Attract and retain more commercial customers!
You can improve cash management processes and help your commercial customers’ money work harder for them with 3rd Party Sweeps. This convenient solution enables business customers to invest excess funds in an FDIC-insured money market deposit account rather than leaving them in off-balance sheet overnight investments.
3rd Party Sweeps™ – On-balance sheet cash management sweep solution
3rd Party Sweeps enables cash deposited in commercial checking accounts that exceeds targeted balances to be automatically swept into FDIC-insured money market accounts. When account balances fall below targeted balances, funds are automatically swept back into checking accounts. 3rd Party Sweeps enables banks to attract and retain lucrative commercial deposits with a highly competitive cash management service that effectively enables interest to be paid on commercial checking accounts. This on-balance sheet cash management sweep solution enables banks to increase fee and interest income and FDIC coverage. This internally managed sweep service enables commercial customers to manage their money more efficiently by eliminating daily manual account transfers, and allows them to earn higher interest rates on excess funds that would normally be swept into off-balance sheet, uninsured securities.
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