BUSINESS BANKING

Sweep Investment Service

Does your business have excess balances? Would you like to invest them somehow? First American Bank's corporate customers with excess balances now have that option with our Sweep Investment Service. This product attaches to your commercial checking account and works to invest excess balances in one of our investment vehicles.

First American Bank manages a standard Sweep product using Overnight Repurchase agreements. With the REPO Sweep, the bank makes a purchase every night in repurchase agreements on your behalf. Daily notifications are mailed with details of each investment purchase and the bank collateralizes all funds.

How it Works

As checks are presented against your account each day, the bank redeems funds from your REPO account on your behalf. If your account has additional, excess funds, those funds will be invested overnight. All this happens in an automated fashion allowing you to focus on more pressing matters. The automated function enables you to feel confident that your excess balances are working to earn interest, every day. Your statement at month end will detail the interest rate earned and show the interest posted to your account on the last day of the month.