Banking and ARC Funding

Detailed explanation of the Banking page

Banking Reports/Documents

• Login to benefitbay and select the "Banking" tab on the left navigation bar under your company's name

• ARC transactions - this report will show all the transactions that carriers have drafted for employee premiums, click here to learn more on how to view/filter this report.

• Master account transactions - this report will show all the transactions related directly to the ARC Account, but not correlated to an employee
  • Most of the time, these transactions are deposits to your account (every once in a while, if the carrier/bank doesn't record an employee return (credit) properly, you could see the return here)

• Missing premium payments - this report will show all the missing payments for the employee(s) of the company. This report is a tool our support utilizes to help monitor premium payments. This report is for viewing information, but no action is needed. 

• Premium funding statements - this document will be provided upon the automatic funding of the ARC Account (for groups that "self-fund" the ARC Account, this report will not be available). The document has our information and your monthly company funding information. This document can be saved/downloaded for your company's financial records. 
• Reconciliation report - this document will provide the summary of the monthly deposits/withdraws from the ARC Account. It also provides a beginning and ending balance each month. This document can be saved/downloaded for your company's financial records.

Funding summary and projection

Current month's funding summary

• Expected premium payments - this is the total premium amount of all employee's coverages for the month
• Posted ARC transactions - these are all the payments that have cleared the bank account for the calendar month 
• Remaining expected payments - this is the calculated total of the "Expected premium payments," "Posted ARC transactions," and the "Pending ARC transactions"
• Posted master account daily balance as of "date" - this amount is the balance of the company's ARC Account and will include both credits and debits
• Pending master account transactions - this amount is any credits/deposits that have not yet "cleared" the bank account (typically moves to the "Posted master account daily balance as of date" the next business day)
• Pending ARC transactions - these are the payments presented by carrier(s) to the bank but have not yet "cleared" the bank account (typically moved to "Posted ARC transactions" the next business day)
• Remaining expected payments - this is the same calculated amount from the top of the funding summary section
• Minimum balance required - this is the required funding to ensure no overdrafts occur on the company's account due to carrier processing errors, new employee hires, or employee-qualifying life events
• Projected month-end balance - this is the calculation amount of the "Posted master account daily balance as of date," "Pending master account transactions," "Remaining expected payments," and the "Minimum balance required"
  
  • The description can change to "Projected shortage without additional funding" and the amount will show as a negative and in red with a shortage. It does not take into account upcoming automatic scheduled deposit transfers. 

Next month's funding projection

• Projected premium payments - this is the total premium amount of all employee's coverages for the month

• Current month's end - this is the total that is carried over from the "Projected month end balance" from the current month's funding summary. The amount will either be added to the calculation (if the amount appears as a negative on the funding summary) or it will be deducted (if the amount appears as a positive on the funding summary). 
  
  
• Projected funding required - this is the total amount that will be drafted when we fund your account