- Provides automatic transfer of excess cash into a money market fund offered through Federated Financial Services. The swept funds are not deposits of the bank and are not guaranteed by the bank.
- Swept funds are not FDIC insured
- Funds in excess of minimum balance swept in $1,000 increments to money market fund
- Access to cash is automatic - balances returned to checking account to cover checks presented for payment
- No overdraft fees assessed
- Dividends (interest) declared daily and paid monthly with automatic reinvestment feature
- Monthly fee of $15 and additional $10 fee if balance falls below target
- Subject to investment risk and may lose value, including possible loss of principal investment