Loan Sweeps from MidCountry Bank

Loan Sweep

Maximize Idle Balances By Moving Excess Funds While cutting Fees

Loan Sweep

Cut fees and interest costs with this unique service that automatically moves funds between your credit line and your primary operating account, and only pay interest on the funds you need for the time period you need them.

Features and Benefits

  • Increases efficiencies
  • Minimizes potential of overdrafts and use of uncollected funds
  • Decreases your interest expense
  • Makes best use of cash
  • Greater liquidity
    • An automatic sweep account provides the opportunity to be fully invested yet have same day access to funds
  • Reduced costs
    • Use excess funds to pay down your line of credit and reduce interest expense
    • Overdraft charges are also reduced through funding your checking account from your line of credit when needed

How it Works

  • Your checking account is linked to your line of credit
  • Each day money is moved between the checking and the Line of Credit to restore the checking account to the target balance

Additional Information

 

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