Bank of Oklahoma Sweep Services provide an attractive way for businesses to relieve the daily burden of determining their cash position, making investment selections, and transferring funds to an account or investment instrument. They provide a convenient way to automatically invest funds in excess of those needed to support daily activity.
Sweep Repurchase Agreements, referred to as Sweep Repos, are the sale of marketable securities by the Bank with the agreement that on the following business day the securities will be bought back at the same price at which they were sold plus interest. The interest accrues daily and pays at month end to the Sweep Repo account.
Bank of Oklahoma's Eurodollar Sweep is a dollar denominated, interest bearing deposit account. When a client elects this service, funds in excess of those needed to support short term cash management needs are automatically transferred into the client’s investment account at Bank of Oklahoma's Cayman Island branch.
When using the Mutual Fund Sweep service, funds in excess of those needed to support daily activity are automatically transferred to one of two mutual funds at current market yields: the Cavanal Hill Cash Management Fund or the Cavanal Hill U.S. Treasury Fund. The Cavanal Hill U. S. Treasury Fund invests exclusively in U.S. Treasury Bills, notes, and other obligations issued or guaranteed by the U.S. Government. The Cavanal Hill Cash Management Fund invests in U.S. dollar-denominated securities with only the highest quality ratings from Moody's (P1) or S&P (A1) being purchased. Disclosure
Fed Funds works along with any target balance you set on your account and can help minimize overdraft and wire transfer fees.
Loan Manager is designed to assist borrowing customers by maximizing the use of their funds and minimizing borrowing against their line of credit. After all debits and credits have posted to the account at the end of each business day, the system will automatically advance or pay down on the line of credit.
The Zero Balance Account service eliminates the need to monitor and manually transfer funds to a business’s collection or disbursement accounts, because a zero balance is maintained through an automatic transfer between an account your company designates as its master account, and the collection or disbursement account. This allows clients to use cash resources productively and retain centralized disbursing authority.
Funds Manager provides an automated means of managing your cash position and line of credit by maximizing investable cash and minimizing loan balances. After all debits and credits have posted to an account, collected balances in excess of the predetermined target are either paid down on the line of credit or directed to an investment sweep account.
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