automated sweep services

Superior Bank recognizes the challenges you face in effectively managing your operating cash. Our Automated Sweep Services provide you with a business checking account that automatically invests your excess cash or reduces your line of credit. You can maximize your revenue, enjoy unlimited check writing, earn interest on your business checking account, and/or reduce borrowings without having to juggle balances between accounts. Because these services are automatic, there is no need for you to worry about managing your daily balances. There are no last minute phone calls, no wire transfers, no transaction fees and no penalty fees. You concentrate on your business and we’ll concentrate on your cash management. There are several options which provide flexibility to meet your needs:

Superior Investment Sweep

A business checking account that automatically invests your excess cash in a liquid, interest-bearing account. You can maximize your revenue by putting your idle cash to work. Excess cash is automatically invested at the end of each day, in your FDIC-Insured* Sweep Account. The next day, if you need operating cash, the amount you need will be swept from the investment sweep account back to your checking account. Contact your banker for the most up-to-date rate on our investment sweep.

Credit Line Sweep

Use the excess cash in your operating account to reduce interest expense by paying down your line of credit or draw funds from your line, if needed. All advances and paydowns occur automatically for you.

Net Sweep

Combine Superior’s Money Fund Sweep and the Credit Line Sweep to maximize your investment and interest rate management strategy. At the end of the day, our service determines if your checking account has excess cash to invest or if the account should advance funds from your Line of Credit to cover disbursements.

Zero Balance Sweep

Automatically fund your demand deposit accounts from other checking accounts through a master-sub account arrangement. These structures are ideal for funding payroll accounts from your operating fund. The system moves the money for you, so there’s no remembering to transfer funds before each pay period.