Key’s Deposit Concentration service aggregates deposit reporting for your multiple locations and concentrates funds into one centralized account. Individual locations make deposits into their local non-Key accounts and report the activity to Key via either KeyNavigator or by phone. Verification codes and trace numbers are provided for reference. Each night, Key collects all data that has been reported and moves the funds to your Key account via ACH. The total deposits are then credited to the concentration account at Key and any disbursement entries from the concentration account are credited to the specified depository accounts.
You will access your Deposit Concentration tools online via KeyNavigator, our advanced website. KeyNavigator allows you to specify and define additional data fields that you would like your locations to report, such as sales date, number of units sold, etc. Through KeyNavigator you are able to customize your Deposit Concentration reporting with the fields you specify. This additional required data can also be added to the phone prompts.
Key's system provides daily reporting which contains all reporting locations with deposit dates and amounts, as well as non-reporting location information.