Procedures for Making and Reporting Deposits for Bank of America

View Bank of America Deposit Documentation - Procedures for making and reporting deposits

Webinar: How to make Deposits into Bank of America.

SCORE Headquarters has elected to utilize Bank of America for all of its National and Chapter banking needs. Aparent/sub-account banking structure has been established for the National and all SCORE Chapter accounts; the SCORE National account is the parent account, with the Chapter bank accounts being sub-accounts of the SCORE National account.

The Chapter accounts are Depository Plus accounts. These types of accounts function as deposit-only sweep accounts. Funds may only be deposited into these accounts, and the resulting balance is then swept daily to the National parent account. The sweep occurs nightly on an automated basis.