Sweep Accounts for Businesses: Get Your Money Moving for Maximum Results
At Bank of Vernon, we understand that every dollar in your business should be working to its full potential. That's why we offer Sweep Accounts—an effortless way to generate extra revenue from your excess funds. With a Sweep Account, your money never sits idle; it's automatically transferred into an interest-bearing account, ensuring that your business capital is always working hard for you.
How Does a Sweep Account Work?
Bank of Vernon has designed our Sweep Account to make money management as easy and efficient as possible. Here's how it works: each day, any excess funds in your primary operating account are automatically transferred into a separate interest-bearing account. Your funds continuously earn interest, maximizing your financial returns without requiring any additional effort on your part.
Key Features of Our Sweep Accounts:
- Minimum Deposit to Open: $5,000: Opening a Sweep Account and benefiting from your excess funds is simple, requiring a minimum deposit of $5,000. This accessibility puts you in control, making it a viable option for businesses of various sizes.
- Monthly Service Charge: $75 on Primary Account: For a modest monthly service charge of $75 on your primary account, you can confidently enjoy the financial advantages of automatic daily transfers into an interest-bearing account. Your excess funds will always be working for you.
- Tailored Solutions for Your Business: Every business is unique, and so are your financial needs. We encourage you to contact us to discuss and choose the Sweep Account option that best suits your business goals and cash flow requirements. We tailor and design our Sweep Account to be flexible and fit your specific needs. Convenient and Comprehensive Banking Services
We support your Sweep Account with a full suite of banking services designed to help you manage your finances with ease:
- Online & Mobile Banking: Access your accounts anytime, anywhere with our robust online and mobile banking platforms. Whether you need to check your balance, make deposits, or transfer funds, our digital services put control at your fingertips.
- Mobile Deposit Capture: Deposit checks quickly and securely from your mobile device, ensuring your funds are working for you without delay.
- 24-Hour X-Press Banking & Night Deposit: Our 24-hour X-Press Banking and night deposit services allow you to manage your account and make deposits around the clock. We designed this accommodation to fit your business's unique hours, giving you peace of mind.
- Wire Transfers & ACH Origination: Handle large transactions efficiently and securely with our wire transfer and ACH origination services, which are ideal for managing payroll, vendor payments, and more.
- Remote Deposit Capture: Streamline your deposit process with Remote Deposit Capture, which allows you to deposit checks from the comfort of your office.
- E-Statements & Bill Pay: Go paperless with E-Statements and manage your bills easily through our Bill Pay service. This will help you stay organized and on top of your financial commitments.
Why Choose a Sweep Account with Bank of Vernon?
A Sweep Account at Bank of Vernon is more than just a way to save—it's a strategic financial tool that maximizes your business's earning potential. By automatically moving your excess funds into an interest-bearing account, you ensure that every dollar works harder for your business. With our comprehensive range of supporting services, managing your finances has never been easier or more effective.
Bank of Vernon is a full-service Community Development Financial Institution with locations in Mississippi and Alabama.