An arrangement with a bank that, in the case of two accounts, one of which is high-interest, the bank automatically transfers unclaimed funds from the non-interest-bearing or low-interest account to the high-interest account (an arrangement to maximize the interest earned by a customer who has both a high-interest rate account and a low- or no-interest account at the same financial institution. Funds not being instantly used in the low-interest account are automatically transferred [swept] to the high-interest account, where they remain until the balance in the low-interest account drops below a certain minimum, and the funds are transmitted back to the first account). Thanks to electronic data processing, such orders, which used to be extremely labor cost intensive, are now easy to execute. – See account, automatically balanced, transfer account.
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