Meridian Feature: Same Day Sweeps
The Same Day Sweeps feature allows the system to determine if an account needs to have money transferred in or out prior to going through the actual update. For each account that has same day sweep instructions attached to it, the system does a pre-pass of the items to be posted to that account in that night's update to determine if funds need to be moved during the update.
There are several ways to sweep funds:
- Sweep Up: When the protected account goes below a predetermined balance, the system will sweep funds from another account to bring the protected account back up to a predetermined balance.
- Sweep Down: When the protected account goes above a predetermined balance, the system will sweep funds to another account to bring the protected account back down to a predetermined balance.
- Same Day Up/Down: Each night, the system generates a debit or credit to keep the protected account at a predetermined ledger balance. A different account either provides the necessary funds or receives the excess funds.
- Sweep Up Fixed Amount: When the protected account goes below a predetermined balance, the system will sweep funds in predetermined increments from another account to bring the protected account back up above a target level.
- Sweep Down Fixed Amount: When the protected account goes above a predetermined balance, the system will sweep funds in predetermined increments to another account to bring the protected account back down below a target level.
- Sweep Up/Down Collected: Each night, the system generates a debit or credit to keep the protected account at a predetermined balance based upon the account's collected balance instead of its ledger balance. A different account either provides the necessary funds or receives the excess funds.
Return to the Meridian Features index.