commercial sweeps & zero balance account
Make your money work for you without spending your valuable time to do so. Peoples State Bank has many different options to automatically sweep cash between your accounts, thus maximizing your earnings potential.
Three Sweep Choices
- Savings/Money Market Sweep
Automatically sweep your excess cash from checking into an interest bearing Savings or Money Market account. You set a target balance for your checking account and any funds in excess of that will be automatically swept at the end of the day. If your checking account falls to zero, funds will be automatically swept to bring the checking back to the target balance.
- Line of Credit Sweep
Automatically sweep your excess cash from your checking account to pay down your line of credit daily. Save on interest expense by keeping the balance of your line as low as possible. When you need fund in your checking account it will automatically sweep back from the line.
- Line of Credit/Money Market Sweep
Many businesses are cyclical and have excess cash part of the year and are borrowing the other part. On a daily basis any excess cash will be used to pay down on your line of credit, if you line is at zero your excess cash will be automatically transferred to an interest bearing money market account. When your checking account needs fund it will automatically transfer in the reverse order.
Zero Balance Account
Let Peoples help you by making the balances in your multiple accounts easier to manage using our Zero Balance Account (ZBA). This account will automatically concentrate the funds from multiple checking accounts into your main account.
- Improved use of your Cash Flow
When excess funds are not needed in your accounts they will be transferred to your main operating account, allowing you to utilize that cash to make short-term investments, pay down loans, or offset service fees.
- No More Idle Dollars
The cash in your payables account will no longer sit idle waiting for checks to be cashed. You can use that money and when a check is cashed Peoples will make a transfer to cover it.
- Easy to Use
Peoples will do all the work for you. Just sit back, relax, and watch your money go to work for you.