Put your excess funds on auto-pilot with a sweep account
You want the most bang for your business buck, ensuring that your cash is always working for you as hard as your business works for your cash. Our sweep accounts allow business customers to maximize the effectiveness of their excess deposit balances. We have a variety of sweep accounts to choose from—each designed for your unique needs.
This option provides added potential to earn interest with a minimal amount of hands-on intervention on your part. Simply pre-determine your limits, and funds over that amount are swept nightly into an interest bearing account where excess funds will earn interest before being swept back into your linked business checking account the next business day.1
Line of Credit Sweep
This feature gives you the ability to sweep funds automatically between your checking account and commercial Line of Credit, allowing you to cover your account activity (such as overdrafts) or pay down your principal balance. Multiple options are available:
- One-Way Sweep – Funds in the Line are swept to cover shortages or negative balances in the checking account. A small fee is assessed for each occurrence.
- Two-Way Sweep – Funds in the Line are swept to maintain a threshold balance in the checking account. Conversely, excess funds in checking are swept to pay down the principal balance of the line, thus reducing interest charges.
- Three-Way Sweep – Operates as the Two-Way Sweep but adds the option of sweeping excess funds from checking to an Investment Sweep (Repurchase) Account.
Call the Business Banking Department at Wayne Savings today at 330.264.5254 (locally) or TOLL-FREE at 800.804.8479 for more information, or get in touch with us by email.
- The Bank offers this program for its business customers for the investment of the excess funds contained in their business checking accounts by transferring each business day the excess funds from the customers’ business checking account to the “investment account” from which the customer agrees to purchase at face value specific securities issued by the United States Government or an agency of the United States Government in return for the promise of the Bank to repurchase the securities on the following business day at face value with interest as established daily by the Bank. The following business day, the Bank restores the funds to the customers’ business checking account. Interest will be accrued and credited to the account on a monthly basis.
- Fees apply.