What is a Master account?

June 3, 2017
Customizing Your Master

A Master Account may be the record of monetary rights and responsibilities of a merchant account Holder plus the Administrative Reserve Bank (or just about any other Reserve Bank keeping a Master Account identified in running Circular 1) with regards to each other, where opening, intraday, and closing balances are determined. A Master Account is identified by a Primary nine-digit Routing Transit Number (RTN).

Foreign-related institutions. U.S. limbs and agencies of the same foreign bank and Edge and Agreement Corporations could have one Master account fully for each selection of offices located in the same condition and same Federal Reserve District. However, the U.S. limbs and companies of a foreign bank plus the workplaces of an advantage or contract business can simulate just one Master Account all over the country by-passing needed book balances through just one Correspondent.

In the event your organization keeps the Master Account, you are eligible to establish additional solutions by doing the next kinds in action 7 -Complete Forms/Agreements.

  • Form 1 - Statement of Account
  • Type 2 – related Affiliate Access and Profile for Statement of provider Charges shipping
Source: www.frbservices.org
Share this Post