Money Market Sweeps for Precision
Money Market Sweeps for Precision® from Fiserv helps you and your customers take advantage of higher interest rates offered on investment accounts.
Generate fee income and cater to your more profitable retail and commercial customers by offering sweep accounts. Money Market Sweeps for Precision from Fiserv automatically “sweeps” funds from a customer’s checking account to an investment account, such as a money market account or stock fund from a third-party broker affiliated with your bank.
- Customers reap the rewards of earning higher interest rates traditionally associated with investment accounts, while having FDIC insurance on their deposits with your bank
- Your organization benefits because you’re able to keep the money tied to your financial institution – making it available for customer use – rather than the money moving completely to a third-party
There are two sweeps options available with Precision. Insured Money Market Sweeps links checking accounts to investment accounts that are insured. When checking accounts are connected to uninsured brokerage accounts, your financial institution would utilize the uninsured Money Market Sweeps software for Precision.
- Automation: Without manual intervention from your team, Precision automatically moves money to your customers’ investment accounts. The sweep takes place on a daily basis, when a checking account meets a maximum balance. All funds above that balance are swept into the investment account
- Liquidity: Your customers have same-day access to invested funds, should they need to use that money
- More return on investment: Give your more profitable customers the opportunity to earn a higher interest rate on the money they deposit with your financial institution
For more information on Money Market Sweeps for Precision and other solutions from Fiserv, call us at 800-872-7882 or Contact Us.