Managing your working capital and liquidity needs is an essential part of maximizing your earnings, minimizing your interest expense and avoiding the challenges of moving money to ensure that you have sufficient funds to cover your daily operations. PNC's Working Cash® Sweep Service is an effective liquidity management solution that can help increase returns on idle cash balances and minimize interest expense on your line of credit.
Based on the predetermined target account balance, any funds exceeding the target checking account balance are swept into an investment account, once daily transactions have posted. Investments are automatically liquidated from your accounts to cover daily transactions and avoid overdrafts.
Subject to credit approval, you can establish a Working Cash® Line of Credit sweep that will work in conjunction with certain investment options. With the Working Cash line of credit you'll borrow only the amount necessary to prevent an overdraft. Once cash has been deposited in your account, the line of credit is automatically paid down to minimize your interest costs. Only after your line of credit is paid down and your account balances exceed your pre-determined target balance, will your excess cash be swept to an investment.
With our Working Cash® Sweep Service, you'll never have to spend time managing and timing transfers and monitoring multiple accounts. Making your working capital work for you is easy and convenient.
With a variety of funds and fund families, the Money Market Mutual Funds sweep provides a solution to help address your specific investment objectives. As a result, you can increase returns on idle cash balances and manage your overall cash position more efficiently.
The Offshore Deposit sweep offers highly competitive yields and can also be linked to an optional Line of Credit. As a result, you can increase returns on idle cash balances, minimize interest expense on your Line of Credit and manage your overall cash position more efficiently.
PNC’s Working Cash® Line of Credit Sweep service provides a total, automated liquidity management solution that helps you minimize interest expense, while offering a range of investment options for excess cash balances to meet your specific investment objectives.
2013 Working Cash Sweep Tax Information:
2012 Working Cash Sweep Tax Information:
2011 Working Cash Sweep Tax Information:
Please contact your Treasury Management Officer or Treasury Management Client Care (TMCC) at 1-800-669-1518 with any questions.
Money Market mutual funds are not insured by the FDIC or other government agency, are not deposits or other obligations of, or guaranteed or endorsed by, any bank and may lose value.
PNC offshore deposits are not insured by the FDIC or any other government agency and are payable only at PNC Bank, N.A.'s office in Nassau, Bahamas.