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Kearny Insured Liquidity Sweep

Simplify your business banking with one source.

The perfect account for any business seeking safety, security, and liquidity.

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No more complex banking relationships. With Kearny's Insured Liquidity Sweep account, an innovative program that connects your checking accounts across participating financial institutions, you can consolidate your cash holdings with FDIC-Insurance coverage up to $50 million in deposits.

It's simple to protect your short-term cash holdings with a trusted partner managing and maintaining the daily minimum balance of your choice. The excess funds are transferred into an interest-bearing account until needed. Plus, the Kearny Insured Liquidity Sweep account lets your business enjoy maximum flexibility to access all your funds via check, wire, EFT and debit cards.

Want to know more? Contact us at 973-244-4516 to learn how the Kearny Insured Liquidity Sweep account can benefit your business.

Focus on Your Business While We Protect Your Banking

Linking your accounts to an insured liquidity sweep account at Kearny Bank can simplify your financial processes and eliminate paperwork. Our innovative program automatically allocates deposits exceeding the $250,000 FDIC Insurance limit per business tax ID to insured accounts across other participating financial institutions. Join our program to unlock the full benefits of streamlined banking.

The insured liquidity sweep account is available to individuals, businesses and government entities. Consider the important advantages:

  • Expanded levels of FDIC Insurance, up to $50 million per individual tax ID

  • Automatic end-of-day transfer of funds in excess of target balance you set

  • Earns a competitive interest rate

  • No withdrawal limitations

  • Automatically transfers funds to meet daily account balance needs

  • Daily balance reporting

  • Separate monthly investment account statement

  • Download the detailed flyer here.

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FAQs

Find answers to common questions about Kearny Bank and our services.

Banks that are deposit-taking banks within the program are only considered if they are categorized as “well capitalized” by the FDIC and have no outstanding enforcement actions such as cease and desist orders, particularly regarding capital structure. Status is evaluated quarterly.

The program administrator has not experienced a bank failure within the sweep program since the program's inception in 2011. On an annual basis, the program administrator tests its procedures for filing an FDIC claim for a "mock" bank failure to ensure a timely filing of a claim in the event of an actual bank failure.

Total balance levels may be accessed daily on Kearny Bank’s Online Banking. Monthly statements provide the name of each bank and the corresponding balance at each bank. Details of deposit placement amongst program banks may be accessed during the month via the program administrator’s online system.

The system provides daily liquidity. Funds may be accessed on any banking day without penalty. All transactions (checks / wires / EFTs / deposits) flow through the checking account as usual. Funds are automatically transferred to and from the sweep account as needed.

A current list of participating banks is provided at account setup. An account holder may ‘opt out’ of banks on the list to avoid exceeding the FDIC Insurance limit of $250,000 per individual tax ID.

Maximum insurance limits are set to allow a cushion for ‘opting out’ of several banks as well as interest posting. Should the balance approach a critical level, the account holder is notified of the potential insurance cap and may choose to leave the funds in the program or remove excess funds.

Interest is posted on the last day of the month and is reinvested in the program.

Interest is accrued daily and paid monthly using a standard simple interest calculation: ((Principal X (Rate/365)) X Number of days in Period).

Interest is paid by Kearny Bank. A 1099-INT is sent from Kearny Bank for tax purposes.

Download a Kearny Insured Liquidity Sweep fact sheet.

Download all FAQs here

 

Open an Insured Liquidity Sweep Account Today

The right combination of security and fluidity for your funds.