“Sweep” Funds From Operating Accounts into a Designated Master Account
With Landmark National Bank’s business sweep services, you can consolidate funds into one master checking account while maintaining multiple disbursement or receivable accounts. When enrolled in our “sweeping” services, we will automatically move funds between your business checking accounts at the close of each day, resulting in your disbursement or receivable accounts maintaining a designated balance while excess funds are concentrated into your master account.
How Business Sweep Accounts Work
When checks are presented for payment, transfers are made automatically from your master account into your disbursement or receivable accounts to cover these payments. At the close of each day, however, designated funds in your disbursement or receivable accounts will be transferred back into your master account. This allows your business to keep items like payroll and accounts payable transactions separate while still utilizing the funds in your master checking account.
Zero Balance and Target Balance Sweep Accounts
When you sign up for our business sweep services, you can choose to set up Zero Balance Accounts (checking accounts that maintain a balance of zero) or Target Balance Accounts (checking accounts that maintain a designated balance) at the end of each day.
Loan Sweep Accounts
With Landmark National Bank’s E-Z Sweep, you can automatically transfer designated or excess funds from your master checking account to pay down your line of credit—helping you save on interest.
Streamline Your Finances with Business Sweep Services at Landmark
Ready to discover how our business sweep services can help streamline your business’s transactions or save interest on lines of credit? Contact one of our business banking experts today. Additionally, feel free to stop by your local Landmark National Bank branch during office hours to meet with your local business banking team.