Mutual Fund Sweep Services
Mutual Fund Sweep Service provides a great way for companies to relieve the daily burden of determining a cash position, making investment selections and transferring funds to an investment instrument. Funds in excess of those needed to support daily activity are automatically transferred to one of two mutual funds: Cavanal Hill Cash Management Fund or the Cavanal Hill U.S. Treasury Fund. The Cash Management Fund invests in U.S. Dollar denominated securities with only the highest quality ratings from Moody's (PI) or S&P (A1) being purchased. The Treasury Fund invests exclusively in U.S. Treasury Bills, notes and other obligations issued or guaranteed by the U.S. Government.
Risk, Affiliation, Offering Entity Disclosure
How Does It Work?
First you and your Bank of Texas account manager agree on a target balance to be maintained in your account on a daily basis. At the end of each business day, after all debits and credits have posted to your account, collected balances in excess f the predefined target are transferred to the custody of Bank of Texas before being wired to the mutual fund distributor the morning of the following business day.
The next day, if funds are needed to cover account activity, the exact amount needed is transferred from the mutual fund and credited to your account. NO overdraft charge is incurred. If funds are again available over the specified target, the cycle is repeated.
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Financial Position Update |
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>> For more information on our stable financial position, please click
here.
To find out more information about BOK Financial, our parent company, please click here. |
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