Eastern Bank’s Treasury Services professionals can help you maximize the earning potential of excess cash balances. We offer a full range of automatic investment services:
Overnight Investment Programs1
Excess funds are deposited automatically into overnight investments. Net daily balances in these investments earn interest, are FDIC insured and maintain the liquidity needed to cover checks drawn against the account the next business day.
Sweep to Line of Credit2
Automatically transfer a line of credit to a checking account to cover checks or maintain a target balance. Conversely, excess checking account funds are automatically applied to any line balances to reduce interest expense.
Dual Sweep Programs1,2
Automatically transfer funds to or from a checking account in an amount needed to maintain an appropriate “target balance.” Excess balances are automatically applied against a line of credit while in a borrowing mode, or into an FDIC insured overnight investment when the line is fully paid.
These include a variety of low-risk alternatives with a full range of maturities, including CDs, commercial paper, U.S. Treasury Bills, municipal notes and money market accounts.
1. The amount of FDIC insurance varies by product. Please contact your business relationship officer for more information.
2. Any funds swept overnight to your Line of Credit are considered a payment on your outstanding obligation on your Line of Credit. They are not considered a deposit of Eastern Bank and are not insured by the FDIC.
3. Not all short-term investments are insured by the FDIC or any federal government agency, nor are they deposits of or guaranteed by any bank and may lose value. Please contact your business relationship officer for more information.