The Sweeps function provides the ability to set up automated sweeps on accounts, to keep their balances within certain limits. When a limit is reached, the system transfers money between the specified accounts (just enough to bring the monitored account back to the threshold amount) and sends an email message to indicate the activity.
Note: If the available balance of the account to adjust is not sufficient to support the entire amount of the transfer, the system will determine the available balance of that account and transfer that amount to the account to check.
The Sweeps function operates by running an automated program up to five times a day. The FI can define the times the sweeps will occur. If no sweeps are defined by the FI, the default times are 4:00am and 12:00pm. The program checks all account balances against the sweep definitions and the Business Banking system then initiates transfers as needed. (The balance-checking program is the same one used for Balance Alerts.)
To display the Sweep screen:
· Click Sweeps option on the Administration menu. The Sweeps screen appears.
The Current Sweep(s) section shows all sweeps currently in effect. You can add new sweep definitions, edit the existing definitions or delete definitions.
Note: Be careful when defining "Rises Above" sweeps! It is possible to create a recurring loop if an account’s balance is right around the threshold amount. If the account receives interest payments or other additions daily, it may exceed the threshold daily and be swept daily as well. Such activity is not beneficial and may require administrative attention.