FAQs
A Sweep Transfer is an automated service that moves funds between your accounts based on predefined balance thresholds. For example, if your cash account exceeds a high target balance, excess funds are transferred to a higher-yield account. If the balance falls below a low target balance, funds are transferred back to maintain liquidity for daily transactions.
Sweep Transfers offer several benefits:
- They help you maintain a set amount of money in your cash account, ensuring you have sufficient funds to pay bills without overdrawing.
- They allow you to transfer excess funds into an account with a higher return, maximizing your earnings.
- Sign on to online banking.
- Under Messages and Forms, select Secure Forms.
- Review and complete the Sweep Transfer Enrollment/Change Request form.
You can link high-yield savings and investment accounts, such as Money Market accounts or Secondary Savings, to maximize returns on surplus funds.
There are no fees for using Sweep Transfers. You can activate your sweep anytime, customize your settings, and grow your savings without any added costs.
Eligible cash accounts include Dividend Business Checking, Basic Business Checking, Business Savings, Secondary Savings, or Money Market accounts that the business member can access through online banking under the business membership.
Eligible investment accounts include Dividend Business Checking, Basic Business Checking, Business Savings, Secondary Savings, and Money Market accounts.
Eligible investment accounts include Dividend Business Checking, Basic Business Checking, Business Savings, Secondary Savings, and Money Market accounts.
Yes, you can set high and low target balances that align with your business's financial needs, ensuring the service works seamlessly for your specific cash flow requirements.
Sweep Transfers occur based on the frequency you select during setup in online banking (e.g., daily, weekly, monthly, etc.). Transfers are processed overnight on the scheduled day you have chosen.
Yes. Sweep transfers will still be triggered on holidays or weekends. However, they will not post until the end of the next business day, provided the account balance still requires the transfer at that time.
Yes, Sweep Transfers will appear in your online and mobile banking transaction history with the description "ODP / Sweep Transfer." They will also show on your member statements with the same description.
A cash account is the control account for the Sweep Transfer, with only one cash account allowed per sweep family. This account is typically used for day-to-day transactions like deposits and withdrawals and serves as the account that triggers any fund movements.
An investment account refers to any account used to earn higher interest, manage operational funds separately, or minimize risks. A sweep family can include more than one investment account.
When the balance in the cash account exceeds a predefined threshold (the High Target Balance), excess funds are automatically swept into designated investment accounts in a set priority order.
Conversely, when the balance in the cash account falls below a predefined threshold (the Low Target Balance), funds are automatically swept back from the investment account(s) into the cash account to maintain its Low Target Balance.
An investment account refers to any account used to earn higher interest, manage operational funds separately, or minimize risks. A sweep family can include more than one investment account.
When the balance in the cash account exceeds a predefined threshold (the High Target Balance), excess funds are automatically swept into designated investment accounts in a set priority order.
Conversely, when the balance in the cash account falls below a predefined threshold (the Low Target Balance), funds are automatically swept back from the investment account(s) into the cash account to maintain its Low Target Balance.
Sweep Transfers take priority over Overdraft Transfer Protection. For example, if a check exceeds your cash account's available balance, the system will first pull the necessary funds from the investment account(s) in your sweep family. Once those funds are exhausted, the system will then draw from any Overdraft Transfer Protection sources.