Automatically transfer excess funds into short-term investments and access your line of credit as needed.
Working Cash® Sweep links your checking account to a non-FDIC insured money market mutual fund or a PNC offshore deposit account. Managing your working capital and liquidity needs is an essential part of enhancing your earnings, reducing your interest expense and avoiding the challenges of moving money to help ensure that you have sufficient funds to cover your daily operations.
Our Working Cash Sweep Service is an effective liquidity management solution that can help increase returns on idle cash balances and reduce interest expense on your line of credit.
Establish a target balance in your checking account. Based on the predetermined target account balance, any funds exceeding the target checking account balance are swept into an investment account, once daily transactions have posted. Investments are automatically liquidated from your accounts to cover daily transactions and help avoid overdrafts.
Working Cash® Sweep links your checking account to a non-FDIC insured money market mutual fund[3] or PNC offshore deposit account.[4] You can also opt to invest excess cash in collateralized overnight investments via a Master Repurchase Agreement.[3]
Subject to credit approval, you can establish a Working Cash® Line of Credit[5] sweep that will work in conjuction with certain investment options. With the Working Cash line of credit you'll borrow only the amount necessary to prevent an overdraft. Once cash has been deposited in your account, the line of credit is automatically paid down to reduce your interest costs. Only after your line of credit is paid down and your account balances exceed your pre-determined target balance, will your excess cash be swept to an investment.
With our Working Cash® Sweep Service, you will save time managing and timing transfers and monitoring multiple accounts. Making your working capital work for you is easy and convenient.
Learn more about PNC's Working Cash® Sweep Options.
Download these Product Sheets for information about our investment options.
Money Market Mutual Funds
Offshore Deposits
Repurchase Agreements
LOC
Contact Us
For more details, or help deciding if a Sweep service is right for your business, contact a PNC Business Banker near you or call 1-800-762-5684 (Mon - Fri: 7am to 10pm ET; Sat - Sun: 8am - 5pm ET).
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