At South Shore Bank, we don't like to over complicate things. That's why our cash flow management options let your business handle finances in a simple, easy and convenient way.
Zero Balance Account
Consolidate balances from multiple sub-accounts into a single master account, and segregate the collection and disbursement of cash with a Zero Balance Account.
Eliminates daily monitoring of various accounts
Eliminates the necessity of making repeated transfers between accounts
Establish accounts solely for accounting or general ledger reporting to ensure “idle funds” do not remain in the account after daily posting
Maximize the value of your business checking account with an Investment Sweep that automatically invests excess funds overnight! Don't worry, you can always move the funds back into the checking account to cover presented payments, but why not earn a little extra in the meantime?
Investment Sweep Options
Repurchase Agreement Sweep
Earn interest on idle cash
Repurchase Agreements backed by U.S. government securities
Set a designated target balance for your checking account, and use your excess funds to pay down short-term borrowings on a line of credit. If the funds in the checking account are less than the target balance, there will be a drawdown on the line of credit availability to pay the presented payables.
Minimizes interest expense on your line of credit and overdraft fees
Automated process saves time and effort
Get the best of both sweep services. Based on your established target balance, our dual sweep service uses any excess balances from your business checking account to pay down your outstanding loan balances! Don't have an outstanding loan balance? Excess funds will be swept to your Repurchase Investment account. If there is a deficient balance in your Business Checking account, funds will be advanced from your Line of Credit or invested funds will be liquidated to bring your Business Checking balance up to the established target balance.