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Sweep Transfer

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Sweep Transfer

April 1, 2023

Bank-of-Elk-River-Sweep-Transfer

An agreement that allows the bank to automatically transfer funds from the your secondary account(s) to cover insufficient funds in your primary account. All owners on the primary account must be owners on the secondary account(s).

Features & Benefits

  • Avoid overdraft charges.
  • Sufficient funds must be available in the "transfer from" account for the sweep to occur.
  • Automatically transfers when primary account balance falls below $0.
  • Sweeps occur in increments of $100.
  • The secondary account(s) will maintain a minimum balance of $10.

A sweep transfer fee of $3.00 is charged for each transfer (If a partial sweep is done, there may be a sweep transfer fee and a standard overdraft charge).