Automated Loan Sweep
Reduce your businesses interest expense by using the idle funds in your checking account to pay down debt.
Opus Bank’s Automated Commercial Loan Sweep is an easy and secure way to automatically move money between your checking account and your line of credit. Idle funds in your deposit account are automatically used to pay down your line of credit balance, reducing your interest expense. Automatic sweeps from your line of credit into your checking account help you avoid overdrafts and associated fees. Simply set a target balance for your checking account and your line of credit will automatically maintain that balance.
More About Automated Commercial Loan Sweep:
- This service is a smart way for businesses with a line of credit to manage their cash.
- Automated Loan Sweep helps you efficiently manage debt and prevent unnecessary interest charges, overdrafts and associated fees.
- Cash management is improved without time or effort by your staff.
- One-Way Sweep allows you to transfer money from your Opus Bank line of credit to your checking account when your balance drops below a predetermined level.
- Two-Way Sweep allows you to transfer money from your Opus Bank line of credit into your checking account when your balance drops below a predetermined level, and also transfer money out of your checking account when it exceeds a predetermined amount in order to pay down any outstanding principal on your Opus Bank line of credit.