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Home / Business / Treasury Management / Sweep Services

Sweep Services

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Sweep accounts can help you concentrate funds, maximize earnings on excess checking account balances and minimize overdraft and borrowing fees.

Our Sweep Services can help you more efficiently manage your finances.

Zero Balance Account

To learn more, please email us, call Treasury Management at 866-372-1275 or stop in at any branch.

Concentrate deposits and facilitate fund disbursements with a First State Bank Zero Balance Account (ZBA). This account allows you to operate "sub" accounts and maintain its centralized control of cash in a "master" account.

At the end of each business day, funds are automatically transferred out of ZBAs to your master concentration account, bringing your balances to zero.

FEATURES AND BENEFITS:

  • Centralized disbursements
  • Reduced staff and operating expenses
  • Improved accountability, outlining activity and deposits of different business divisions via "sub" accounts
  • Concentrate funds using ZBAs to create a larger cash pool for debt reduction, investment opportunities and working capital

Business Sweep

The Business Sweep automatically transfers funds between your checking account and a chosen Dreyfus Money Market Mutual Fund1 on a daily basis.

Excess funds over a specified target balance are swept from the checking account and invested.  As funds are needed, invested balances are decreased and funds swept back into the checking account.  This tool allows business customers to earn interest on excess balances in their checking account.

FEATURES AND BENEFITS

  • Choose from Dreyfus Cash Management Plus Inc. (DCAXX) or Dreyfus Tax Exempt Cash Management (DEAXX) and for Public Funds, Dreyfus Government Cash Management (DAGXX)
  • Meet your cash disbursement and cash management obligations which frees you to focus on other areas of your operation
  • Gain maximum use of funds without the need for day-to-day account management
  • Competitive rates
  • Receive a daily confirmation of each transaction and a monthly statement that recaps daily activity

Credit Sweep

 A credit Sweep provides an automated method of managing excess funds with a Line of Credit.

Excess funds over a specified target balance are swept from your checking account to pay down your loan. A loan advance will automatically occur if your checking account balance falls below the established target balance.

FEATURES AND BENEFITS

  • Achieves maximum use of funds
  • Eliminates the need for day-to-day account management
  • Reduces interest owing on the line of credit
  • Minimizes unnecessary borrowing and overdraft fees and covers uncollected funds

Credit approval is required for Credit Sweep customers.

 Rates and Fees:

Zero Balance Account Service
     Master account monthly maintenance fee:  $15
     Sub account monthly maintenance fee:  $15

Business Sweep
     Monthly maintenance fee:  $75

Credit Sweep
     Monthly maintenance fee:  $100

The earnings credit allowance for the Business Checking Account may be used to offset these service charges.

All Sweep Services are available for Business Checking Accounts and Zero Balance and Business Sweep are available for Public Funds Interest Checking Accounts.

 

1 Dreyfus Money Market Funds are: Not a Deposit - Not FDIC Insured - Not Insured by Any Federal Government Agency - Not Bank Guaranteed - May Lose Value