Manage and connect multiple accounts with our Business Sweep Services. Sweep accounts can transfer extra cash into a dividend account or a commercial loan automatically, with same-day access.
A Draft Sweep moves funds from one share account to another, which allows one account to serve operational needs while the other works as a steady source of funds. You can choose from two different types of Draft Sweeps:
Let’s say your business has more than one location and each one has daily deposits. A Draft Sweep could automatically transfer all deposited funds to your preferred account. So if you need multiple business accounts but don’t want to store excess funds in them, a Draft Sweep might be best for you.
A Loan Sweep transfers funds between a share account and a business commercial loan. When cash flow is reduced, use a line of credit as overdraft protection. When cash flow improves, the commercial loan balance is paid down using the excess funds in the share account. Any target balance amount may be established in the primary share account.
This would work well for businesses that keep only small amounts of cash on hand and want the convenience of automatic transfers to a commercial loan account.
Call our business service center at: (888) 200-7845Commercial Loan Officers