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Home > QFINANCE Dictionary > Definition of sweep facility

Definition of

sweep facility

Banking

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.

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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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