Investment Sweep Account
With First Federal’s Commercial Account Sweep Account, funds over your target balance will be “swept” each night and used to purchase United States government and agency securities. Earn interest on your excess funds each night when First Federal repurchases the securities and sweeps the funds back into your business checking account.*
*Fees are associated with this product. Any specific repurchase transaction represents an obligation of First Federal (Bank). Your sole recourse with respect to the obligations of the Bank is against Bank and against the purchased securities and any income with respect thereof. Funds held by the Bank pursuant to a repurchase transaction:
(a) Are not deposits, and
(b) Are not insured by the Federal Deposit Insurance Corporation, any other governmental agency, or any other insurer.