Sweep Accounts
Sweep account transfers can become an important tool to better manage your funds. Contact Us to initiate a transfer strategy for your business needs.
Sweep account transfers are an optional feature for your business accounts. During an account sweep, we can transfer funds from one share to another if certain conditions are met. Funds can automatically be swept into an account that is below a specified minimum, out of a share that is above a specified maximum, or both.
Sweep account transfers allow you to keep your account balances at the designated levels required for your business. You can also use them against lines of credit to act as overdraft protection for your business checking account.
Savings Sweep
ACU Savings Sweeps allow you to set up automatic account sweeps so that your business checking or savings account can maintain a minimum and/or a maximum balance.
Features
- Automatically keep a range of balances in the accounts of your choice
- Easy to initiate
- Low Cost
Benefits
- Keeps your money in the highest yielding accounts
- Can be used as a tool to prevent overdrafts
- Works automatically every night, so you don’t have to
Savings Sweep
ACU Savings Sweeps allow you to set up automatic account sweeps so that your business checking or savings account can maintain a minimum and/or a maximum balance.
Features
- Automatically keep a range of balances in the accounts of your choice
- Easy to initiate
- Low Cost
Benefits
- Keeps your money in the highest yielding accounts
- Can be used as a tool to prevent overdrafts
- Works automatically every night, so you don’t have to
Credit Line Sweep
ACU Credit Line Sweep automatically funds your business checking account from your line of credit and makes payments to that same line of credit with available funds. Shortfalls in your checking account are also automatically covered with funds drawn from the company’s line of credit.
Features
- Fully automated
- Minimizes borrowing and interest expenses
- Transfer available funds to your Business Checking for Overdraft Protection
- Avoid over-funding accounts
Zero Balance Account
ACU Zero Balance Account service is designed for companies that maintain a general operating account and separate accounts for payroll, petty cash or other purposes. With Zero Balance Accounts in place, all of your business funds are concentrated into one operating account. Disbursements are made from subsidiary accounts, which always maintain a zero balance. This account system allows the company increased investment opportunities and reduces administrative expenses.
How It Works
- All funds are deposited into a central operating account
- Subsidiary accounts to handle payroll, petty cash or other similar needs always maintain a zero balance
- Each day, the total for all checks presented against each Zero Balance Account is offset by a debit to the central operating account
- Transfers from the central operating account to the subsidiary Zero Balance Accounts are cross-referenced by account number on the bank statement
- Deposits accidentally made to your Zero Balance Account accounts will be automatically transferred to the main account
Benefits
- Eliminates time spent on manually funding subsidiary accounts
- Eliminates the need to track balance levels and funding requirements
- Saves time and expenses
- Maximizes funds available for investment and minimizes risk of overdraft fees
- Permits easy tracking of transfers and reconciliation through cross-referencing account numbers on statements
- Excess funds in the central operating account can be invested to increase returns and maintain liquidity
