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Home > QFINANCE Dictionary > Definition of sweep facility

Definition of

sweep facility


automatic service moving money to different account the automatic transfer of sums from a checking account to a deposit account, or from any low interest account to a higher one. For example, a personal customer may have the balance transferred just before receipt of their monthly salary, or a business may stipulate that when a balance exceeds a specific sum, the excess is to be transferred.

sweep facility - Related Articles
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    as cash pool centers. Interest on intercompany loans applied by the corporate treasury or created by cash concentration sweeping. Payments considered “in lieu of interest,” such as guarantee and arrangement fees. The tax is due irrespective of whether or not an actual payment was received or a charge
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Definitions of ’sweep facility’ and meaning of ’sweep facility’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’sweep facility’ and other financial terms with our online QFINANCE Financial Dictionary.

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