Keep your idle funds working for you around the clock.
Funds above a predetermined target balance will move automatically between accounts (business account into the Interest-bearing Sweep Account) while maintaining adequate funds for disbursements.
Funds automatically move to or from the Interest-bearing Sweep Account at the end of each business day. Daily notices are provided with balances and information about the security pledged on your behalf. The Sweep Account is a non-FDIC insured checking account collateralized by securities pledged by the bank.
- Available to business customers with a First Southern Bank business checking account
- Keep your money working for you, automatically
- Maintain target balances while maximizing interest earnings
- Backed by U.S. agency securities, making it a very safe investment
- Receive benefits where you need them the most:
- Funds above a predetermined target balance are automatically swept into an interest-bearing investment account
- Principal is automatically transferred back into your checking account the next day
- Funds are swept back over to your checking should you fall short of your balance
Funds above a predetermined target balance will move automatically between accounts (business account and Line of Credit). You can pay down outstanding balances on your Line of Credit or advance from your Line of Credit to your business account.
A zero balance account is an account in which a balance of zero is maintained by moving funds to and from a Master Account, which is an interest-bearing sweep Account. The Master Account provides a centralized place to manage and earn on excess funds. Funds automatically move to or from the Master Account at the end of each business day to offset the net activity in each ZBA.
- Perfect for companies with multiple divisions, stores, or operating units
- More than one ZBA can be linked to the primary account
- Multiple account balances are concentrated into one, centralized account
- Funds are disbursed to individual ZBA accounts only when necessary to cover checks or debits
- Concentrate funds, eliminating idle balances and simplifying account management
- Maintain required balances for disbursements while maximizing excess balances
- Transactions flow through separate accounts for audit purposes while balances are consolidated for funding
- Eliminate the need for manual transfers between bank accounts
- Separate statements for each account