Through this service, excess balances are automatically applied to your Line of Credit
each business night. A target balance feature is offered that allows you to maintain a predetermined target balance within your account.
It also provides automatic funding from your Line of Credit to your checking account to prevent overdrafts and associated fees, and relieve your staff of the day-to-day details of debt and investment management.
No time or effort is required on your part, since the investment or borrowing is made automatically. All you need is a Line of Credit with Sovereign.
For convenience, a Loan Sweep service may be combined with Automated Repo Sweep
or Automated Eurodollar Sweep