Commercial Savings Bank Sweep Accounts are accounts for commercial customers designed to earn interest on excess funds.
On a daily basis excess funds above a predetermined balance will automatically be swept from your business checking account into the interest-bearing Sweep Account. The Sweep Account is a non-FDIC-insured checking account collateralized by securities pledged by the bank.
You will receive a daily notice providing your balances and information about the security being pledged on your behalf. You will also receive a monthly combined statement for these accounts.
Commercial Savings Bank Sweep Accounts:
- Not FDIC insured.
- Not insured by any government agency.
- Not a deposit of the bank.
- Not guaranteed by the bank.