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Repurchase Agreement Sweep

Eliminate time-consuming responsibilities of managing Checking and Investment funds!

What is a Repurchase Agreement Sweep?

Repurchase Agreement Sweeps are sales of securities with the agreement that the securities will be repurchased at a specified rate of interest at a stated time. U.S. Government or Agency Securities collateralizes Repurchase Agreements, with a market value at least equal to the amount invested. Interest rates are indexed to the targeted Fed Funds rate. 1

How it works:

North Shore Bank's Repurchase Agreement Sweep operates by establishing a target balance for your checking account. On a daily basis, balances above that target are automatically swept into your repurchase agreement investment.

If daily disbursements exceed the target balance in your checking account, funds are automatically moved to your checking account.

Earnings are credited to your business checking account each month.

How your Company benefits.

  • Fully automated sweep eliminates missed investment opportunities.
  • Eliminates the time-consuming responsibilities of managing and timing transfers of idle cash between your checking account and investment products.
  • Excess checking account balances work for you, earning interest, instead of sitting idle in your checking account.

Additional benefits:

  • Keep your companyís cash working for you with our Line of Sweep services.
  • Make cash management even easier by paying bills and collecting funds electronically with ACH Origination.
  • North Shore Bank offers Paycheck Plus™ Payroll Card that allows employers to pay employees with direct deposit, even if they do not have a bank account.
  • Enjoy all the advantages of a North Shore Bank's Business Credit Card. Apply online or call 1-800-892-3263 any day between 7:00am and 11:00pm CST and reference priority code FRL9.

What More Should I Know?

  • 1 Repurchase Agreements are not deposits and are not FDIC insured.
 

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