11 Jul MAJOR MANUFACTURING CURRENTLY HAS ONE BANK ACCOUNT LOCATED IN NEWYORK TO HANDLE ALL OF ITS COLLECTIONS.
Major Manufacturing currently has one bank account located in NewYork to handle all of its collections. The firm keeps a compensating balance of $300,000 to pay for these services (see Section 19.7). It is considering opening a bank account with WestCoast National Bank to speed up collections from its many California-based customers. Major estimates that the West Coast account would reduce collection time by 1 day on the$1 million a day of business that it does with its California-based customers. If it opens the account, it can reduce the compensating balance with its New York bank to $200,000 since it will do less business in New York. However, West Coast also will require a compensating balance of $200,000. Should Major open the new account?
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