In observance of Martin Luther King Day, all Provident Bank branches will be closed on Monday, January 18, 2021. Online access to your account(s) will not be affected. Normal banking hours will resume the following business day.
Provident's Tiered Sweep Investment Account provides an automated method of managing your daily cash position to maximize earnings on excess cash. Your funds remain liquid and you can focus on running your business instead of worrying about making transfers between accounts.
The Tiered Sweep Investment Account works directly with your commercial checking account. A target balance amount is set in the commercial checking account. This amount is determined based on your individual business needs. Each night the Provident Bank automatically makes transfers to return your checking account to the target balance. When deposits are greater than in clearing items money is transferred to the Sweep Investment Account. If in clearing items exceed deposits a transfer is made from the Sweep Investment Account back to the commercial checking to bring the balance back to the target.
Repurchase Agreements (repos) - involves the purchase of securities by Provident and their subsequent repurchase the next business day. The securities used are obligations of the US Treasury and Agencies and are collateralized at 100% of market value. A daily confirmation is mailed to you for your investments in repurchase agreements.
Contact us to learn more.