| BUSINESS SWEEP ACCOUNT "Sweep" refers to automatically transferring money to another account based on balance criteria you determine. Community Bank staff will work with you to establish an appropriate minimum and maximum balance for your general or "core" checking account. - If the available balance of your general or "core" checking account falls below the minimum, money is swept into the account.
- If the available balance of your general or "core" checking account goes above
the maximum, money is swept out of the account.
Use sweeps for payroll accounts, investments, loans, or other administrative accounts such as "petty cash" for better cash management. Benefits for Your Company -
Increased interest earnings from more precise, automated management of cash; company receives the benefit of "float".
- Reduced interest expense when in a borrowing position due to automated management of balances.
- Using standard sweep increments facilitates record keeping and reconciliation.
- Less effort for your staff to manage cash position -- no telephone calls needed.
- Increased productivity.
Contact us to discuss your Business financial needs today! | |
