Commercial Sweep accounts are designed for high balance and high volume commercial checking accounts and allow the owner to receive interest on excess collected balances. Functionally, cash balances in a business’s commercial checking account sweep into and out of the Commercial Sweep account based on targets established by the bank.
M&M Bank’s Commercial Sweep Account operates by establishing a target balance for your checking account. On a daily basis, collected balances above that target are automatically swept into your repurchase agreement investment. Funds are swept out of theCommercial Sweep account to maintain the required balance if the account falls below the target.
Earnings are credited to your account daily.
Ask your business banker for more information.