Business Sweep Accounts
American Commerce Bank can setup a Sweep account for you. There are several scenarios where Sweeps are helpful.
A Sweep can be setup from a savings or money market to cover a checking account for overdraft protection. If the balance in the savings account is sufficient to cover the overdraft, the sweep can be setup to cover the amount needed or sweep in increments for a $5.00 fee.
Or a sweep can be used to move excess funds from an account that earns a lower interest rate to an account earning a higher rate. We just need the targeted balance.
Sweeps can be used to move undisbursed funds from a line of credit to an operating account as needed, and even move excess funds from the operating account back to the line of credit daily to reduce the amount of interest owed on the line of credit.
American Commerce also offers a sweep program to offer FDIC coverage for large balances. Click here for more information on the IntraFi program.