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9/15/2016Receivables Management Elizabeth Miller,CTP1 AASBOACHLockbox ServiceRegions Quick DepositVault ServicesSweep ServicesZBAImaging ServicesRegionsOneWire Transfer (Incoming)iTreasuryMerchant
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Sweep services refer to the automatic transfer of funds from one account to another in order to maintain a minimum balance or maximize interest.
Financial institutions and businesses that offer sweep services to their customers are required to file sweep services.
Sweep services can be filled out by documenting the details of the automatic fund transfers, including the accounts involved and the frequency of the transfers.
The purpose of sweep services is to optimize the utilization of funds by automatically transferring excess funds to accounts where they can earn higher returns.
Reporting on sweep services must include details of the accounts involved, the amount of funds transferred, and the frequency of the transfers.
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