Sweep Relationship Services via Riverview Trust Company*
- Consolidate funds at the end of business day for reporting and investment purposes
- Provides investment alternatives in various market vehicles**
How it works:
Riverview Trust Company Sweep Accounts revolve around a predetermined "Peg" balance in your Riverview Checking Account so you never have to worry about moving cash to cover outgoing items. Each night, any balance in excess of the Peg is invested in the Sweep Account, while any shortfall below the Peg is redeemed from the Sweep Account.
- Funds are automatically moved between your Riverview Trust Company Sweep Account (Invested in the Money Market Fund of your choice) and your Riverview Checking Account
- Checks are provided free of charge. There is no limit on the number of checks written per month
- Redeem funds daily by 10:30am or make withdrawals by check
- View daily balance updates and transaction history online, current through the prior business day
- Telephone access by calling our account representatives to verify your account balance at 360-693-7442 or toll free at 877-993-5550.
Current Money Market Fund Options:
- General Money Market Fund - This fund consists of our Tiered Bank funds, utilizing various local and regional banks. The fund is designed to offer FDIC insurance up to $250,000 per account owner, subject to limitations, up to $1,500,000. Funds over this amount are vested in a non-FDIC insured fund comprised of direct federal agencies or issues. More information is available upon request.
- 7-day "rolling" CDARS Fund - For additional FDIC insurance coverage, we offer a weekly fund vested in bank Certificates of Deposit, Redemption requests must be made no later than noon on Tuesday for redemption on Thursday of any given week. No additional paperwork is required by you for investing/reinvesting in this fund. More information is available upon request.
None of the funds charge load or 12b-1 fees, which means all your savings go to work for you. Please see Riverview Trust Company. or your local Branch Manager for more details regarding this account.