Small Business Money Market Sweep Service
Our Small Business Money Market Sweep Service allows you to maximize your earnings by “sweeping” excess checking account funds into your money market account where they can earn interest.
Here's how it works:
- You establish a Target Balance for your business checking account. The Target Balance for this account must be at least $50,000.
- When your checking account balance exceeds the Target Balance, the excess funds are then swept into your Money Market Account where they can earn interest.
- If funds are needed to pay a debit item from your checking account, funds are swept* from your money market account back into your checking account to pay debit items and restore the checking account balance to the Target Balance**.
In addition to helping you earn more, this account gives you flexible access to your funds.
To learn more about the Small Business Money Market Sweep Service or to start maximizing your earnings call 1-800-COMPASS (266-7277) or stop by your local BBVA Compass Banking Center.
*Withdrawal transactions from savings and money market accounts are governed by federal law and, if transaction limitations are exceeded, the account could be reclassified as non-interest bearing. Federal law limits transfers to another deposit account with BBVA Compass or to a third party by means of a preauthorized agreement, telephonic request, check, debit card, draft or similar order (including Online Banking transfers and sweep transfers from a savings or money market account) to a total of six (6) per month. There is no limit on the number of withdrawals from such accounts when made in person at a BBVA Compass banking office or at an automated teller machine. Withdrawal transactions subject to Excess Transaction Fees.
**While there is no Service Charge for the Small Business Money Market Sweep Service, each time funds are swept from the Money Market Account to the Checking Account, the Checking Account will be charged an Inter-Account Transfer Fee of twelve dollars ($12.00). There is no charge to sweep funds from the Checking Account to the Money Market Account.
By Phone 1-800-COMPASS