ECB BEST Sweep Account
How does it work?
Commercial customer has an existing or opens a general
operating business checking account with ECB. This account is FDIC insured.
Customer executes and signs a sweep account agreement and opens an investment sweep account.
A base balance (Target) is established in the operating account to cover account activity charges so customer will not be charged any service charge. (If balance is less than base or activity of account is greater than model used to determine base balance, a service charge may be charged).
On a daily basis, dollar amounts in excess of the base amount of at least $25,000 are automatically swept into the investment account and invested in overnight Repurchase Agreements. These are collateralized by government securities and not FDIC insured.
If operating account falls below the base balance at the end of the day, funds will be automatically swept from the investment account.
Interest is calculated and paid daily to the investment account.
| Privacy
Statement | Our
Communities | Site
Map |
The East
Carolina Bank, 35080 US 264 / P.O. Box 337 ,
Engelhard, NC 27824
Phone: (252) 925-9411, Fax: (252) 925-8491
Email: ecbonline@ecbbancorp.com
ECB
advises users to not send any confidential information
via email for their protection, as email is not secure.
Member
FDIC
