At the close of each business day, Hibernia National Bank's Sweep Account systematically determines the amount of your organization's total deposit balance which is available for investment overnight. No manual intervention is required on your part. All debit transactions such as checks, ACH transactions, and wire transfers are taken into consideration when determining a net position for investment. Minimal monthly expenses incurred to maintain a Sweep Account.
Monthly statements provide a summary of interest earned and daily transaction activity.
Various investment choices are available. You will no longer need to maintain idle balances in anticipation of check clearings. Each sub-account is automatically debited or credited daily, bringing the account balance to zero or a predetermined balance. Excess balances are concentrated in a master account in order to maximize the benefits of your available funds. Maintenance of a target balance ensures that a balance will appear on the Teller Inquiry screen when a check is presented for encashment.