Investment* Sweep Service
Let Broadway Bank help you keep excess cash invested at all times.
Broadway’s Investment* Sweep Service can automatically invest your company’s idle balances. Just specify a target balance for your primary deposit account and choose one of three approved investment funds. We do the rest! Based on each day’s account activity, we automatically transfer funds between your primary deposit account and a high quality mutual fund.
How does Investment Sweep work?
- Specify your desired "target" balance for your primary deposit account (DDA).
- Select one of three approved investment funds.
- Broadway links your DDA to the specified fund through our deposit and "Cash Manager" Systems.
- At end-of-posting each day, we automatically make transfers to meet the DDA’s target balance.
- Broadway makes the actual transfer to or from the investment fund the following morning.
- Each month, investment statements are produced and dividends are credited to your checking account.
The benefits of Investment Sweep?
It lets you:
Increase earnings. Keep excess cash invested at all times for maximum return.
Eliminate overdrafts. Have funds automatically swept from your investment fund to checking as needed.
Increase efficiency. The automated sweep system means less staff time spent monitoring, handling and forecasting your daily cash position.
NOT FDIC INSURED • NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT BANK GUARANTEED • MAY LOSE VALUE