Sweep Service Agreement
a tax per check deposited), but the bank calculates these fees based on the company`s account balances in a process known as account analysis. A swiping account combines two or more accounts at a bank or financial institution and moves funds between them in a predefined manner. Sweep accounts are useful for managing a constant cash flow between a cash account used for expected payments and an investment account where money can get a higher return. A sweep account is a bank or brokerage account that, at the end of each business day, automatically transfers amounts above or below a certain level into a higher-paying investment option. As a rule, excess cash is swept into an MMF. Eurodollar sweeps are legal transfers of money to the bank`s offshore units, while they are essentially just an accounting technique that allows banks to lend the funds in full without the required reserve requirements and without having to pay for FDIC insurance (the sweep is not insured). . . .