At the end of the day, you want to put your excess cash to work earning interest. Far East National Bank has the experience and technology to give you a money management system that works for you 24 hours a day. Choose a target balance to keep in your checking account and tell us where you’d like us to sweep your idle collected balances. You make the decisions and we do the work.
Maximize earnings on your idle funds by automatically sweeping excess funds from your checking account to a designated mutual fund investment when the balance goes above your established target. Funds from mutual fund investments are always available, allowing you to sweep funds back to your checking account as needed. As funds are automatically transferred, you will not need to monitor your account daily.
By using a sweep account, your funds earn interest overnight. Since most business checking accounts pay little or no interest, you want to take advantage of sweep accounts whenever possible. It enables you to transfer funds between accounts on a daily basis – maximizing earnings and minimizing interest expenses. Any excess money in your operating account is automatically deposited into an account in which it will earn a competitive interest rate.
Minimize interest expense by linking your business checking account to a revolving line of credit. At the end of each business day, if the checking account’s balance exceeds the predetermined target balance, funds are transferred to pay down the outstanding balance of the linked line of credit. Conversely, if the checking account’s balance falls below the predetermined target, funds are transferred from the line of credit to cover debits.
*Mutual funds are not FDIC insured, may lose value, and are not bank guaranteed.
To learn more about our automated sweep services, please call (213) 687-1370 or your local Far East National Bank branch.