Incredibly convenient to use, Union Bank's Sweep Account is a way to make sure your end-of-day balances continue to work for your business. Choose from an Investment Sweep Account or a Commercial Loan Sweep Account.
Investment Sweep Account features:
- All funds in excess of zero (or a pre-established target balance) at the end of each day are automatically swept into an investment vehicle
- All funds remain available to cover disbursements
- Available as a Deposit Sweep or Repurchase Agreement.
Commercial Loan Sweep Account features:
- Once a line of credit is established, any funds needed to bring the account to zero (or a pre-established target balance) at the end of each day are automatically deposited from your line of credit
- As excess funds are deposited to the account, they are automatically used to pay down the line of credit
- This maximizes the use of funds by minimizing interest expense, preventing overdrafts and eliminating anticipatory funding of disbursement accounts