#SWEEP ACCOUNT VERIFICATION#
#SWEEP ACCOUNT DOWNLOAD#

Money is transferred automatically on a daily basis to help ensure that you can cover your business expenses and avoid overdraft fees on your account. Commercial Sweep Accounts take the manpower out of transferring. Transferring money for your main commercial checking account to a commercial savings account on a daily basis can be cumbersome. By putting a little more money into a Commercial Sweep Account, you can maximize your financial return each month. Commercial Sweep Accounts can either earn interest or see a financial return based on the securities’ market performance. Some businesses are still setting their target balance in their main commercial checking accounts at $250,000 since that amount is insured, but commercial checking accounts don’t earn interest. In this unlikely event, the bank’s first step would be to transfer those securities to your business to match your balance, so they’re 100 percent made whole. Since any money in a Commercial Sweep Account is invested in bank-held securities, and is not in your bank account, those funds will be safe if your bank goes under. Now many business owners, especially those with at least $500,000 cash on hand, are turning to Commercial Sweep Accounts, like those offered at Northwest Bank, to keep their funds secure and get their money working for them. When the market crashed, however, a lot of people lost money that was not FDIC insured. If your main commercial checking account ever drops below the target balance, money will be swept from the bank-held securities, back into your checking account.īefore the 2008 financial crisis, Commercial Sweep Accounts were seldom used since many people had faith in the banking system at the time. The bank will then send you daily updates, showing you the balance of all the bank’s securities, matched up with your sweep account balance, so you always know where your money is. How a Commercial Sweep Account WorksĮach day, money will be swept from your business’s main commercial checking account and invested into bank-held securities if the funds are in excess of the account’s target balance, which is set by the bank and the customer. Commercial Sweep Accounts are not FDIC insured, but they allow a bank to collateralize your funds with bank-owned securities. (FDIC) insures and guarantees all bank accounts for up to $250,000, but what happens to those funds if a bank goes under? Any funds in excess of $250,000 would most likely be lost.Ĭommercial Sweep Accounts are a bank product that can help you, as a business owner, protect your funds when your cash on hand exceeds $250,000.

#SWEEP ACCOUNT DOWNLOAD#

Download the account sweeping report in different formats such as pdf, xls, and csv.The Federal Deposit Insurance Corp.Monitor the status of account sweeping transaction and the new balance of the Header account in real-time through PBCOM Business Banking Account Sweeping Inquiry.You will also receive an email notifying you of the successful account sweeping transaction.Your header account is credited and the fund is transferred to the Biller’s account. Once properly verified and authorized, PBCOM process the account sweeping request immediately or on the date defined during creation.

Using any Internet-ready PC, smart phone or tablet, your company’s verifiers and authorizers access PBCOM Business Banking via the internet to review and approve the created account sweeping transaction.

#SWEEP ACCOUNT VERIFICATION#

Approvers will receive an email notification that an account sweeping transaction is for their verification or authorization.Choose processing schedule whether immediate, post-dated or recurring transaction.Select from the drop down list the Account Sweeping participating accounts where funds would be swept or collected.This is the account where funds would be swept/transferred to. Choose Header Account from the drop down list of enrolled accounts.Select Accounts and Liquidity from the extended menu to the right and click Account Sweeping.Upon login, go to Cash Management Services from the Menu.Using any browser, log on to PBCOM Business Banking web site through the internet.Foreign and Domestic Standby Letter of Credit.Export Bills Purchase/Export Packing Credit.

Sweep account