in order to fund the disbursement account.