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Sweep Accounts

Designed to provide you automated, secure methods to maximize funds.

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Cash Sweep – Your funds will sweep overnight to a Cash Sweep Account earning interest and, if necessary, will be automatically swept back the next day to cover any operational needs. 

Insured Cash Sweep (ICS) – The Insured Cash Sweep offers the same features as the Cash Sweep; however, your sweep balances are fully FDIC-insured up to $100 million through our participation in the IntraFi Network.

Loan Sweep – A Loan Sweep is an automated, efficient movement of funds between your business Line of Credit and your Operating Account to reduce the inconvenience of manual transfers and to maximize interest expense control. 

Zero Balance Sweep – You can reduce idle funds and maximize your investment opportunities with Zero Balance Sweep that  maintains multiple daily operational accounts and consolidates all balances into a master account each night.

 

Insured Cash Sweep (ICS)

If securitization of funds in excess of the $250,000 FDIC limit per Tax ID number is a priority for you, as a member of the IntraFi Network, Morton Community Bank can fully insure deposits up to $100 million per Tax ID number using FDIC insurance.  Morton Community Bank sets the deposit rate based on the term desired and the IntraFi Network utilizes the FDIC insurance of Financial Institutions to provide FDIC insurance coverage.  We rely on local deposits to fund local lending opportunities or projects.  By keeping your funds with a local bank, such as Morton Community Bank, you directly support the expansion of the local economy! 

An ICS account can allow excess cash balances to work in both demand deposit accounts and savings accounts.  This account can help your organization comply with investment policy mandates through a single bank relationship. With ICS, there is no need to track collateral on an ongoing basis.  FDIC insurance is backed by the full faith and credit of the Federal Government.  

Across the United States, depositors choose services created by the IntraFi Network and offered through local financial institutions they know and trust to make their funds work harder by using CDARS and ICS accounts. 

To obtain a competitive interest rate quote or to learn more, please contact a member of the Morton Community Bank Business Services Team or click the link to learn more about the IntraFi Network.

A Business Services Team Member will be glad to analyze your current activity and propose the best account structure to meet your goals as they understand your priorities and objectives. 
Please email us at businessservices@mortonbank.com or call 309-284-1293.