New England Bank's BUSINESS SWEEP account is available for any business customer
who maintains large collected balances in a checking account. It provides a way
for idle funds to be put to work earning a market rate of interest.
This
account features:
- Automatic
"Sweep" of excess funds from your checking account to your sweep account
in order to maximize earnings for your business.
- Funds
are transferred to and from your designated checking account nightly based on
a predetermined "target" checking account balance.
- Access
to your account 24 hours a day, 7 days a week through Internet
Banking or toll-free Telephone Banking.
- Interest is compounded daily and posted monthly.
- Bankcard service integration, transaction reporting, monthly credit card processing merchant statements from UBC Bankcard.
- A
$50 maintenance fee will be charged to the sweep account.
- BALANCES
IN THE SWEEP ACCOUNT ARE NOT FDIC INSURED BUT ARE BACKED BY SECURITIES HELD AND
SET ASIDE SPECIFICALLY FOR SWEEP ACCOUNT BALANCES.
Come
in and open your BUSINESS SWEEP account at any
one of our conveniently located branch offices.
At New England Bank, we're "All
the bank you'll ever need."
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