Managing your company's excess cash is made easier with a South Coastal Bank Business Sweep Account. Rather than leaving excess funds in a non-interest bearing checking account, those funds can be automatically swept on a daily basis into your sweep account, earning valuable interest.
Each day the balance in your business checking account is reviewed and if the balance exceeds a pre-determined target balance we'll sweep the excess funds into the multi-tiered, interest bearing sweep account. The sweep account utilizes repurchase agreements (repos), which are short-term obligations of the bank collateralized by U.S. government securities.
To learn more or to open your Business Sweep Account, call us toll-free at 866-446-5500 or visit any of our branch locations.
Funds placed in a Sweep Account are known as repurchase agreements and are secured obligations of the bank. Amounts placed in the Sweep/Repurchase Agreements are not deposits of the bank, are not insured by the FDIC, and are not guaranteed in any way by the United States or any of its agencies.