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(sweep accounts)

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  • Sweep account — A sweep account is an account set up at a bank or other financial institution where the funds are automatically managed between a primary cash account and secondary investment accounts.In banking, sweep accounts are primarily used as a legal… …   Wikipedia

  • sweep account — A deposit account, usually at a bank, that periodically removes a portion of the customer s funds into a higher yielding instrument. Bank sweep accounts are often sold as cash management tools. With a bank sweep account, idle funds are swept each …   Financial and business terms

  • Sweep Account — A bank account that automatically transfers amounts that exceed (or fall short of) a certain level into a higher interest earning investment option at the close of each business day. Commonly, the excess cash is swept into money market funds. In… …   Investment dictionary

  • Sweep account — Account in which the bank takes all of the excess available funds at the close of each business day and invests them for the firm. The New York Times Financial Glossary * * * sweep account UK US noun [C] BANKING, FINANCE ► a bank account that… …   Financial and business terms

  • Sweep investment — A sweep investment, or sweep investment account, is a secondary bank account that offers additional investment options on idle funds in a primary cash or checking account. [cite web| url=http://www.latam.citibank.com/corporate/lattco/english/trans… …   Wikipedia

  • sweep — The act of using all available cash flow for the repayment of debt service. Bloomberg Financial Dictionary Automated transfer of liquidity positions from the securities settlement system ( SSS) to RTGS Cash Accounts at specific moments during the …   Financial and business terms

  • sweep — Automated transfer of liquidity positions from the securities settlement system (SSS) to RTGS Cash Accounts at specific moments during the day. There are two types of sweeps: intra day optional sweeps and an end of day mandatory sweep …   Euroclear glossary

  • Chimney sweep — Chimney sweeper redirects here. For the geometer moth, see Odezia atrata. Chimney sweep in the 1850s A chimney sweep is a worker who clears ash and soot from chimneys. The chimney uses the pressure difference caused by a hot column of gas to… …   Wikipedia

  • Credit Sweep — Also known as an automated credit sweep, this term refers to an arrangement between a bank and a customer (usually a corporation) whereby all idle or excess funds in a deposit account are used to pay down short term borrowing under a line of… …   Investment dictionary

  • end-of-day sweep — An automatic transfer of funds from one bank account held by a company to another of its bank accounts, usually one that pays interest on deposits. The sweep takes place at the end of every day, or at the end of the day when certain conditions… …   Accounting dictionary

  • end-of-day sweep — An automatic transfer of funds from one bank account held by a company to another of its bank accounts, usually one that pays interest on deposits. The sweep takes place at the end of every day, or at the end of the day when certain conditions… …   Big dictionary of business and management

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