Account Sweeps
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 (details below)
| Control | Businesses today need fast, flexible ways to manage their cash with 24/7 access. Commercial Cash Management gives you unparalleled control, with balance reporting, multiple disbursement and payment options, and a host of other features to help you optimize your cash flow. | “Commercial Cash Management is a big improvement because it gives us much more control managing our financial position.” |
| Security | You can feel as secure and confident online as you do when you walk in to our lobby. Commercial Cash Management uses advanced Internet security algorithms to guard the privacy of your company’s information and transactions. State-of-the-art permissions control limit access to sensitive information to only designated employees. | “I feel confident of the system’s security and fire walls. And there’s internal security too, because I control what my staff can see and do online.” |
| Convenience | With Commercial Cash Management, you can save time and effort by managing your financial position through the Internet. You can also review and download account information whenever you wish. | “Commercial Cash Management is a very convenient solution for all kinds of disbursements and payments” |