MONEY MARKET SWEEP
Reduce excess balances and increase your return on available funds with Wachovia's Money Market Sweep service. Each day, excess balances – in $1,000 increments – above a target balance are transferred from your commercial checking account to a money market savings account. Earn a money market rate of interest on excess funds without having to meet large investment minimums or sacrifice FDIC insurance.
Money Market Sweep Benefits
- No minimum deposit requirement at opening
- $1,000 minimum sweep investment increments
- Competitive money market rate of interest—plus the security of FDIC insurance
- Interest compounded daily and credited monthly
- Funds swept back into your commercial checking account to pay checks presented and replenish target balance
- Up to six transfers per month from your money market savings account to your commercial checking account, in compliance with federal regulations
- Monthly summary report recaps each day's transfer amount and interest earned for the month
- Stock market volatility avoided
Email This Page
Printer Friendly Version
