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If your company has an open line of credit, a loan sweep can reduce the burden of determining your daily cash position. Once all debits and credits have cleared for the day, any cash exceeding a pre-determined amount will transfer from your checking account to your line of credit. From there, if your checking account requires funding, it will be rebalanced with money from your line of credit the next day.
Consolidate balances from multiple accounts into a single master account. Collected funds are transferred daily to or from your master account, bringing secondary accounts to zero or a pre-determined target balance.
Flagstar offers the Dreyfus Cash Management Fund1 as an excellent way to maximize your investment potential while retaining control over your daily liquidity needs. The service transfers or “sweeps” funds in excess of a preset target from your operating account into the money market fund.
Investors should consider the investment objectives, risk, charges, and expenses of any mutual fund carefully before investing. Please call your BNY Mellon Fixed Income representative to obtain a prospectus that contains this and other information about a fund. Read it carefully before investing.
An investment in any money market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any governmental agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in a money market fund. Past performance is no guarantee of future results.