Subsidiary Accounts definition
Examples of Subsidiary Accounts in a sentence
Bank shall provide to Customer the Zero Balance Account (“ZBA”) service, in which Bank shall initiate automatic transfers of funds from certain accounts designated by Customer (“Subsidiary Accounts”) into a single account designated by Customer to hold funds transferred from one or more Subsidiary Accounts (the “Master Account”) in order to arrive at a specified ending balance (“target” balance) in each Subsidiary Account.
You will maintain deposit accounts consisting of a Concentration Account and one or more Subsidiary Accounts.
You may issue Items drawn on a Subsidiary Account in excess of the balance in such Account, provided, however, that the aggregate amount of all such Items and other authorized debits to all of the Subsidiary Account(s) and Concentration Account(s) do not exceed the available balance in the Concentration Account(s).
We will keep the Subsidiary Accounts open despite the zero balance.
We will follow standard policy for back-up withholding on Subsidiary Accounts as required under certain circumstances.