Zero Balance Account service will transfer ledger balances. Uncollected balances are inherited by the receiving account on a same-day basis.
Yes, you may use Zero Balance Accounts to automate transfers by selecting a target balance in the sub account. Zero Balance Account service will similarly push and pull funds to and from the main account in the amount needed to restore the target balance in the sub account daily.
Structures can be created with a maximum of 250 sub accounts linked to one main account. Three tiers of sub accounts are possible; meaning the maximum number of sub accounts in one structure is 750 sub accounts.
Yes, you can transact both debits and credit to your Zero Balance Account sub account. The default is to allow debits. You may request that debits be blocked by speaking with your KeyBank Treasury Services representative.
No, if the balance of your Zero Balance Account sub account is $0 incoming debits will not be rejected. When determining funds availability, KeyBank’s system considers all the accounts in the Zero Balance Account structure, plus any available credit if a Credit Sweep is in use. Out of bounds processing (OBP) is then controlled by setting on the Zero Balance Account Main account at the top of the structure.
Zero Balance Account transfers occur after all other transactions have posted, with the exception of Credit Sweeps and Investment Sweeps.
In addition to being able to view transfers to and from your accounts on the Key Total Treasury Previous Day Report, two daily reports specifically designed for Zero Balance Account service are available.
- The Zero Balance Account Report provides for each sub account a summary of the subtotals of checks, deposits, other credits and debits, as well as the resulting automated transfer to and from the Zero Balance Account main account. Grand totals and the final ledger balance are also provided.
- The Zero Balance Account Notional Balances report contains some of the above plus a notional balance for each sub account – what it would be without the Zero Balance Account service.