Frequently Asked Questions
Is there a monthly fee for Sweep Account Transfers?
Yes, there is a one-time set up fee for this service.
Do I have to set up Sweep Account Transfers?
Yes, you can request to set up or cancel transfers at any time.
How do I set up or cancel Sweep Account Transfers?
Sweep Account Transfer requests can be sent through Online Banking, by visiting a branch, or by calling us at 800.877.4444.
When does the sweep transfer occur?
Sweep transfers occur at the end of each business day.
What is a Low Balance Account?
The low balance account is the account that you would like to maintain a minimum target balance. They receive transfer in to maintain that amount.
What is a High Balance Account?
The high balance account is the account that you have set to have a maximum amount. Anything above your max amount will get transferred to a different account.
Can I set up the same account for both the low and high balance?
No, you can only set up one account as either a low balance or high balance account.
Can I set up multiple funding sources or recipient accounts?
Yes, you can indicate up to 3 funding sources or recipient accounts.
Do I need a Business Membership to have Sweep Account Transfers?
Yes, Sweep Account Transfers is an exclusive benefit for business accounts.
Which accounts are eligible for Sweep Account Transfers?
Business Savings, Business Checking, and Business Money Market Accounts are all eligible for Sweep Account Transfers.
What is the minimum transfer for Sweep Account Transfers?
The minimum is $100.00.
What is the maximum Sweep Transfer for the day?
The maximum Sweep Transfer for the day is $21MM.
Do I need Sweep Account Transfers if I have Overdraft Protection?
Sweep Account Transfers is different from Overdraft Protection.
Sweep Account Transfers will help you manage your minimum target balance and anything in excess of the high target balance and will process after the close of the business day.
The Overdraft Protection transfer occurs at the time the check or electronic withdrawal hits the account and performs the transfer so the debit doesn’t get returned.