Automated Sweep Service

An automated sweep is simply another term for an automatic transfer. Under this arrangement, funds are automatically transferred, or swept, from one account to another. Peoples First uses this product to offer our commercial customers an easy method to maximize their interest income without the inconvenience of establishing several Certificates of Deposit.

How Does this Work?

By linking either a Commercial, Sole Proprietor, or Non-Profit Checking account with one of our Business Resource Management accounts, idle funds may be automatically transferred either to your Business Resource Management Account, or to automatically repay indebtedness on your Business Advantage Line of Credit.

Are There any Restrictions?

The Business Management Account contains certain restrictions with regard to the number of transfers made out of the account. However, there are no restrictions on the number of deposits made into the account. Therefore, we work closely with the business owner to ensure that the funds transferred are not needed for daily operations. We typically suggest maintaining approximately 2-3 weeks worth of operating expenses in a primary checking account, then allowing the remainder to transfer. Once established, we will periodically review the activity to determine if the transfer threshold should be modified.

There are no restrictions on the repayment of your Business Advantage Line of Credit.

Therefore, every account holder is entitled to receive maximum benefits from their deposited funds. Excess idle funds may be either swept into their Business Resource Management Account to maximize interest income, or to their Business Advantage line of Credit in order to minimize interest expense.

I'm Interested, How do I Begin?

As with essentially all of our business products, the first step is contacting your nearest banking center. They will meet with you to discuss this product and the potential benefits.