sweeping system

English translation: move your money system

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:sweeping system
English translation:move your money system
Entered by: chopra_2002

15:41 Oct 18, 2004
English to English translations [PRO]
Bus/Financial - Business/Commerce (general)
English term or phrase: sweeping system
Surplus cash is defined as the cash remaining after disbursements for that day’s operating needs. In general all bank accounts should be part of the Company’s automated Sweeping System.

What is meant by sweeping system here? Thank you.
chopra_2002
India
Local time: 10:59
move your money system
Explanation:
We have a sweeping system on some of our accounts.

Any money over a certain set amount is 'swept' or moved into another account that usually pays higher interest.

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Note added at 6 mins (2004-10-18 15:48:48 GMT)
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this happens at the end of each month.
Selected response from:

jccantrell
United States
Local time: 22:29
Grading comment
Thanks to all of you. It was a great help!
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +1system that (automatically) moves funds to a higher-interest earning account at end of business day
Deborah Workman
4It is a system by which the balance of a bank account is transferred to another account of the same
Alejandra Hozikian
4move your money system
jccantrell


  

Answers


4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
move your money system


Explanation:
We have a sweeping system on some of our accounts.

Any money over a certain set amount is 'swept' or moved into another account that usually pays higher interest.

--------------------------------------------------
Note added at 6 mins (2004-10-18 15:48:48 GMT)
--------------------------------------------------

this happens at the end of each month.

jccantrell
United States
Local time: 22:29
Native speaker of: Native in EnglishEnglish
PRO pts in category: 38
Grading comment
Thanks to all of you. It was a great help!
Login to enter a peer comment (or grade)

7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
It is a system by which the balance of a bank account is transferred to another account of the same


Explanation:
It is a system by which the balance of a bank account is transferred to another account of the same client

Alejandra Hozikian
Argentina
Local time: 02:29
Specializes in field
Native speaker of: Native in SpanishSpanish
Login to enter a peer comment (or grade)

1 day 9 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
system that (automatically) moves funds to a higher-interest earning account at end of business day


Explanation:
Sweep Account
A bank account that automatically transfers funds above (or below) a certain level to a higher-interest earning account at the close of each business day. In a sweep program, a bank's computers analyze customer use of checkable deposits and "sweep" funds into money market deposit accounts. The purpose is to provide the customer with the greatest amount of interest with the minimum amount of personal intervention. That said, sweep accounts were originally devised to get around an old government regulation that prohibited banks from offering interest on commercial checking accounts. http://www.investopedia.com/terms/s/sweepaccount.asp

http://www.google.com/search?hl=en&q="sweep account"


Deborah Workman
United States
Local time: 01:29
Specializes in field
Native speaker of: English
PRO pts in category: 28

Peer comments on this answer (and responses from the answerer)
agree  Java Cafe
3 hrs
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