Our sweep account program with SEI Daily Income Trust invests your excess funds in Government II Fund, a short-term U.S. government money market mutual fund.

Why do we use SEI Daily Income Trust?   SEI Investment Management Corporation is a public money management company managing $200 Billion in funds for institutions in the U.S. and throughout the world and is endorsed by major banking associations. 

How safe are your funds?  SEI Government Fund II invests exclusively in U.S. Treasury obligations, and obligations issued or guaranteed as to interest and principal by the U.S. government.  A full prospectus for this fund is provided each participant in this sweep program, and is available on-line (www.seic.com).

  • All excess funds above your targeted amount, $250,000 or more will be swept daily into the SEI Daily Income Trust, invested for one day and returned South Central Bank the next day to meet any incoming payment obligations.
  • SEI Daily Income Trust interest rates are established by SEI Investment Management Corporation and with current rates being low are below management costs.  As rates are normalized, there will be a normal short-term government bond yield. 
  • Your excess funds are at SEI Daily Income Trust overnight, and you receive a monthly statement of balances separately from your bank statement.
  •  Your funds in SEI Daily Income Trust are a mutual fund account not covered by FDIC insurance but protected by its exclusive portfolio of short-term U.S. obligations.  While similar to other funds, this fund is entirely high quality federal government obligations to reduce risk to the lowest level. It has kept a constant $1 per share value.

SEI Investments Management Corporation
One Freedom Valley Drive
Oaks, Pennsylvania 19456                           

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525 W. Roosevelt Road | Chicago, Illinois 60607

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