11/22/2023 0 Comments Interest sweep bank accounts![]() A statement of sweep activity is included with your checking account statement. MMDA Sweep helps enhance your earning power on idle cash balances while facilitating instant liquidity. As transactions are posted and your checking account balance falls beneath your specified target balance, funds are swept from the money market deposit account back into your checking account. On a daily basis, balances above your pre-determined target balance are swept into your money market deposit account. You can manage daily liquidity and enjoy immediate access to investment balances.Įstablish a target balance in your checking account. PNC Bank's MMDA Sweep is an automated cash management tool that can help you make the most of your idle cash. MMDA Sweep automatically links your checking account to an FDIC-insured PNC money market deposit account. Help increase your returns on idle cash balances and make your money work for you Sweep funds are automatically transferred back into the checking account as needed to maintain the account at the specified balance. At the close of each business day, excess cash above a specified balance is automatically transferred, into an interest earning account where they stay invested until needed in the checking account. A MMDA Sweep account can be a smart business choice if your checking account balance typically significantly exceeds your daily operating expenses.
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