- Eliminate unprofitable repurchase agreements and money-market mutual fund sweep programs that take deposits out of the local economy and out of the banking system
- Maintain core deposits at the bank
- Implement a tiered rate offering
- Retain customers by selectively paying interest on excess balances in all types of accounts
ON-BALANCE SHEET SWEEP PRODUCT FEATURES
On-Balance Sheet Sweep seamlessly sends deposits to and from Demand Deposit Accounts (DDA) and Money Market Deposit Accounts (MMDA) to provide a complete cash-management service to bank customers. It also provides a flexible solution that is compatible with the nation’s most recognized core processors.
Tiered Interest Rates
This patented technology enables banks to offer a tiered interest-rate structure. This strategy can be utilized to increase profitability and attract, as well as retain, the best customers. This tiered rate capability is more robust than what most bank systems offer today.
On-Balance Sheet Sweep maintains an account for each bank customer that includes transaction history and account balances per bank for all customer accounts and deposit activity. On-Balance Sheet Sweep also offers statement processing and 1099 services. Statements are generated after end-of-day processing on the last calendar day of the month.
On-Balance Sheet Sweep provides valuable benefits for banks as well as for end-customers.
- Generates and retains core deposits and controls the growth of loanable funds as your need dictates
- Provides competitive interest on all types of account balances
- Retains cash on the balance sheet at the level you choose
- Reduces administrative burdens through automatic transfers
- Supplements repo programs or even replaces them, profitably
- Funds local demand and contributes to the growth of local communities
- Reduces reserve requirements
- Earns interest on the idle balances in accounts
- Enjoys automated transfers between checking and sweep accounts to eliminate time spent checking balances and initiating transfers
- Reduces or eliminates burdens such as balance monitoring, transfers and repo confirmations
- Keeps money in the community and can provide expanded FDIC insurance
Island IP is an ideal partner for your intellectual-property licensing needs.
For additional information, please contact
Bruce Bent II of Island Intellectual Property
at 516.472.0684 or BBentii@doublerockcorp.com
Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock Corporation.