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Sweep Accounts

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

Benefit

  • 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