Ideal for companies wanting to consolidate balances from several deposit accounts. This allows you the convenience of depositing into one primary account, but disburse funds from other sub-accounts. Each business day, we will automatically sweep funds from the primary account to the sub-accounts bringing their balances back to the target balance.
Goldman Sachs Sweep*
Intended for companies seeking a higher rate of return, the Goldman Sachs Sweep account invests any excess money from your deposit account into Goldman Sachs mutual funds each business day. If your deposit account is below the target, we will automatically deposit funds from the transaction account back into your deposit account.
Line of Credit Sweep
Designed with flexibility in mind, the LOC Sweep manages money between your deposit account and revolving line of credit. When the deposit balance exceeds the target amount, the excess money is used to pay down outstanding loan balances on your revolving line of credit. In the event your deposit account drops below the target amount, funds will be drawn from the line of credit to bring the deposit balance back to the target amount.
For more information contact Customer Service at (816)795-9933.