For companies seeking to increase returns on idle cash balances in one seamless customizable cash sweeps program. Royal Banks Business Sweeps Account is a cost-effective, automated cash management tool. The Royal Banks’ Business Sweep account eliminates your need for daily monitoring of checking balances since the investment is automatic.
The Business Sweep Account works within your specific reserve requirements by establishing a target balance for your checking account (Commercial Checking, Business Checking and Organizational Checking).
On a daily basis any balance above the target balance is automatically swept to make the most of the idle collected balances. We’ll pay down your Line of Credit and then invest excess funds into repurchase bonds, saving or earning you money.
Funds will be swept back into your checking account as needed to maintain the target balances and cover any outlay from the account.
Establishing a Business Sweep Account is a Simple Process
- Determine a target balance to keep in your checking account
- At the end of the day, your checking account debits and credits are computed to arrive at your current balance
- Any idle collected balances are swept automatically to pay down your Line of Credit and the excess funds are invested into a repurchase bond
- Funds are automatically swept back into your checking account as needed to maintain your target balance and cover any withdrawals or checks presented for payments
- You are then able to view all the activity through your Cash Management Account