Money Market Account Review
When a business closes its doors at the end of the business day, it doesn't have to stop earning money. Sweep accounts are arranged with a financial institution to move excess cash from a checking account into an investment account at the end of the business day.
The money earns interest overnight, and the business gets the benefit of earnings on funds that are otherwise just sitting in a bank account. If a business has timing differences between the time it receives funds and the time it needs to use the bulk of those funds to pay its obligations, a sweep account can earn money for the business without hurting liquidity.
How a Sweep Account Functions
Federal banking regulations prohibit interest payments on corporate checking accounts. In order to earn interest on excess funds, it's necessary for a business to have two accounts, a normal business checking account and an investment account. The bank and the business customer will work together to establish a target balance, a cash level which is the minimum amount the business wants to maintain in the checking account.
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