Under South Central Bank’s Collateralized Repurchase Agreement, you secure a one-day overnight interest in a specific U.S. full faith and credit bond held in safekeeping at the Federal Reserve Bank of Chicago.
SAFETY and INTEREST INCOME for large depositors for over 40 years!
- Each I-SWEEP is fully collateralized with a specific CUSIP U.S. federal agency security, identified and emailed daily to you. The daily market value of the U.S. federal agency security held by you is a minimum of 105% of your I-SWEEP balance.
- I-SWEEP rates are established by our bank.
- I-SWEEP funds never leave South Central Bank and you can easily track the sweep balances on our bank statements or on-line.
I-SWEEP’s are technically not deposit accounts as covered by FDIC insurance for the overnight period, but entirely protected by the underlying U.S. Treasury or U.S. Federal Agency securities.