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Business Sweep - GovCashSM

First Southern Bank offers a collateralized investment sweep that provides a simple, safe, and automatic overnight investment service.  Through the use of the GovCash1 sweep service, First Southern Bank helps its customers minimize their daily cash management tasks by eliminating excess time spent making daily investment decisions, facilitating account liquidity to meet working capital needs and increasing returns on excess balances previously uninvested.

Our automated system monitors your account daily to ensure that all collected funds over a set target balance are earning interest and that you need not be concerned with either over or under investment situations. 

You select a collected target balance of at least $100,000.2  First Southern Bank will then move collected funds in excess of your target balance into the GovCash investment automatically in increments of $1,000.  Should the collected balance fall below the target balance, the sweep account will automatically replenish the checking account to the target balance level.  Investments are made in $1,000 increments with a minimum investment in GovCash of $1,000.  Interest is credited weekly to your account.

Highly Secure

• Your investment principal, plus daily accrued interest, is collateralized at 102% by U.S. Treasury securities.
• Your collateral is placed in a segregated account at a custody department of a major New York bank.
• A perfected lien on your U.S. Treasury collateral is maintained daily.

Daily Liquidity

• Unlimited deposits and withdrawals are allowed daily in your checking account.
• Daily confirmations identify your investment, interest and collateral.  These confirmations will be delivered directly to your fax number each evening.

1 This obligation is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other Insurance Organization.
2 $100,000 minimum balances remaining in the checking account is insured by the Federal Deposit Insurance Corporation.