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Cash Management Sweep Account From FNCB

Many businesses want to maximize the earnings potential on their Demand Deposit Account (DDA) funds. The best way to do this is by utilizing FNCB’s Cash Management Sweep Account.

This account consists of three main components:

Concentration account — All of your business funds from your various accounts are consolidated into this account at the end of each business day. It is maintained at a target balance you specify.

Sub-accounts — These accounts are set up by your company to segregate different types of transaction activity. They are maintained at a target balance you specify. At the end of each business day, funds in excess of the target balance are “swept” into the Concentration account.

Investment account — At the end of each business day, all funds in excess of the target balance in your Concentration account are “swept” into an FNCB money market account or mutual fund.

In addition, the Concentration account can be tied to a commercial loan or line of credit. If there aren’t sufficient funds in the sweep account to settle the day’s activity, money will be transferred in from the loan or line of credit to cover settlement.

Note that all Cash Management Sweep Accounts must include the Concentration account and at least one of the following account types: sub-accounts, investment account, or line of credit/commercial loan.

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