Protect Your Large Deposits with Bank Sweep Manager®
We offer the best protection in the industry with Bank Sweep Manager.
With a Bank Sweep Manager account, you establish a “target” balance for your deposit account, generally equal to the FDIC insurance limit. You continue to use your deposit account as you always have. At the end of each business day, any funds above your target amount are automatically transferred (or swept), into your Bank Sweep Manager account. Using an Overnight Repurchase Agreement, Government Securities, held by an independent custodian, are pledged as collateral for the entire Bank Sweep Manager account balance.
If the total amount of withdrawals and checks presented for payment exceeds the amount of deposits, funds are automatically “swept” from your Bank Sweep Manager account back into your deposit account, returning your deposit account to your target balance. Each day you receive a statement itemizing your sweep account balance, the amount of interest paid, and the collateral assigned.
Advantages of using Bank Sweep Manager:
- Completely automated – no need for you to worry about making transfers between accounts or between different banks.
- Preserve the liquidity of your deposits.
- Your money, and your account information, remains where you put it – in our bank, fully protected and available when you need it.