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Checking to Checking Sweeps

Sweeping funds between accounts can save you time and money. Additionally, using a sweep process can remove uncertainty about whether or not you’ll have adequate funds when payments are presented. Deposit sweeps are configured to sweep funds from one deposit account to and from another deposit account.

The secondary account (ex: payroll) may have any target balance configured for it (e.g., $100). At the end of the business day, funds are swept to or from the Operating account to maintain the target balance.

Who should use these services? Businesses requiring multiple operating accounts but not wishing to store excess funds in those accounts. An example might be a business with multiple retail locations that make deposits every day. A deposit sweep arrangement would automatically move the deposited funds to the aggregating destination account.

Checking to Investment Sweeps

Investment sweep accounts automatically monitor your balances and will transfer amounts that exceed a certain level into a higher interest earning investment or money market account.

Who should use this service? Businesses that want to gain additional returns on their unused cash with a minimum amount of personal intervention.

Checking to Loan Sweeps

Loan sweeps transfer funds between a deposit account and a business line of credit. When cash flow is reduced, the line of credit is used to boost funds available to your business. When cash flow improves, the line of credit balance is paid down using the excess funds in the deposit account.

Who should use this service? Businesses that keep little cash in operating accounts and/or prefer to automatically move into a net borrowing position when cash is tight.

For more information on how sweeps can benefit your business, contact:

Carol DiFiglio
Vice President, Operations
630-773-0350 Ext. 420

About Us

Itasca Bank & Trust Co.

Itasca Bank & Trust Co., an independent, locally-owned bank, offers a broad spectrum of deposit accounts, savings products, and loans that are sure to suit your individual and business needs.

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