For years, the health care industry has had to contend with serious problems associated with the manual processing of residents' recurring payments. These problems include: inhibited cash flow; staffing restrictions; and stringent reporting requirements. Amalgamated Bank's Direct Deposit Program can handle government and other pension payments on an automatic deposit basis, eliminating these administrative stumbling blocks.
The program provides for payments to be electronically credited to residents' or clients' accounts at the bank. Effective June 1997, the residents' birthdays determines the date of payment. The transfer of funds to your facility's checking account is processed on the 4th of the month or the subsequent 2nd, 3rd, or 4th Thursday of each month. Direct Deposit accounts established prior to June 1997, will retain the payment schedule of the 4th of the month.
Your facility receives full documentation of all transactions in the form of an Automatic Transfer Listing Report. Amalgamated Bank can segregate and record each resident's living allowance on this report. As an added feature, the resident's living allowance can be transferred into an individual interest bearing savings account. This helps establish a clear audit trail.
The Automatic Transfer Listing Account is generated four times a month. In addition, a tape-to-tape transfer capability further enhances the program's payment and reporting flexibility.
An interest bearing lump sum facility / resident fund checking account may be established as an alternative to individual resident savings.
All deposit accounts listed are FDIC insured.
For more information on the Amalgamated Bank Resident Direct Deposit Program, or to make an appointment, call one of our Health Care Relationship Managers at (212) 895-4600, or email us at hcfs@amalgamatedbank.com.
