Funds go to work for you in a central asset account

Crain's Chicago Business, May, 1998 by Jepsen, Cara

Non-bank service directs cash to best use CARA JEPSEN Last year, Barretts Inc. President Joseph Barrett decided to open a central asset account - after 30 years of depositing his money in traditional banks. He opted for New York-based Merrill Lynch & Co.'s Capital Management Account, which combines a checking account, money market, credit line and brokerage account, and lets him move funds back and forth among them with a phone call.

'We've been able to reduce our interest expense by having all our capital working for us by reducing our principal. We make money off our balances ...