Control balances by accessing only the cash needed for each day's activity. You don't have to leave funds sitting idle while waiting for checks to clear. To segregate transactions and concentrate funds, money is transferred between a single master account and the ZBA's daily for collecting receivables or disbursing such things as payroll, vendor payments, or other expenses. At the end of the day, the ZBA balance is brought back to zero and the excess funds are deposited to the master account. Your excess funds can then be invested.
Line of credit is subject to credit approval.
The Sweep account allows your company to maximize daily financial value of corporate cash flows by providing a fully automated investment service. These repurchase agreement investments, which produce a yield on a daily basis, are collateralized by U. S. government or agency securities but are not covered by FDIC insurance. Provides income exempt from federal income taxes although certain shareholders may be subject to alternative minimum tax. Funds swept into any of the automatic investment choices are not guaranteed by Lake City Bank, are not insured or guaranteed by the FDIC, are not insured or guaranteed by any government entity and do involve risk including the possible loss of principal. Prior to investing in the Money Market Mutual Funds, you should read the prospectus carefully.