Automatic "Sweep" Accounts
(Note that sweep accounts are not FDIC insured)
"Sweep" arrangements are the automatic movement of funds between two accounts of the same customer within Community First Bank. An example of a typical sweep account arrangement would be a customer who wishes to maintain a $10,000 target amount in an operating account and wishes any deposited funds greater than the target amount to be moved automatically to aother deposit account or revolving line of credit, as applicable. Our data processing system will post all debit or credit transactions to the operating account and determine an account balance. If the account balance is less than the target amount, funds will be moved out of the other deposit account or revolving line of credit as applicable to raise the operating account balance to the target amount. If the account balance is greater than the target amount, excess funds will be automatically transferred to the designated deposit account or line of credit..
The "target" amount can be set at any mutually-agreed level. Sweep agreements are commonly used for:
- Transfers between an operating account and a line of credit.
- Transfers between an operating account and a payroll account.
- Transfers to protect one account from a possible overdraft or to maintain a desired minimum balance.
Coin & Currency Services
Community First Bank offers rolled coin and strapped currency for our customers' use. To have your coin/currency order ready when you get to the bank, call the bank prior to your arrival.
Electronic Data Interchange (EDI) Services
Community First Bank has the ability to electronically initiate transfers of money involving an account at the financial institution. This service is also referred to as Electronic Funds Transfer Agreement. The use of EDI to transmit invoice data and payments can improve a company's cash flow and may increase the amount of working capital. Pre-authorized ACH debits and credits fall under this service. This includes direct deposit of MasterCard, Visa, and Discover bankcard transactions.