Sweep Services content
Put each day’s excess cash to work by eliminating daily monitoring, forecasting and making manual transfers—saving you time and money.
Did you know ?
Associated Bank’s Sweep Services automatically transfers excess cash from your checking account to an overnight investment or line of credit to pay down debt.
Commercial Paper Sweep
At the end of each business day, funds in your checking account* that exceed a predetermined target balance and are less than your maximum investment amount will automatically transfer into an investment account overnight. The next morning, all principal will sweep back to the checking account and be immediately available to fund transactional activity.
Earned interest remains in the commercial paper investment account and posts to the checking account monthly**. You will receive a monthly statement of your commercial paper account, summarizing that month’s investment activity.
Associated Bank Sweep
The Associated Bank Sweep earns interest at market rates in an interest bearing deposit account, with funds sweeping daily.
Repurchase Agreement Sweep
At the end of each business day, after all transactions have posted to your checking account, funds that exceed a predetermined target balance will automatically transfer into an overnight interest-bearing Repurchase Agreement Sweep. The next business day, the invested principal is returned back to your checking account and will be available for your daily cash flow needs. Interest remains in your investment account to accrue daily and be paid monthly.
Excess cash in commercial checking accounts at the end of day can be used to pay down an outstanding loan. Alternatively, you can draw from a loan to fund transactional activity in the checking account.
A loan sweep can also be used in conjunction with either a Commercial Paper Sweep or a Repurchase Sweep.
Funds Management Sweep
Depending on your cash position, you can either draw on or pay down your credit line, or invest the excess balances.
Investment Accounts: Non-deposit investment products, insurance and securities are NOT deposits or obligations of, insured or guaranteed by Associated Bank, N.A. or any bank or affiliate, are NOT insured by the FDIC or any agency of the United States, and involve INVESTMENT RISK, including POSSIBLE LOSS OF VALUE.
*Amounts remaining in your checking account are deposits of Associated Bank, N.A. and are covered by FDIC deposit insurance up to applicable FDIC limits. The FDIC website at www.fdic.gov allows you to determine your deposit coverage amount. Alternatively, you can call the FDIC directly at 1-877-ASKFDIC (1-877-275-3342) for more information.
**Earned interest in the investment account is not compounded – does not earn interest. At the end of the statement cycle/month, earned interest is swept to the checking account.