Sweep Accounts

 

Sweep Accounts are interest bearing accounts that can be linked to a business checking account. Each Sweep Account customer has the ability to set the amount of money they want to keep in their checking account. Any money above the set amount is stored in the sweep account to earn interest. Money is then "swept" back from the Sweep Account to the checking account to automatically clear debits on the checking account.

Prime Alliance Bank's Sweep Account is called the Prime Management Account. Below are the account specifics.

Prime Management Account:

• Customer must deposit $50.00 to open this account.
• This is an interest bearing account.
• Customer may open this account under the heading of Personal, Business, or Title Company.
• Must be opened with an active Business Checking account.
• Account Fees include:
  • Monthly Maintenance Fee = $50.00 (minimum balance of $10,000 to avoid monthly maintenance fee)  
  • This account charges $2.50 for each charge back item.

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