With Sweep Accounts, money is automatically swept in and out of your accounts to deliver the best benefit from your deposit accounts. Bankers Trust Sweep Services give you the opportunity to:
- Save time from daily cash positioning
- Use excess balances to earn interest or reduce interest expense
- Prevent checking account overdrafts
What is a Sweep Account?
A sweep account is an account where funds are automatically transferred to another account. It essentially combines two or more accounts and moves funds between them in a predetermined way. These are helpful in managing steady cash flow in a cash account and still ensure investments in a different account are able to earn a high return.
Sweep Account Options
FDIC Insured Cash Sweep
This service helps you manage your cash and gives you peace of mind from knowing your funds are 100% FDIC insured. Bankers Trust has established relationships with nearly 3,000 other financial institutions across the United States to offer FDIC Insured Cash Sweep. Your funds – up to $90 million in combined balances per customer – are automatically broken into insurable amounts and placed with other financial institutions across the network. Bankers Trust manages all fund allocations, saving you the trouble of managing multiple bank relationships.
Money Market Sweep
An automated service that helps your business maximize its interest earnings by automatically sweeping excess funds to our Commercial Money Market Account. Target balances are established to minimize the number of sweep transactions so as to not exceed the six withdraw maximum permitted by federal banking regulations.
Line of Credit Sweep
A service in which collected funds are applied automatically to an outstanding balance on your line of credit and advances only when funds are required.
An automated service that manages your checking account balance by sweeping funds in excess of a pre-determined peg balance into a Repurchase Account. When funds are needed to cover payments, the funds are automatically swept back to the checking account.
* Any additional balance above the predetermined designated sweep point will be transferred automatically to a non-FDIC insured account. These funds are not insured by the FDIC, are not deposits or obligations of Bankers Trust, are not guaranteed by Bankers Trust, and are subject to investment risks, including possible loss of principal investment.