If your business accounts consistently experience excess cash flow or borrowing needs, you may want to consider setting up Sweep Accounts. This service allows you to automatically move funds between your Home Federal deposit, loan, and interest bearing accounts, making your money work for you.
With sweep accounts you may:
- Manage excess funds automatically
- Reduce interest and service charge expenses
- Save time
Types of Sweep accounts include:
This account type helps you avoid expensive overdraft fees by making automatic transfers from a business checking, savings, or line of credit when needed.
Zero Balance Account
This account type maintains a balance of $0.00 by automatically transferring funds from a master account. The transfer amount is only enough to cover the check(s) presented.
Line of Credit
Maintain a target balance in your business account with daily automatic moving of funds to and from a commercial line of credit.
To learn more, or to apply for a Sweep Account, please contact your local business banking expert.