A Business Sweep account can be a smart business choice if your checking account balance typically exceeds your daily operating expenses. At the close of each business day, excess cash above a specified amount in your checking account is automatically transferred to an interest-bearing account. If your checking account falls beneath a specified minimum, funds are transferred back into the account. Sweep accounts:
- Are an easy way to set up automatic savings.
- Allow you build reserves that can be accessed quickly.
- Increase your returns on idle cash balances - putting your money to work for you.
To determine if a Sweep Account is right for your business, contact a Treasury Management Team Member today.