Line of Credit Sweep

Tompkins Line of Credit Sweep is a cost-effective tool to minimize your interest expense through the automation of advances and pay downs on your Line of Credit. It also helps eliminate the daily hassles of manually borrowing and paying down your Line of Credit. Respond to day-to-day changes in your cash position by automatically linking your Analyzed Commercial checking account to your Line of Credit. If funds are below your set target balance on your checking account, the sweep service automatically borrows from your Line of Credit to cover daily disbursement transactions and avoid costly overdrafts.

 Benefits include:

  • Collected funds that exceed this target balance are automatically used to pay down the Line of Credit.
  • Reduce time and cost associated with monitoring daily liquidity by making automated daily borrowing/pay down decisions after all transactions have been posted to the deposit account.
  • Add multiple Commercial Analyzed checking accounts as sub-accounts to your Company’s main Commercial Analyzed checking for added cash concentration abilities.

Zero Balance Account Sweep

Manage your funds more efficiently with Tompkins Zero Balance Account Sweep. If you have numerous accounts or locations, maintaining multiple depository accounts and banking relationships can be cumbersome and costly. With the Zero Balance Account Sweep, you are able to automatically concentrate funds into a central account allowing you to maintain multiple accounts that may be required to process your daily business operations. Balances are consolidated each night into one master concentration account.

Benefits include:

  • Reduces the time spent initiating transfers between company accounts and all automatic transfers will be reflected on your monthly statement(s).
  • Sub-accounts may be used for payroll, expense accounts, tax accounts, etc. to improve your company’s use of cash.
  • All funds are kept in the concentration account and are swept to the appropriate sub-account(s) as funds are needed to pay checks.
  • Checks posting against these accounts will automatically be funded by the concentration account.
  • All sub-accounts are forced to a zero balance at the end of each business day so that the sub-accounts maintain a zero balance.

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