Sweep Services
Optimize your business’s use of funds and gain maximum interest by automating transfers between accounts.
Sweep services
Increase interest income or save interest expenses.
Sweep Services, offered to all business checking customers, lets your business optimize its use of funds, so you gain maximum interest and/or easily reduce debt. The service automates transfers between accounts. Fees vary based on the type of sweep utilized.
We Offer Three Types of Sweep Services
1.
Zero Balance Sweep Account
A Zero Balance Sweep transfers funds from a primary checking account into other deposit accounts to expedite the collection and retention of funds for various purposes. For example, some customers sweep deposits to fund payroll activities.
2.
Money Market Sweep Account
A Money Market Sweep Account allows excess balances in your checking account to be invested overnight into your money market account to optimize your earnings. When your checking account balance falls below your target balance, funds in the linked money market are automatically moved to your checking account to cover all checks paid and restore the target balance.
3.
Line of Credit Sweep
With a Line of Credit Sweep Account, you can reduce interest costs on your line of credit by using excess checking account deposits, for example, to pay down the amount owed on your revolving line of credit. In addition, this arrangement protects your business from potential balancing headaches. If your regular operating account experiences a shortfall, funds are automatically shifted from your revolving line of credit into your regular operating account without any manual work by you or your staff.
Interested in setting up sweep services?
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