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 so you can offer your customers different kinds of accounts, based on your agreement with us our account products include checking and savings both check writing (withdrawals) and check deposits using {{mdc}} cross river works with lockbox service providers to process paper check deposits checking and savings savings accounts let the account owner withdraw their funds whenever they want with no restrictions or penalties we offer both interest bearing and non interest bearing accounts our offerings include our deposit sweeps feature gives your customers a higher insurance limit certificate of deposit (cd) (cd or time deposit) 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