I-SWEEP
Collateralized Repurchase Agreement
SAFETY and INTEREST INCOME for large deposit customers for over 40 years!

Corporate treasurers for larger companies invest excess daily funds fully secure and safe above FDIC limitations. South Central Bank provides this program to smaller companies.

Under South Central Bank’s Collateralized Repurchase Agreement with our bank customer, you secure a one-day overnight interest in a specific U.S. full faith and credit bond held in safekeeping in the Federal Reserve Bank of Chicago.

  • Each I-SWEEP is fully collateralized with a specific CUSIP identified 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 amount under our agreement with you.
  • I-SWEEP rates are established by our bank.
  • I-SWEEP funds never leave South Central Bank, and you can easily track the balances on our bank statements, or using online banking.
  • I-SWEEPs are technically not deposit accounts as covered by FDIC insurance for the overnight period, but entirely protected by the underlying securities, which are U.S. Treasury or U.S. Federal Agency bonds.

The next time you're in one of our locations, simply ask a personal banker for more information about the options for your sweep account, or contact us.

When applying for a sweep account, you will be asked to sign an agreement authorizing South Central Bank to transfer funds between your checking account and the sweep account.