Automated Repurchase Sweep
Investment Account (“REPO Sweep")
By automating the investment of excess funds in your business checking account, you maximize your return on assets. Mechanics Bank’s automated REPO Sweep service will transfer the available funds from your business checking account and invests the funds in an overnight Repurchase Agreement. The principal amount, along with the earned interest, is transferred back to the business checking account the following business day. Monthly statements are provided for ease of reconciliation.
Deposits are 100% collateralized by qualified bank securities.
Funds in the Repurchase Sweep Investment Account are not FDIC insured. The deposits are not guaranteed by the Bank and involve certain risks, including loss of principal.