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Banking offers many options for your business needs. One such offer is a zero balance account, which offers businesses an effective way to optimize cash management, improve liquidity, reduce borrowing costs and streamline financial operations. Here's a breakdown of the advantages and disadvantages. A financial advisor can help you create a financial plan for your […] The post What Is a Zero Balance Account? appeared first on SmartReads by SmartAsset.

The New York Federal Reserve was sued on Tuesday by a Puerto Rican bank that said its access to the U.S. central banking system could be improperly cut off following a federal crackdown on banks with links to Venezuela. Banco San Juan Internacional (BSJI) said in a complaint in Manhattan federal court that the Fed's New York branch informed the bank earlier this year that its "master account" - which lets banks access the Fed's electronic payment systems - would be terminated due to concerns about its compliance with U.S. sanctions and anti-money laundering rules.

Long pointed to public documents showing Adyen, a FedNow early adopter, got a federal master account in July 2020—a year before it had a U.S. branch.

Sen. Jon Tester’s support of Sarah Bloom Raskin points to a strong likelihood that the full Senate will confirm Raskin as Fed vice chair for supervision.