A Sweep Account is a smart business choice if your checking account balance typically exceeds your daily operating expenses.At the close of each business day, excess cash above a specified balance is automatically transferred into an interest earning account where they stay invested until needed in the checking account. Sweep funds are automatically transferred back into the checking account as needed to maintain the account at the specified balance.
Manage your cash flow with a Business Sweep. Automatically sweep idle collected balances from your Business Checking to a sweep option to earn interest and save money.
A sweep automatically links your checking account to your BOC savings or money market account.
Here’s how Sweep Accounts work:
- You determine a balance threshold.
- You select a savings or money market investment account.
- When end-of-day balances exceed your threshold, Bank of Commerce automatically sweeps excess funds into the investment you have selected.
- Interest is calculated and accrued daily.
- Earned interest is posted to your a BOC savings or money market at month’s end.
Money Market Savings Account SweepOur Money Market Sweep is designed to help improve the productivity of your funds. We calculate the amount of collected funds in your commercial account after we post all credits and debits. We automatically sweep surplus cash above the peg balance into the Money Market Investment Account.
Credit SweepIn a Credit Sweep Account funds above a specified balance are automatically used to pay down your loan balance.