Our Sweep-to-Loan Service will automatically pay down your commercial line of credit using excess available balances from your business checking account. Transferred automatically each business day, funds can also be advanced from your commercial line of credit back to your business checking account when needed to maintain the target balance in that account.
How does it work?
At the close of each business day, our system looks at the balances in your business checking account. If excess available balances reside in your account, they will be automatically applied to your commercial line of credit if you have an outstanding balance on the line. Conversely, if at the close of business, our system looks at the balance in your business checking account and sees that it is below a predetermined target balance, funds will automatically be advanced from your commercial line of credit in an amount sufficient to bring the balance in your business checking account back up to its predetermined target balance.
- Optimizes the use of your operating cash
- Decreases interest expense
- Eliminates the need to phone the bank daily with advance and paydown requests.
Call us at 1.800.205.3464 or email us, and we will be happy to help you get started.