WestBridge Bank & Trust Introduces The Business Sweep Account!
New Product Expands Cash Management Services
Chesterfield, September, 2008 – In an effort to provide our business clients with a convenient way to manage their money and earn a competitive yield, WestBridge Bank has introduced the WestBridge Bank Business Sweep Account. This premier cash management solution offers a key competitive rate of interest on excess funds that ordinarily would sit idle.
Clients have the opportunity to maximize revenue and fully address their cash management needs.
Cash in excess of a client’s target balance is invested in an FDIC-insured money market deposit account. Any time the checking account balance falls below the target balance, funds will be automatically swept back into the checking account. This provides WestBridge Bank business clients with a premier cash management vehicle that offers an efficient and easy way to manage their company’s cash.
“Eliminating the burden of daily account transfers gives us a real advantage in the quality of cash management services we can deliver,” said Scott Schmid, WestBridge Bank CEO.
Reserve Management Corporation is the agent for the WestBridge Bank Business Sweep Account. Reserve is part of the $40 billion organization that created The World’s First Money Market Fund® .
“We are pleased to have the opportunity to support WestBridge Bank and expand its suite of cash management services,” said Bruce Bent II, Vice Chairman & President of The Reserve.
FDIC insurance on each WestBridge Bank Business Sweep Account will be limited to a combined total of $100,000 for all deposits held in the same legal ownership category per bank, which includes the WestBridge Bank Business Sweep Account and any other balances held directly or through other intermediaries.
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