COMMERCIAL SWEEP ACCOUNT
Make the most of your deposits by using the revenue building power of our Commercial Sweep Account, which automatically sweeps excess checking balances into a high earning money market account. Excess funds are pre-determined amounts higher than the balance needed to cover average transactional needs. When your checking account drops below this required balance, cash from the money market account is automatically swept back into your account to fulfill the balance requirement. Commercial Sweep Accounts may only be used by bank customers with a Classic Business Checking account. The minimum sweep amount is $150,000.00.
| Establishing a Commercial Sweep Account: |
- We’ll assist you in establishing a target balance requirement for your checking account, based on your average transactional needs. This is done with an analysis of your past account history.
- Once enacted, excess account balances will automatically be swept into an FDIC-insured, Woodsboro Bank money market account each day at the same hour.
- Money will be swept back into your checking account should your balance fall below the calculated target.
|
| Benefits: |
- Needed transactional funds remain liquid while excess funds earn a money market interest rate of return.
- Because the Sweep Account is automated, you won’t have to concern yourself with transferring funds to higher earning account.
- Earnings are reported in your business checking account statement.
|
| Fees: |
| The $50.00 monthly fee for this service can be offset by the customer’s earnings credit. Our staff can outline potential fees based on an analysis of your existing checking account prior to enrollment in this program. |
For more information, contact any branch manager.
*The following is a general overview of Woodsboro Bank products.
All new accounts are verified through ChexSystems. VISA® Credit
Cards and Overdraft Protection require credit approval. Consult
a branch manager for complete details associated with any of
our products or programs.
|
