For companies that do a large volume of business in cash, PNC offers convenient and secure solutions for managing your currency deposits and meeting your daily cash needs. With PNC's Depository Services, you can concentrate funds into a central account, reconcile each depository account individually, and receive timely and accurate deposit information. These services, and their features, support your ability to manage funds efficiently, especially when your DDA needs are more than just the basics.
Consolidate cash between your principal and subsidiary accounts
PNC Bank's Zero Balance Account (ZBA) service enables us to link your company's bank accounts using our own internal process. Once your daily banking transactions have been posted, we'll net the balance of each subsidiary account to the principal account.
Manage your disbursements
After your funds are consolidated in the main account, we'll automatically transfer funds to pay the items presented against the sub-accounts.
Using consolidated cash to fund payments can significantly benefit your business
You can simplify cash consolidation within your existing account structure, and avoid overdrafts on subsidiary accounts that can be caused by late day disbursements. You'll also reduce the time you spend initiating book transfers between company accounts and streamline funding between principal and subsidiary accounts.
We also make your reconciliation process easier. Every month you'll receive a statement with details on all your net zero balance transfers, identified by account number, for an accurate accounting of all your fund transfers.
PNC's Multicurrency accounts are deposit accounts that let you hold foreign currencies, instead of U.S. dollars, so it is easier for you to make and receive payments in international currencies. These accounts are held by PNC Bank, National Association, and are FDIC insured, up to current FDIC insurance limits.
The right currency strategy can help you be more competitive. PNC’s multicurrency accounts make it easier for you to make and receive payments in 30 major and most emerging market currencies, including offshore Chinese Renminbi (CNH).You can initiate transactions from your accounts and review reporting through PINACLE. You'll have only one statement and one banking relationship to manage.
Escrow & Sub-Accounting Services allows clients the opportunity to streamline the administration and reporting of clients’ escrow balances.
PNC offers a user friendly, self-managed online platform that leverages single sign on functionality through PINACLE to help reduce the administrative burden of managing your client’s escrow balances, or your own self-managed funds, by maintaining a single master account that consolidates all balances where sub-accounting is performed at individual account levels.
PNC’s customized sub-accounting system can efficiently process a variety of escrowed/sub-account funds, including:
A PNC Health Savings Account (HSA) is designed to help your employees save for qualified medical expenses on a tax-advantaged basis.
With PNC’s Remote Safe Solution service, you can manage the cash process at the cashier level for fast, accurate balancing, while at the same time ensuring accountability and security within the store.
The Remote Safe Solution also helps you to improve store productivity, and helps you to reduce the need to prepare the deposit for delivery to a branch or for an armored carrier pickup. Completion of a deposit ticket is no longer necessary with this solution. Since the smart safe captures data electronically, information can be aggregated for a single store or across an entire network of locations, providing timely information to improve cash flows and funding decisions. This same technology enables the smart safe to transmit daily cash totals to PNC for posting to your bank account.
How It Works
A Solution for Every Department
Operations: PNC’s Remote Safe Solution helps you reduce time spent on cash-handling functions, comply with procedural requirements, and to improve productivity.
Cash Managers: Automating the cash-handling process virtually eliminates human error when accepting cash, counting and reconciling the cash, and balancing individual cashiers at the end of the day.
Loss Prevention: A smart safe enables you to take cash handling out of a store’s cash operation, removing temptation and helping to reduce the threat of theft or mishandling.
Treasury Manager: Built-in communications enable the smart safe to post daily cash receipts without the need to visit the branch or wait for the armored carrier pickup.
Commercial Deposit Service lets you make deposits at the branch with one fee
For businesses that need the convenience of depositing their daily register receipts, PNC Commercial Deposit Service offers a simple pricing model, eliminating the need to reconcile multiple bank charges normally assessed for this activity. Information on all deposit transactions to your account can still be provided for each depositing location. One fee for the branch deposit will be charged and will exclude any fees for cash verification or night bag processing, making it easier to determine expenses by location.
Image Cash Letter lets you convert your paper processing to an electronic check-image system to eliminate trips to the branch
PNC's Image Cash Letter service leverages your existing imaging infrastructure to capture images of consumer and business checks received at your office, and transmit them to PNC for processing.
With Image Cash Letter you can:
PNC's convenient Cash Logistic Services and network of money room sites can help you reduce the time and costs involved with collecting and counting cash.
No longer will you need to make multiple trips to your local bank branch office. You can transport your cash deposits via a secure, armored carrier to more than 100 money room sites across the country.
Deposits made prior to our daily cutoff time will be credited to your account on the day of collection, so you can maximize your access to working capital and free up your staff to concentrate on more value-added tasks. Daily reports provided via our PINACLE® information reporting system will create an audit trail and let you keep track of all your deposits.
To meet your needs for cash on hand, you can enjoy the convenience of a web-based or an automated touch-tone ordering system to place currency/coin orders up to 14 days in advance.
Please contact your Treasury Management Officer or Treasury Management Client Care (TMCC) at 1-800-669-1518 with any questions.