As a business owner, we want you to spend time focusing on your business, not monitoring balances and manually moving funds between accounts. If you have a lot of activity and keep large balances in your checking account, our Commercial Interest Sweep Account can put your money to work for you. It allows you to offset your monthly activity fees with a Commercial Analysis checking account and automatically earns interest on excess balances with an Interest-Bearing Sweep account attached. The Monthly Service Charge for our Commercial Interest Sweep is $50, and this fee can be offset by balances in the Commercial Analysis account.
How do we determine how much stays in the Commercial Analysis account and how much is swept into the Interest-Bearing account?
We’ll review your activity and consult with you to determine how much you want to keep in your Commercial Analysis checking account to offset fees. This agreed upon amount is set as your “target balance” and can be modified as your needs change. When balances exceed or fall below the target balance, funds will automatically move in and out of the Interest-Bearing account to maintain the target balance in the Commercial Analysis account.
Can I make deposits or withdrawals from the Interest-Bearing account?
No, all transactions will flow through your Commercial Analysis account.
What is the interest rate on the Interest-Bearing account?
The interest rate and annual percentage yield are tiered and will depend on the daily balance in the account. At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue on the business day funds are swept into the account. Interest will be compounded daily and credited to the account monthly. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Will I be charged the Monthly Service Charge for Commercial Analysis and the Monthly Service Charge for the Commercial Interest Sweep?
No, the $50 Monthly Service Charge is the only monthly service charge for the Commercial Interest Sweep, and this may be offset by balances. You will not be charged the $15 Monthly Service Charge for the standard Commercial Analysis checking if you select the Commercial Interest Sweep.