Examples of Sweep Account in a sentence
Funds in Customer’s Transaction DDA and Investment Sweep Account are deposits insured by the FDIC up to the maximum amount permitted by law for funds held in transaction accounts in the same ownership capacity.
To the extent permitted by applicable law, rule, or other regulation, the Bank may offset and charge against Customer’s Transaction DDA or Investment Sweep Account any liability, obligation, or indebtedness of Customer to the Bank and the amount of any fees owed by Customer to the Bank.
If, upon review of the Transaction DDA, the Bank determines that the balance of collected funds is less than the Target Balance, the Bank shall transfer from the Investment Sweep Account, in minimum increments of one cent ($.01), an amount of funds equal to the difference between the Transaction DDA balance and the Target Balance or the entire balance in Customer’s Investment Sweep Account, whichever is less.
Customer authorizes the Bank to open an Investment Sweep Account for Customer.
If, upon review of the Transaction DDA, the Bank determines that the collected funds in the Transaction DDA exceed the Target Balance, the Bank shall transfer from the Transaction DDA to the Investment Sweep Account, in minimum increments of one cent ($.01), an amount of funds equal to the excess of the Transaction DDA account balance over the Target Balance.