Sweep Accounts
Automatically transfer funds to easily manage daily liquidity and help avoid overdrafts
Email us at treasury.sales@rcu.org or find a Treasury Management Officer
Sweep Accounts For Businesses
Royal Credit Union’s sweep services can automatically transfer funds from one account to another at the end of each day based on your organization’s set thresholds. Using Royal’s sweep services may help your organization reduce the time and cost associated with monitoring daily liquidity and reduce the potential for overdrafts. Sweep accounts may also limit operating account balances, which can provide added security for your organization. Royal offers four types of sweep accounts.
Deposit Investment Sweep
Maximize return on deposits by automatically investing idle funds. Primary account funds in excess of your chosen target balance are automatically transferred to a money market account at the end of each day. Money market funds can also be automatically transferred back to the primary account to maintain the chosen target balance.
Line Of Credit Sweep
Automatically move money between a deposit account and a line of credit. Primary account funds in excess of your chosen target balance are automatically transferred to a line of credit account at the end of each day. Line of credit funds can also be automatically advanced back to the primary account to maintain the chosen target balance.
Zero Balance Account (ZBA) Sweep
For organizations using a variety of specialized operations accounts (such as separate wire, payroll, and merchant accounts), these accounts can be set up as zero balance accounts (ZBAs). At the end of each day, any remaining funds in ZBAs are transferred to a primary account that acts as a holding pool for the organization’s funds. ZBAs allow control over fund disbursement and eliminate excess balances in several separate accounts. Zero balance account sweeps also provide additional security against account number exposure by minimizing operating account balances.
Target Balance Sweep
A target balance sweep optimizes your organization’s use of operating cash. Funds are automatically transferred between different accounts based on predefined target balances. This allows control over fund disbursement and eliminates excess balances in several separate accounts. Target balance sweeps also provide additional security against account number exposure by minimizing operating account balances.
Your organization will be assessed a $25 per month charge for any number of sweep accounts.
For more information, email us at treasury.sales@rcu.org or find a Treasury Management Officer
