Keep control of your monthly cash flow and minimize service charges by utilizing a Corporate Sweep Account from Peoples Trust & Savings Bank. Choose a target balance and let the account automatically sweep idle collected balances from your business checking account to a sweep option to help earn interest and pay down lines of credit.
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Features of the Corporate Sweep Account:
- Receive interest with no sweep charges.
- Daily Variable Interest Rate.
- Interest accrued daily and paid monthly based on collected ledger balance.
To use a Corporate Sweep Account, it is necessary to establish a Peoples Trust & Savings business checking account.
An analysis of the business account will show the amount needed to effectively serve as the “target balance amount”. This analysis will be done on a monthly basis.
Should the bank account fall below the “target balance amount”, funds will be swept from the Corporate Sweep Account so it is again equal to the “target balance”.
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