Sweep Account

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

 

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