Respond to cash flow needs immediately and automatically.
Broadway’s Loan Sweep Service allows you access to your line of credit while automatically minimizing short-term borrowing costs. Simply specify a target balance for your primary deposit account and establish a Line of Credit with our Commercial Lending Department. We do the rest! Based on each day’s account activity, we automatically transfer funds to or from an existing line of credit.
How does Loan Sweep work?
- Specify your desired "target" balance for your primary deposit account (DDA).
- Broadway links your DDA to your existing Line of Credit.
- At end-of-posting daily, we automatically make transfers to meet the DDA’s target balance.
The benefits of Loan Sweep?
It lets you:
Eliminate overdrafts. Have funds automatically swept from your Line of Credit to checking as needed.
Minimize borrowing costs. Pay the Line of Credit automatically as your deposit balances dictate.
Increase efficiency. The automated sweep system means less staff time spent monitoring, handling and forecasting your daily cash position.