Managing Your Sweep Program

For credit unions reciprocating deposits or one-way sweeping, the Sweep Program represents the Extended Insurance Accounts you offer your members and the related balances you are sweeping into the deposit network. The Sweep Program module provides you with full visibility and control into the member accounts you have in the ModernFi deposit network.

Program Overview: Sweep Program

The Program Overview serves as a snapshot of your institution’s key data points regarding the Sweep Program. The Program Overview on the Sweep Program page provides:
Total Deposits in Program: The aggregate dollar value of deposits swept into the network across all Extended Insurance Accounts at your institution
Number of Accounts: The total number of depositor accounts opened for use with the ModernFi Deposit Network
Program Interest Rates: The daily rate of fee income earned on deposits swept into the ModernFi Network for the prior day