SWEEP ACCOUNTS

Sweep products are designed to improved day to day cash management by putting your idle available funds to work by investing, reducing interest expense, or paying down debt.

The sweep works by automatically managing and maintaining balance requirements in your business checking account. After daily transaction obligations are met, available funds are automatically transferred into the investment or payment account that has been designated.

You determine the target balance and let the sweep automatically calculate and transfer funds for you.  

Sweep products available:

• Goldman Sachs investments (prospectus available)
• Repurchase Agreement (REPOS): an alternative investment opportunity that is fully collateralized by the Bank.
• Zero Balance Sweep: a business checking account that is tied to another business checking account and is used specifically to track transactions and automates daily funding.
• Loan Sweeps: We offer two types of loan sweeps to meet the needs of our business client. Both are subject to credit approval.
  • 2-way Loan Sweep. This solution is for businesses that have a continuous balance on a revolving line of credit. Excess funds in a business checking account are applied daily to the line of credit to reduce interest expense. On days when there is a deficiency, an advance on the line of credit will be made. This arrangement keeps the amount borrowed at the lowest possible level.
  • 1-way Loan Sweep. This solution is for businesses that occasionally draw on a line of credit to cover cash flow needs. Advances are made in pre-determined increments to cover deficiencies in a business checking account. A notice of advance is sent, allowing the business to initiate principal payments as their cash flow allows.

To learn more on how this product may benefit your company’s performance, E-mail us here or contact us at Cash Management Sales.

Home