To ensure your line of credit is paid down at regular intervals, credit sweeps are a helpful cash management tool offered by Sunwest Bank. Our credit sweeps transfer idle or excess funds from your deposit account to your credit sweep account.
Sweeping credit cards or personal loans is illegal; however, business credit sweeps on lines of credit are a legal and helpful way to optimize cash utilization. The automated money transfers take effect quickly, usually within a business day.
Primary benefits of credit sweeps include:
Rather than idle cash sitting in low-interest savings or money market accounts, credit sweeps allow those dollars to work harder by making payments on higher-cost debt with Sunwest Bank. This can dramatically improve a business’s cash position.
Discuss enabling automated credit sweeps on your line of credit with your Sunwest Bank business banker. Intelligent use of idle money provides major advantages for your cash flow, interest savings, and financial flexibility. Credit sweep arrangements with Sunwest Bank keep your accounts optimized.
Subject to Sunwest Bank’s Standard Approval and Underwriting Guidelines