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PNC Bank's MMDA Sweep is an automated cash management tool that can help you make the most of your idle cash. You can confirm daily liquidity and enjoy immediate access to investment balances.
MMDA Sweep automatically links your checking account to an FDIC-insured PNC Bank money market deposit account. Establish a maximum and minimum target balance in your checking account. On a daily basis, balances above your pre-determined maximum target balance are swept into your money market deposit account. As transactions are posted and your checking account balance falls beneath your specified minimum target balance, funds are swept from the money market deposit account back into your checking account.
MMDA Sweep helps to maximize your earning power on idle cash balances while confirming instant liquidity. A statement of sweep activity is included with your checking account statement.
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