While Horizon Bank is a full-service financial institution offering all of the traditional products to businesses such as deposit accounts, merchant services, remote deposit, online banking, et cetera, there are several products and features that set us apart.
As banks move toward higher fee structures to compensate for loss of income from increased regulation and compliance requirements, Horizon continues to offer business accounts that can avoid all fees. That is a tremendous offering for a small business by itself. However, consider another free account Horizon offers: the Zero Balance Account.
This is a specialized sweep account that ties to a business checking account and sweeps to “zero” every night. The uses of these accounts are varied and can be an invaluable tool. For example, suppose you are wary of providing your bank account information to a vendor, customer or merchant service provider. A Zero Balance Account (ZBA) would provide a buffer between your operating account and the account you set up for Automated Clearing House (ACH). If there were a problem, you could close the ZBA without affecting your operating account. No complicated account change, no ordering new checks and debit cards. All for free.
Or perhaps you would like to keep your payroll isolated in its own account but do not want to maintain, balance and transfer funds from a completely separate checking account. A ZBA is the solution. Multiple locations under one tax ID number? No problem. Simply set up a ZBA for each location and keep separate books, but all operating funds will pool into a single operating account. Any business can have any number of ZBAs tied to their business accounts, and each can function like a traditional checking account (write checks from it, have debit cards for it, etc.). All of your accounts, ZBAs included, can be viewed through your online banking account.