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Loan Sweep

Loan Sweep is designed to monitor and automatically sweep excess funds from any designated commercial non-interest bearing checking account, to pay down your line of credit.

At the end of each business day, BankAtlantic conducts an account review and calculates the net cash position. If your line of credit has an outstanding balance, excess funds are applied from your checking account to reduce the principal balance on the line of credit, saving you substantial interest. When your checking account requires funds to cover presentments, it is automatically funded by the line of credit, up to the credit limit. Account activity – including wire transfers and disbursements – is systematically factored into the calculation, ensuring that you only borrow the amount you need without under-funding your checking account.

Loan Sweep Benefits:

Savings

  • Minimizes interest expense by repaying your line of credit as funds become available
  • Receive earnings credits on your target balance to compensate for bank service charges
  • Eliminate the need for controlled disbursement services

Control

  • Eliminates the guesswork of predicting wires, deposits and disbursements
  • Funds are swept at the end of each business day, leaving them fully available for your use during the day

Efficiency

  • Minimizes daily treasury management tasks by eliminating excess time spent working with debt decisions

 

 

Securities and Investment Products are:

• Not a Deposit • Not FDIC Insured • Not Bank Guaranteed • Not Insured by any Federal Government Agency • May Lose Value

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