Sweep Account for Overdraft Protection
Eligibility – Sweep accounts will be limited to customers who are eligible to have NOW accounts. This is to comply with “Regulation D”. Partnerships and corporate accounts for profit are not allowed to have a sweep account.
Type of Sweeps – Transfers will be made from a secondary account to a primary account. Secondary accounts are “Statement Savings” and “MMDA’s”. Primary accounts are “Regular Checking Accounts”, “Regular NOW Accounts”, and “Super NOW Accounts”.
Amount of Sweeps – Sweeps will be made in increments of $100.00 based upon the available balance.
Service Charges –A service charge of $5 for each sweep will be deducted from the primary account on the transfer date.