From the course: Banking Basics: What Every Business Leader Must Know
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What is treasury management?
From the course: Banking Basics: What Every Business Leader Must Know
What is treasury management?
- Previously I told you we'd go deeper into the topic of treasury management, so let's talk about it. First, we'll cover bank accounts. Most companies have a checking and savings account. Checking accounts are called direct deposit accounts, or DDAs, and savings accounts are called money market accounts or MMAs. Most of your business activity occurs in a DDA, whereas your MMA is for excess cash, which bankers refer to as deposits. MMAs pay more interest than DDAs, but they come with strict withdrawal limits. If you have more than $250,000 in your money market account, you need an insured cash sweep or an ICS. This is an insurance product that guarantees your deposits are fully insured, even if they exceed the FDIC limit. All of my clients who qualify are in this product for safety reasons. Next, let's talk about mobile deposit and remote deposit. Both services allow you to digitally deposit checks so you can skip the…
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