A sweep account offers you the benefit of earning interest on idle funds in your business checking account. Balances in excess of a target balance (an amount you wish to remain in your checking account) are automatically swept on a nightly basis to/from an interest bearing investment account, or to/from your line of credit. Your funds remain fully accessible to you.
You may choose from a variety of investment funds to best meet your business’s needs. And for companies utilizing line of credit borrowing facilities, our daily sweep account can automatically take excess cash and apply it as a reduction of borrowings to lower your interest costs.
Please note that the investment account:
For questions related to Cash Management, please call Gail Killian, SVP, Cash Management Services at (401) 456-5015, ext 1544, or email gkillian@bankri.com.