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Sweep Account
Target Balance Accounting

Business Sweep Account

Each business day, First Southern Bank automatically monitors a designated business analysis account, calculates the net cash position in the account and transfers funds either to or from the sweep option which you have selected.  On a daily basis the account activity, including transfers and disbursements from this account  are systematically factored into the investment calculation, ensuring that collected funds aren’t being over or under-invested using the Target Balance Accounting Service.

With the First Southern Bank automated sweep options, you make the decisions and we do the work.  Like clockwork, any idle collected balances are swept automatically to the investment option you have chosen and funds are swept back into the checking account as needed to maintain the target balance and cover any withdrawals or checks presented for payment.

Establishing a First Southern Bank Sweep Account is a very simple process:

• Work with a Cash Management Sales Officer to determine an appropriate collected target balance to keep in your checking account.  This balance needs to be at least $100,000(1) and once established, the automated sweep system will move funds in increments of $1,000 either in or out of the account to maintain the collected target balance.
  
  
• Choose either one of the two sweep options available for your business excess funds:
  
  
• Fidelity "AAA" Tax-Exempt Money Market Mutual Fund – seeks to provide income exempt from Federal regular income tax by investing in a portfolio of short-term, high quality, tax-exempt securities. This option is ideal for those businesses who can take advantage of the tax-exempt feature.
  
  
• Fidelity "AAA" Prime Portfolio Money Market Mutual Fund – seeks to provide income by investing in the highest quality U.S. dollar-denominated money market securities of domestic and foreign issuers, U.S. Government Securities, and repurchase and reverse repurchase agreements.

Business Sweep Investment Accounts are:

•  Not insured by the Federal Deposit Insurance Corporation (FDIC)
•  Not a bank deposit, an obligation of, or guaranteed by the bank 
•  Subject to investment risks, including potential loss of principal invested amount

1. The $100,000 minimum balance remaining in the checking account as a target balance is insured by the Federal Deposit Insurance Corporation. In fact, as of July 21, 2010, the standard maximum deposit insurance provided by the FDIC has been permanently increased to $250,000 per depositor, per insured depository institution for each account ownership category. For more information on FDIC insurance, visit www.FDIC.gov.