Put your excess funds to work for you.
When you have excess cash, high activity and Treasury Management needs, Public Funds Connect Sweep Checking might be your ideal solution. We combined all of the power of Public Funds Connect with added investment options.Funds above a target balance are automatically swept into an overnight investment, minimizing your idle cash balances.
Per-transaction fees apply.
Minimum opening deposit is $100. Earnings Allowance (also known as earnings credit) – an earnings allowance is used to offset eligible fees. Your earnings credit is calculated by applying the earnings credit rate to the investable balance available for services in your account. The earnings credit rate appears on the client analysis statement for your account. The earnings credit rate is determined by the Bank and is subject to change at the Bank’s discretion. You pay a service charge when your fees exceed your earnings allowance in a given month. Uncollected funds: Uncollected funds are funds the Bank treats as having not yet been collected, on the basis of the Bank’s current collection schedule. Fees for the use of uncollected funds – The fee for using uncollected funds is based on a monthly average. On any day you did not use uncollected funds, we assign a zero value. Negative Collected Balance: Midland’s base rate (Wall Street Journal Prime Rate) plus 4% is applied to your average daily negative balance for the monthly statement cycle. The average daily negative collected balance is the sum of the negative collected balance at the close of business on each day of the statement cycle divided by the number of days in the cycle. Recoupment: The Recoupment fee is .0775. Explanation of Recoupment fee: The FDIC charges each insured bank a fee to cover its share of the cost of providing deposit insurance to depositors. The FDIC does not charge a bank’s depositors for deposit insurance or require banks to pass the cost of their depositors. The FDIC does, however, permit a bank to recoup the cost of insurance from depositors, as long as the fee the bank charges its depositors does not reveal information that could be used to determine the bank
1 A monthly service charge is charged to your analysis checking.
2 Treasury Services are priced separately and based on a service agreement. Sweep Services such as Loan Sweeps, Repurchase Sweeps and Credit Sweep Plus (loan, deposit and investment sweeps) are additional services priced separately. Contact a Treasury Services Manager for pricing.
