- Business
- Cash Management
- Funds Management
Funds management sweeps are an effective cash management tool where excess funds are automatically transferred to high yield savings accounts, or to pay off existing debt, and then back to the checking account when it is needed.
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- Available to business customers with an open credit line with Minnwest Bank
- Keep your money working for you, automatically
- Receive benefits where you need them the most:
- Designate a target checking balance
- Excess funds are automatically swept into line of credit account to pay down balance
- Funds are swept to your checking should you fall short of your balance
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- Consolidate your balances into one account with same day automatic transfers
- Simplify managing multiple accounts and eliminate manual transfers between accounts
- Automatically fund accounts on an as-needed basis
- Maximize the interest you earn on savings accounts or lower your interest paid on lines of credit
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Certificate of Deposit Account Registry Service® (CDARS)
- Greater security; multi-million dollar FDIC insurance coverage
- Convenience; everything is managed internally by Minnwest Bank:
- One regular statement
- One year-end tax form
- Flexible maturity periods available
- Helps support lending opportunities within your local community
Insured Cash Sweep® (ICS)
- Enjoy increased coverage while also benefiting from increased access to funds and higher returns than other savings options
- Greater security; multi-million dollar FDIC insurance coverage
- Convenience; everything is managed internally by Minnwest Bank:
- One regular statement
- One year-end tax form
- Less administrative burden than other collateralized deposits and repo sweep options
- Full FDIC coverage on amounts up to $50 million
Placement of your funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the applicable Deposit Placement Agreement, you enter with us. Limits apply and customer eligibility criteria may apply. These agreements contain important information and conditions regarding the placement of funds by us.
CDARS and Insured Cash Sweep are registered service marks, and ICS is a service mark, of Promontory Interfinancial Network, LLC.
