A Repurchase Sweep Account accommodates daily automatic sweeping to and from your checking account, to earn interest on idle funds. By establishing a target balance for your checking account, any excess funds over the target balance will automatically sweep into the Repurchase Account overnight, whereby MainSource purchases government backed securities and investments on your behalf. MainSource will repurchase your investment each day and pay you interest that will post to your account at the end of each month.
With a MainSource Repurchase Account for your business, you can benefit from these advantages:
Repurchase Accounts are comprised of short-term debt obligations of the bank that are not FDIC-insured; but are collateralized by U.S. Government or Agency Securities, with a market value of at least equal to the amount invested. The securities are fully guaranteed by the United States or one of its agencies. Because no FDIC maximum insurance guidelines apply, customers can maintain balances in excess of $250,000.