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Public Funds

Put your excess funds to work for you. 

Sweep them into an investment each night and maximize your returns.

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.

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Public Funds Connect Sweep

 

Minimum opening balance

Based on your agreement

Minimum service charge

$20

Monthly Repurchase Sweep fee

$50

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Debits

  • Electric Item: $0.15 each per ACH item
  • Electric Item: $0.21 each paid item (debit or credit)

Credits

  • Electric Item: $0.15 each per ACH item
  • Credits Posted: $0.10 per On Us Item / $0.12 per Not on Us Item
  • $0.50 each deposit ticket
  • $0.10 each deposited item (in addition to credit or electronic credits posted) 
Credit Cards

Automated transfers in and out of your Public Funds Connect Sweep Checking and investment account.

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Benefits

  • Potential to earn more on idle cash
  • Flexibility and liquidity—if you need funds, money is automatically transferred back to your checking to fund your day-to-day needs
  • Convenience of automated transfers between checking and investment accounts, providing better cash management

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 confidential supervisory ratings or mislead depositors by implying the FDIC is charging the fee. The Bank assesses this Recoupment fee to partially recover insurance premiums it pays to the FDIC for deposit insurance. The amount of the Recoupment fee appears on the periodic statement or client analysis statement for your account and is based on the monthly average ledger balance maintained in your account. The Recoupment fee is subject to change by the Bank at any time and without notice. A $40 fee will be charged when account is closed within 180 days after opening. 

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.