First Hawaiian Bank

Collection Services

These services speed the conversion of receivables into cash and assist in the movement of funds to a control account.

For more information on Collection Services, call our Cash Management Department on Oahu at (808) 844-3256. Neighbor islands, Guam, and CNMI may call (800) 336-0542.

 

Concentration Account -- At the close of each banking day, excess funds in your operating accounts are consolidated automatically into a single master account. Subsidiary accounts are left with zero balances. This allows you to save time in determining your daily cash position.

Deposit Identification -- Provides a single depository account but allows deposits to be identified by store, department, or purpose, as determined by you. The same identifying number (location ID) also earmarks returned checks and change fund orders, allowing you to allocate debits to the proper origin. Our Account Reconciliation Package provides totals by location and statement cycle.

Pre-Authorized Payment Service -- With this service, you provide us with an electronic file to debit your customers' accounts and credit your own on a specified settlement date. You may use the same file to update your receivable system. This is a very efficient and low-cost service (subject to credit approval).

QuickPaySM -- Gives you prompt notification of incoming electronic deposits to your accounts for federal contracts, plus other payments with addenda information.

Remittance Processing (Lockbox) -- The bank handles all incoming payments mailed by your customers, processes them, deposits the checks in your account, and forwards the input to you. This reduces float time on payments and minimizes clerical work. In the case of an Automated Lockbox, the bank also transmits the processed item file, which allows you to electronically update your receivables.

Reverse Wires -- Allows you to move large amounts from accounts at another bank to your account at First Hawaiian Bank for immediate credit.

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