Sweep accounts allow customers to effortlessly transfer money between Checking accounts and their Savings or Money Market Accounts. Sweeps are a free service that Clarkston State Bank offers customers, as long as you do not have more than 6 per month. After 6 there is a $10.00 charge per sweep and/or possible termination of your sweep features to comply with Regulation D.
How It Works
- Customers sets a minimum balance or “Target balance” for the primary account
- Money is swept from the secondary account at night to maintain the Target balance at the primary account as needed
- Money can be swept out of a non-interest bearing account into an interest bearing account
- This allows the customer to maximize their money and earn the most possible interest
- Sweep can also help avoid overdraft fees by sweeping back into the checking account if it is going to be negative