First National Bank of the Gulf Coast’s IntraSweep Account is designed for all commercial accounts, including corporations, small businesses and nonprofit organizations. The account offers competitive money market rates and added measure security with FDIC insurance up to $250,000.00 for each depositor.
The sweep services use an end-of-day process to precisely calculate your daily cash position. If the investable balance exceeds any predetermined target balance, the funds from the checking account are automatically transferred into an investment account. Likewise, if funds are needed to cover checks or other disbursements, a transfer is automatically made from the investment account into the checking account. All funds are fully available each morning, and interest is paid monthly.
IntraSweep investment is made in an FDIC-insured money market account. Reserve Management Corporation acts as your agent in maintaining the First National Bank of the Gulf Coast’s Sweep Account. Reserve Management Corporation has over $40 billion in assets under management.