Sweeps
In United States Banking, Eurodollars are a popular option for what are known as "sweeps". By law, banks aren't allowed to pay interest on corporate checking accounts. To accommodate larger businesses, banks may automatically transfer, or sweep, funds from a corporation's checking account into an overnight investment option to effectively earn interest on those funds. Banks usually allow these funds to be swept either into money market mutual funds, or alternately they may be used for bank funding by transferring to an offshore branch of a bank.
Read more about this topic: Eurodollar
Famous quotes containing the word sweeps:
“The main effect of a real revolution is perhaps that it sweeps away those who do not know how to wish, and brings to the front men with insatiable appetites for action, power and all that the world has to offer.”
—Eric Hoffer (1902–1983)
“Healthy vanity sweeps through life. Sickly vanity lies in bed.”
—Mason Cooley (b. 1927)
“There is a grandeur in the uniformity of the mass. When a fashion, a dance, a song, a slogan or a joke sweeps like wildfire from one end of the continent to the other, and a hundred million people roar with laughter, sway their bodies in unison, hum one song or break forth in anger and denunciation, there is the overpowering feeling that in this country we have come nearer the brotherhood of man than ever before.”
—Eric Hoffer (1902–1983)