Online Banking

Funds Management

Businesses often need to micromanage their funds, especially when they are in the middle of serious growth, but this process can be time-consuming and inefficient. With Sweep Services from Anchor Bank, you can ensure that there are ample funds in your business’ checking account to cover checks presented for payment and then utilize the excess funds on a daily basis.

Zero Balance Account (ZBA) Sweep

When your business uses a number of accounts to segregate money, a Zero Balance Account (ZBA) is the fastest, most cost-effective way to monitor your account balances.

How it works for you
A ZBA is a commercial checking account that is automatically maintained at a zero balance or a pre-designated balance of your choosing. Checks are written on or deposited to the ZBA. At the end of a business day your individual ZBAs are brought back to a zero balance by automatic transfers to or from your main commercial checking account at Anchor Bank. You can fund as many ZBAs as needed with this system.

A ZBA enables you to consolidate all excess cash in one company checking account to maximize use of your working capital. Anchor Bank can easily create a system for you, by establishing a ZBA for each company unit for which you maintain separate accounts or recordkeeping (i.e., subsidiaries, divisions or
sales outlets). It is also a great way to keep functional accounts, such as payables, receivables and payroll, separate from your regular accounts.

Key benefits to your business

  • Saves money and time – Transfer of balances is automatic to ZBAs, which means administrative time spent making transfers and inadvertent overdrafts are reduced.
  • Improved cash management – Balances from ZBAs are transferred to central account at end of each business day eliminating excess idle balances.
  • Convenience – Individual divisions or locations deposit to and write checks on separate zero balance accounts.


With Anchor Bank's ZBA, you can reduce idle balances in each of your accounts, minimize excess balances, increase cash resources and reduce overdrafts.

Insured Cash Sweep®
 
ICS®, the Insured Cash Sweep® service, is a smart, secure, and convenient way for Anchor Bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility.1 

With ICS, you can:
 
• Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
 
• Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts.
 
• Save time. Work directly with just Anchor Bank – a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement from Anchor Bank summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.  

• Access funds. Enjoy unlimited withdrawals for your cash management and liquidity needs. 
 
 
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Your ICS funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members – each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with Anchor Bank, you can access insurance through many. You receive just one consolidated, monthly account statement from Anchor Bank. (You can also see, online, where your funds are at all times.)
 
How often can I access my funds? 
You can make unlimited program withdrawals using the ICS demand option.
 
Who has custody of my funds? 
Funds placed through ICS are deposited only in FDIC-insured banks. Anchor Bank acts as custodian for your ICS deposits, and the subcustodian for ICS deposits is The Bank of New York Mellon (BNY Mellon), the largest custodian in the world.2
 
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed with other ICS Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just Anchor Bank, you can access coverage through many.
 
Is my account information safe?
You work directly with Anchor Bank – the bank you know and trust. As always, your confidential information remains protected. 

Click here to contact a banker.
 
1 Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements you enter into with us, including the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. 
2 Please see https://www.bnymellon.com/us/en/who-we-are/index.jsp#profile for details. 

Insured Cash Sweep and ICS are registered service marks of Promontory Interfinancial Network, LLC.
Repurchase Sweep

Anchor Bank also offers a Repurchase Sweep option for larger companies with more strict financial guidelines and investment policies. A Repurchase Sweep is an automated service that moves any excess balances out of a checking account into a repurchase agreement and then back into the checking account whenever additional funds are needed.

Not FDIC Insured - May Lose Value - No Bank Guarantee - Not a Deposit - Not Insured by any Federal Government Agency

Loan Sweep

Improving the productivity of your employees while effectively managing the cash position of your business is no easy task. Anchor Bank's Loan Sweep provides an automated, convenient and cost-effective way to maintain a target balance on deposits while minimizing your borrowing costs. As your cash position changes from day to day, our Loan Sweep responds automatically to your cash flow needs.

How it works for you
You have a choice between two types of sweep accounts. All you do is specify a target balance for your deposit account. We do the rest. Based on each day's account activity, funds are automatically transferred. As your cash position changes from day to day, Loan Sweep gives you the ability to respond immediately to cash flow needs through your primary deposit account.

  • Two-way sweep – Two-way sweep moves funds between your business checking and your business line. If your checking account balance is less than the established target balance then funds are advanced on your line into the designated checking account. If the checking account balance is greater than the target balance, then funds are swept out of the designated checking account to pay down the line.
  • One-way sweep – One-way sweep moves funds from your line of credit to a designated business checking account only. If the checking balance is less than the target balance, then funds are advanced on the line and deposited into the designated checking account only.


Key benefits to your business

  • Eliminates overdrafts – Funds are automatically swept from your line of credit to your checking account as needed, avoiding costly overdrafts.
  • Increases efficiency – Automated sweep means less monitoring, handling and forecasting of your daily cash position, making more efficient use of your staffs time.
  • Minimizes interest expense – You pay the line automatically as your deposit balances dictate.