Target Balance/Sweep Account
Signature Bank's sweep feature automatically manages your cash to increase your company's income, without the cost or time required for more elaborate cash management procedures.
Our sweep account links your regular business checking account with one of our Fidelity Money Market Mutual Funds in the Monogram Money Market Funds Program. At the end of each business day all available cash in your checking account, above the pre-selected target balance, is automatically swept into the linked money market fund and starts to earn dividends immediately. When your checking account is debited, Signature Bank will pull funds from your money market fund to replenish your checking account to its target balance.