For clients looking to automate their investment activity for excess balances. This is an automatic current day sweep of all funds above a predetermined ‘target balance’ from your checking account into overnight Repurchase Agreements1. This service invests all available collected funds, after reserves, into these overnight investments. The Repurchase Agreements are overnight investments in U.S. Government or U.S. Government agency instruments.
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1 Amounts placed in Repurchase Agreements pursuant to your agreement (i) are not deposits within the meaning of 12 U.S.C. 1813(I), (ii) are not insured by the Federal Deposit Insurance Corporation (F.D.I.C.), and (iii) are subject to investor risks, including possible loss of principal invested; and that if Bank fails (i) you will be a secured creditor, but (ii) you may become an unsecured general creditor to the extent that the market value of the Securities used as collateral falls below the outstanding amount of our Repurchase Agreement obligations to you.