Sweep Accounts

Offset Fees & Maximize Earnings

Start using First National Bank of Elk River’s Sweep Account to increase earning potential and decrease expenses today.

We provide the tools and expertise necessary to:SweepAccountDustPan

  • Get your idle funds working for you every day
  • Minimize or eliminate overdrafts
  • Minimize time spent monitoring your accounts
  • Disburse funds more quickly with centralized account management

An investment sweep account works as follows:

  1. You choose your desired target balances for each of your business checking accounts.
  2. Your daily transactions are processed within each of your business checking accounts.
  3. Any balances above your target balance are automatically swept each day into Overnight Repurchase Agreements.
  4. Resulting earnings are deposited into the business checking account of your choice on a monthly basis.

Note: Sweep accounts are not FDIC insured, are not guaranteed by, or an obligation of, this Financial Institution and involve risk including possible loss of principal.