First Trust's Money Management Sweep Account connects Business Complete Plus customers with a Money Management Savings Account.
- A target balance is maintained on the business checking account.
- Minimum target balance required for this sweep is $30,000.
- Customers may move funds to a Money Management Savings account with no target balance by using the Transfer function within online banking.
- Excess cash is moved at the end of each day into the savings account.
- Money flows into the money management sweep each day as excess cash is available.
- Checks are paid from the Business Complete checking account until a minimum limit is reached, at which point the checking account is replenished.
- Money Management Sweep is FDIC insured up to the limits allowed.
For more details, contact us for an Account Disclosure.
Federal banking laws limit electronic and telephone transactions on savings and money market accounts. You may make an unlimited number of transfers and withdrawals
per month if made in person, by messenger, or by mail. You may also make 6 pre-authorized, automatic, or telephone transfers including data transmission, ACH and Internet Banking transactions on the savings account.