The Repurchase Investment
Citizens & Northern Bank's Money Management Repo Sweep Program is designed for corporations, partnerships, and sole proprietorships to maximize the earning power of their available cash. The program will automatically transfer funds from a checking account to purchase Securities from the Bank's Investment Portfolio under an Agreement to Repurchase ("Repo").
Each night, after all transactions have been posted to the checking account, any funds in excess of the Minimum Collected Balance are swept into an investment account. Once there, the balance will earn one day's worth of interest. Funds needed to cover items presented will be transferred back into the checking account. Interest earned is paid monthly on the last business day of the month.
This product is not a product of the bank and is not insured or guaranteed by the FDIC.
The Credit Sweep
A Credit Sweep Account allows excess funds to be automatically swept from the Business Analysis Account to reduce the balance on a Line of Credit. The Credit Sweep will also advance funds from the Line of Credit to cover items presented on the Business Analysis Checking Account. The Credit Sweep Account will allow our business customers to minimize the amount of interest being paid on their Line of Credit.
Zero Balance Accounts
Citizens & Northern’s Zero Balance Accounts (ZBA) allow business customers to concentrate their funds in one, central business checking account. The Zero Balance Account will sweep all available funds to the central account, and when checks are presented to the ZBA, funds are swept back from the central fund to cover the check.