Cash Letter
Community Bankers’ Bank (“CBB”) Cash Letter product is facilitated with a tri party agreement between CBB, Federal Reserve Bank of Richmond, and your bank which allows CBB to accept full settlement on your behalf.
By accepting transactions on your behalf, CBB assumes all responsibility for daylight overdrafts that the posting of these entries to your account may cause. This protects the respondent bank from daylight overdraft fees or the pledging of securities to the Federal Reserve.
Benefits:
- Maximize your financial institution's cash position
- Hourly position reports delivered to the respondent bank via our online communication product, CBLink
- Lower your costs, increase your funds availability, and improve earnings by having greater liquidity to invest
- Receive earnings credits on balances to offset monthly analysis charges
CBB along with our partner, First Data Corporation, is able to offer an image cash letter/item solution through Community Bankers’ Clearing Network (CBCN). This solution offers end-to-end support along the statement-to-cash continuum driving cost out of the process each step of the way. CBCN can help branch or corporate locations capitalize on the latest image capture efficiencies reducing transportation costs and float.
CBCN Back Office Efficiency Tools:
- Image and data capture of check
- Truncation via ICL
- Clearing and returns
- Account number validation
- Posting file generation
- Exception handling
- Research and adjustments
- Image Archive
To ensure your confidence, please know that your account is continuously monitored by your CBB team of professional, dedicated, experienced, courteous, friendly, and helpful account representatives.
