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Business and Farm Banking » Checking and Savings
Commercial Sweep Account
Want a simple, automatic way for you to save valuable time managing your company's cash position while earning higher returns on your daily operating cash?
Sweep services will automatically invest excess funds from your business checking account into sweep/repurchase agreements -- fully collateralized by government securities. Why? So you earn a higher return on your daily operating cash.
Here's How it Works
This sweep service links two accounts: a business checking account and an interest-bearing sweep account.
When you enroll in sweep services, you continue to write checks against and make deposits to your business checking account just like you always have. Each day, after daily transaction obligations are met, any funds that remain in the checking account that exceed a predetermined "target balance" will be automatically transferred into your sweep account.
It also works in reverse. If daily obligations exceed the amount of deposits, funds will automatically be swept back to your business checking account to cover the checks presented and to return the account to the "target balance."
You'll receive email confirmation daily specifying the details of the transaction as well as a combined monthly statement detailing the transactions of both accounts.
The Specifics
At Bank Midwest the sweep account is based on a tiered balance structure, which means the larger the balance you maintain, the higher the rate of interest.
Funds will be transferred between accounts in $1,000 increments and interest will be paid on the sweep account according to the various daily balance levels and will be credited to the account after each statement cycle.
Interest rates on the sweep account are determined by the bank and are subject to change on a daily basis.
Sweep/repurchase agreements are secured obligations of the bank. Any amounts placed in Sweep/Repurchase Agreements are not deposits of the bank, are not insured by the FDIC, and are not guaranteed in any way by the United States or any of its agencies.
To Open a Sweep Account
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In IOWA and MINNESOTA