To further facilitate resident funds accounting, Amalgamated Bank offers Resident Banking Software. This innovative system enables you to use your own computer to maintain resident accounts via a direct link to modem to Amalgamated Bank.
Your facility is able to perform various banking functions including: opening and closing savings/burial accounts; posting deposits and disbursements. You can assign your own unique accounting codes to identify, by activity and item, specific resident transactions (i.e. withdrawals for subscriptions, personal care services, etc.)
The Resident Banking Software also provides facilities with the capability of opening direct deposit accounts and submitting requests electronically for payment to Social Security.
The status of each account is maintained on an up-to-the minute basis. There is no need to accumulate data or incur delays in reporting. Full accounting information is available instantaneously. You have the option of creating customized reports or downloading any of the several banking reports available.
Another benefit is, you are able to process transactions daily rather than monthly. This greatly enhances the facility's cash flow.
All deposit accounts listed are FDIC insured.
For more information on the Amalgamated Bank Resident Banking Software, or to make an appointment, call one of our Health Care Relationship Managers at (212) 895-4600, or email us at hcfs@amalgamatedbank.com.