Investments are automatically liquidated from your accounts to cover daily transactions and avoid overdrafts. Money Market Fund Sweep links your checking account to a non-FDIC insured money market mutual fund, Based on the predetermined target account balance, any funds exceeding the target checking account balance are swept into an investment account, once daily transactions have posted.Money Market Deposit and Daily Interest Sweep Account links your checking account to FDIC insured banks products Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option or into money market deposit.Only after your line of credit is paid down and your account balances exceed your pre-determined target balance, will your excess cash be swept to an investment. Once cash has been deposited in your account, the line of credit is automatically paid down to minimize your interest costs. With the Line of Credit Sweep you'll borrow only the amount necessary to prevent an overdraft. Subject to credit approval, you can establish a Line of Credit Sweep that will work in conjunction with certain investment options. Line of Credit Sweep Service is an effective liquidity management solution that can help increase returns on idle cash balances and minimize interest expense on your line of credit.PNC offers a suite of sweep products to fit your needs: Managing your working capital and liquidity needs is an essential part of maximizing your earnings, minimizing your interest expense and avoiding the challenges of moving money to confirm that you have sufficient funds to cover your daily operations.
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