A Loan Sweep links an approved loan with a checking account to automatically transfer funds to pay down outstanding balances or move needed funds to the checking account from the loan
- Excess funds in your checking account are swept directly to pay down outstanding loan balances each night. Alternatively, if the deposit account needs funds to cover checks and withdrawals, the system automatically sweeps funds from the credit line (drawdown) to the checking account up to the credit line limit
- Automatically reduces loan balances and associated interest expense
- Meets requirement to revolve balances on a line of credit
- Eliminates overdrafts
Subject to credit approval.