Commercial Credit Sweep
An automated commercial sweep account moves funds in excess of an established target balance from your commercial checking account to pay down the commercial line of credit. Only collected funds are swept. If the checking account balance falls below the target balance, funds are swept from the line of credit into the checking account.
- Established between one commercial line of credit and one business checking account.
- Borrowings must be tied to prime or at a fixed rate only.
- Asset Based Lending (ABL) lines are eligible.
- LIBOR priced advances under any type of credit line (including an ABL line) are not eligible for the automated commercial credit sweep product.
- The Commercial Credit Sweep may be combined with the Automated Investment Sweep.