Now you can have a checking account that performs like an investment account! A Sweep Investment Account is a cash management tool that is designed to maximize your income earned on operating cash reserves while maintaining flexibility and easy access to your funds.
Here's how it works: You and your MidAmerica National Bank representative decide upon a level of cash (the "sweep point") which is to be maintained in your business checking account. Excess cash that is above your "sweep point" is invested. If your checking account balance drops below the "sweep point," cash is automatically "swept" back from the money market portfolio into your business checking account to maintain your minimum balance. Your money automatically earns money market rates on excess cash so you can earn income without committing operating cash to term investments. Dividend income is declared daily and paid monthly, and you will receive an easy-to-read monthly statement showing all fund activity and income earned. You can even select taxable, tax-advantaged, or tax-exempt money market funds tailored to meet specific investment objectives and tax requirements.
Only funds in the business checking account are FDIC insured. Funds "swept" to the Money Market investment account are not FDIC-insured, might lose value, and have no bank guarantee.