Line of Credit Sweep
With this product, a line of credit is linked to your checking account. First American offers two line of credit sweeps from which to choose:
One-Way Sweep: Transfers money from your line of credit to your checking account when your balance drops below a predetermined level, protecting you from overdrafts or maintaining your account with the amount of cushion you prefer.
Two-Way Sweep: Not only transfers money into your checking account when it drops below a certain level, but also transfers money out of your checking account when it exceeds a predetermined amount and uses it to pay down any outstanding principal on your line of credit.
First American's Line of Credit Sweep is a cost-effective way to manage your excess cash.
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