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Sweeps

Sweeping funds between accounts can save you time and money. They will maximize your cash flow, allowing you to focus on your business.  Additionally, using a sweep process can remove uncertainty about whether or not you’ll have adequate funds when payments are presented.

Deposit Sweep

With this service, you can sweep funds from one account to and from another account. In most cases, the source deposit account serves an operating purpose while the sweep destination account is a more permanent storage of funds. There are two types of deposit sweeps:

Standard Sweep – in this setup, two checking accounts are linked. The primary account may have any target balance. At the end of the business day, funds are swept to or from the attached account to maintain the target balance.

Zero Balance Accounts (ZBA)– this is a Standard Sweep configured with a $0 target balance. At the end of the business day, funds are swept to or from the attached deposit account to maintain the $0 balance.

Who Should Use These Services?

Businesses requiring multiple operating accounts but not wishing to store excess funds in those accounts. An example might be a business with multiple retail locations that make deposits every day. A deposit sweep arrangement would automatically move the deposited funds to the aggregating destination account.

Loan Sweep

Loan sweeps transfer funds between a deposit account and a business line of credit. When cash flow is reduced, the line of credit is used to boost funds available to the business. When cash flow improves, the line of credit balance is paid down using the excess funds in the deposit account. Any target balance may be established in the primary deposit account.

Who Should Use This Service?

Businesses that keep little cash in operating accounts and/or prefer to automatically move into a net borrowing position when cash is tight.

To find out more about our Cash Management Solutions, please call us at 402-434-2265

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