Sweeps
Sweeping funds between accounts can save you time and money. Sweeps maximize your cash flow, allowing you to focus on your business.
Deposit Sweep
With this service, you can sweep funds between accounts to ensure expenses are covered, or to maximize interest gained on deposits. There are two types of deposit sweeps:
Standard Sweep – in this setup, two checking accounts are linked. The primary account may have any target balance. At the end of the business day, funds are swept to or from the attached account to maintain the target balance.
Insured Cash Sweep – Protect your excess funds by placing them in an FDIC-insured account. Access multi-million-dollar FDIC protection. With our participation in the IntraFi network of banks, we can place your excess deposits at multiple financial institutions through a single account at Cornhusker Bank to ensure you are receiving maximum FDIC coverage.
Who Should Use These Services?
Businesses requiring multiple operating accounts but not wishing to store excess funds in those accounts. An example might be a business with multiple retail locations that make deposits every day. A deposit sweep arrangement would automatically move the deposited funds to the aggregating destination account.
Loan Sweep
Loan sweeps transfer funds between a deposit account and a business line of credit. When cash flow is reduced, the line of credit is used to boost funds available to the business. When cash flow improves, the line of credit balance is paid down using the excess funds in the deposit account. Any target balance may be established in the primary deposit account.
Who Should Use This Service?
Businesses that keep little cash in operating accounts and/or prefer to automatically move into a net borrowing position when cash is tight.
To find out more about our Depository Services, please contact Michelle Zlomke, Business Solutions Officer, 402-323-8274, or call our Customer Engagement Center at 402-434-2265.
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