American National Bank’s Sweep/Repurchase Agreement is a simple, automatic way for you to save valuable time in managing your company’s cash position while earning competitive returns on your daily operating cash.
- Designed to give you the opportunity to automatically invest excess collected funds from your commercial checking account.
- Excess collected funds are invested in an American National Bank Sweep/Repurchase Agreement, in increments of $1,000
- Offers a competitive return on your daily operating cash
- Funds invested in American National Bank Sweep/ Repurchase Agreements are fully collateralized by government securities
- An earnings credit, at a rate determined by American National Bank, will continue to apply to your commercial checking account
- You will receive a daily, written confirmation with your balance and a description of the specific government security that was selected as collateral for your Sweep/ Repurchase Agreement
Here's how it works!
- You continue to write checks against and make deposits to your commercial checking account just like you always have
- Excess collected funds are automatically transferred, or swept, on a daily basis into your Sweep/Repurchase Agreement
- Funds remaining in your commercial checking account consist of a pre-determined “target” balance
- Compensating balances are used to partially or fully offset account maintenance and activity fees
- Funds are automatically swept, on a daily basis, from the Sweep/Repurchase Agreement back to the commercial checking account to cover the checks presented and to maintain the target balance
- Interest is compounded monthly and credited monthly to the commercial checking account
- A one-time Sweep/Repurchase Agreement setup fee as well as a monthly fee may also apply
- The Sweep/Repurchase Agreement can only be accessed through automatic transfers
- Interest Rates on Sweep/Repurchase Agreements are determined by American National Bank and are subject to change on a daily basis
Contact us to learn more about our Sweep/Repurchase Agreement.
*Sweep/Repurchase Agreements are secured obligations of American National Bank. Any amounts placed in Sweep/ Repurchase Agreements are not deposits of American National Bank, are not insured by the FDIC, and are not guaranteed in any way by the United States or any of its agencies.