Sweep Product

A sweep account offers an easy, convenient and fully automatic way to earn extra income on your cash balances. A target balance is established for your Checking Account. Then a repurchase agreement is signed. At the end of each day, after all transactions have been posted to your Checking Account, funds in excess of the target balance are automatically transferred or "swept" into the repurchase obligations.

Conversely, if the ending daily balance is below the target amount, funds will be automatically transferred back into your Checking Account to restore your target balance.

Transfers in and out of this account are automatic, thereby eliminating the need for daily investment decisions such as time-consuming phone calls or wire transfers. In addition, there are no transfer fees on this convenient, time-saving account.

There are a number of benefits that you will enjoy, including:

Potentially Higher Returns

A sweep account allows you to minimize your idle balances and offers you access to competitive returns through repurchase obligations.

Stability of Principal

All funds are collateralized by high quality government agency backed securities.

Liquidity

Because funds are automatically transferred between your Checking Account and the repurchase obligation, the sweep ensures liquidity. There is no minimum amount that is required to remain invested in the repurchase obligation. You can access your funds at any time simply by writing a check.

Convenience

Once your sweep is established and the target amount set, every daily transfer becomes automatic. You will receive monthly statements from the Bank detailing the daily sweep activity, and will receive a statement at year-end for tax purposes.

For additional information, please stop in at any one of our convenient locations, call us at 215.886.8280 or send us an e-mail at abington@abingtonbank.com.

Note: Repurchase obligations within our sweep account are not deposits and are not insured by the FDIC.