Sweep Accounts
My Cash Sweep Account
As a business owner, it is important for your business to maximize returns on idle checking account balances. Generic Bank understands the importance of helping our customers achieve their financial objectives and goals, as well as delivering innovative solutions to help maximize earnings potential. It is an automatic investment solution, offered through Reserve Management Corporation, that allows you to earn a competitive yield on your excess business checking account balance that would otherwise be sitting idle. The sweep account uniquely combines a business checking account with the ease of investing excess cash in an interest-bearing sweep account.
Features:
Excess cash in your checking account over the designated target balance is invested or “swept” into a money market deposit account at Generic Bank, held by The Reserve. If your checking account balance falls below the target balance, funds will be swept back from the sweep account into the checking account. This sweep process allows you access to your cash at any time.
Overnight Investment Sweep
This is an essential automated funds management tool designed to improve the productivity of your municipal's cash. This program invests your excess funds for you on a daily basis earning a competitive rate. Providing your business the benefit of:
- Convenience
- Enhanced Control
- Increased Cash Productivity
- Cost Savings
If, at any time, you have questions regarding our products or services, please feel free to call our Customer Service Center at 1-888-XXX-XXXX, email us or stop by any of our convenient locations.
