Sweep Account Services

Sweep Account Services manage your daily cash position accurately and reliably, allowing you to make productive use of your time and money


OPTIONS

  • Commercial Money Market Sweep1
  • Line of Credit Sweep2
  • Premium Yield Sweep3
  • Repurchase Agreement Sweep1

BENEFITS

  • Maximizes investment income
  • Reduces borrowing expenses
  • Reduces overdrafts and service charges
  • Keeps your money working at all times with automatic movement of funds
  • Monitors account activity more efficiently

HOW IT WORKS

Commercial Money Market Sweep
Commercial Money Market Sweep earns a competitive return on excess funds.

  • All funds are deposited into a commercial checking account and excess funds are invested automatically in a Commercial Money Market Account.
  • Balances in the Commercial Money Market Account earn interest at a competitive rate based on current market conditions.
  • Funds are swept automatically to reduce overdrafts and service charges.

Line of Credit Sweep
Line of Credit Sweep controls your borrowing expenses by attaching a line of credit to a commercial checking account.

  • A target balance is set for your checking account.
  • The sweep replenishes your business checking account or pays down your line of credit based on this target balance.
  • Transactions can be monitored through Business Internet Banking4, statements, or imaging.

Premium Yield Sweep
Premium Yield Sweep earns competitive yields with interest compounded daily.

  • All funds are deposited into a commercial checking account.
  • A $100,000 minimum balance is required with sweep increments of $1,000.
  • Excess collected funds will be invested nightly.
  • These investments are re-deposited the following business day into the business accounts with interest.
  • Interest is paid daily and will be credited to a specified account.

Repurchase Agreement Sweep
Repurchase Agreement Sweep earns competitive yields, compounded daily, and helps you maintain liquidity in your checking account.

  • All funds are deposited into a commercial checking account and excess funds are invested automatically in Commercial Money Market account.
  • Balances in the Commercial Money Market account earn interest at a competitive rate based on current market conditions.
  • Funds are swept automatically to reduce overdraft and service charges.

 


1) Account Transaction Limitations for Money Market Accounts — Money Market Accounts may have no more than six (6) debit transactions per month or monthly statement cycle. A debit transaction is a check, debit/check card transaction, transfer, or pre-authorized transfer, including those made by phone or modem. Unlimited transactions are permitted if made by the customer in person, by mail, through an ATM or by phone if the check is mailed to the customer. If an account continually exceeds the allowed debit transactions, we may convert it to a checking account.
2) Subject to credit approval.
3) This product is FDIC insured. The standard insurance is $250,000 per depositor. Visit wwww.fdic.gov for more information.
4) Fees apply.