Each business night, excess funds in Commercial Checking are swept into the core account. The sweep amount is based on a predetermined target balance. Interest is paid at a variable rate based on the federal government's Overnight Repurchase Agreement Index. This is a family of seven money market mutual funds, managed by SEI Investments, that business customers can use for investment. Collected funds are swept into the business's chosen fund, but unlike the Corporate Sweep account, funds remain in the money market mutual fund until needed to cover payments.
Dividends accrue daily and are paid during the first week of the following month.
A business provides Sovereign Bank New England an electronic issue file. As checks are presented, the bank compares them to the file by check number and amount. Without such notice, items are paid as presented. With PC Cashe, your domestic wires receive a discounted charge. Vault Services Order currency and coin through your Sovereign community banking office or directly from the Cash Vault Room.