Sweep Accounts & Specialized Services
Repurchase Sweep Account
Designed to ensure that all of your deposits are fully collateralized while earning interest. Establish a target balance in your non-interest bearing operating account and at the end of the day, all collected funds in excess of your target balance are automatically transferred to your collateral account. The Repurchase Sweep Account is a conservative investment option because it is 100% collateralized by high grade government securities that are held by the bank. Perfect for municipalities and other organizations that have a strict investment policy.
Target Balance Account (TBA)
Maximize the use of idle cash. Establish a target balance in your non-interest bearing operating account and at the end of the day after all items are paid in the operating account, excess funds are transferred into your interest bearing account.
Zero Balance Accounts (ZBA)
A ZBA is an easy way to manage multiple disbursement accounts such as payroll and accounts payable and draw funds from your main operating account. At the end of each day only the exact amount of funds needed to pay disbursements is automatically transferred from your main account to the ZBA. This maximizes use of funds and avoids overdrafts in your disbursement accounts.
Establish a target balance in your main operating account and then at the end of the day, any excess funds are automatically swept into your Line of Credit (LOC) to pay down your outstanding balance. This reduces your overall interest expense on your LOC saving you money.
Combat check fraud with our Positive Pay product. Send the bank an electronic file of the checks you have issued and we will match that file against the items that are presented for payment. We will notify you if items don’t match and you decide to pay or return the item.
Prevent unwanted ACH items from posting to your account. Provide the bank with a listing of acceptable ACH originators and we will block all the rest. Helps prevent fraud on your account.
The bank will process your receivable items and make deposits directly to your account. Using lockbox services you can also receive automated downloads of remittance document information to feed directly into your accounting systems. Provides images of all checks documents.
Pre-Paid MasterCard Debit Cards
Can be reloaded at any time and used for payroll, gift cards or even expense accounts. Easy to manage and affordable.
Old Line can help you process your company’s payroll either through our Online Banking product or through our partnership with one of the leading payroll companies.
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