Accounts

cross river delivers a number of different options and configurations for bank accounts you use or you offer your own customers bank accounts are a way for individuals and business to store, receive and use funds in various ways for some purposes you or your customers must have a bank account with cross river, for example, to make or receive payments what cross river offers cross river offers several account products our deposit account products include checking and savings a transactional account it is designed for individuals to deposit money into it and take money out of it frequently people usually use checking accounts to keep their money available for paying bills and withdrawing money for regular use money in a checking account may earn interest checking and savings used to set aside money for the future people usually use savings accounts to deposit money they do not expect to need or use on a regular basis certificate of deposit (cd) another type of account consumers can use to set aside money for the future unlike a savings account, you cannot withdraw funds from a cd whenever you like typically, you must keep money in a cd for a certain period of time or you will likely have to pay a penalty or lose some or all of the interest you earned the required period of time could be three months to five years or more in addition, there may be a required minimum deposit cds typically offer a higher rate of interest than regular savings accounts our deposit sweeps feature gives your customers a higher insurance limit deposit sweeps can be used with both checking and savings accounts for benefit of (fbo) accounts an fbo or "for benefit of" account is a special type of bank account that you, as our partner, can set up for the benefit of others these accounts can be for one entity or for many people combined subledgers (virtual accounts) cross river gives you the ability to create subledgers instantly and on demand a subledger can be linked to any existing deposit account, also known as the master account subledgers (sub accounts) let you keep track of daily transactions in your account and to ensure that funds exist where expected and allow for easy end of day reconciliation they are used to receive funds from and send funds to customers without having to expose your master account number the {{product type}} determines the behaviors and configurations of these accounts find out more cos explorer tutorials open an account withdraw cd funds early open a subledger