Are your current sweeps being set up correctly and consistently? Are customers being told the correct information about how their sweep will function?
Sweeps are part of a Financial Institution’s offering to attract new customers, while offering existing customers the best service. However, sweeps can be a vexing topic at many institutions. Rightfully so, customers are asking for more ways to protect themselves from rising NSF fees and trying to keep more funds in their savings accounts. Meanwhile, business customers are demanding more and more complex sweep relationships to help ensure funds move through specific accounts in specific orders, while landing at exact dollar amounts each night. Sweep transactions occur frequently, yet sweeps are not onboarded enough that everyone gets great practice with them. We have found this causes some uneasiness when a new customer requests a complex sweep relationship to be set up.
Peak Consulting can help! We provide training and educate staff on the most consistent ways to set up different types of sweeps. Also, we “deep dive” into your more complex sweep relationships to ensure that they are functioning the way they were intended, while discussing new options for meeting customer requests.
The Fiserv Premier® system has expanded its sweep functionality with recent releases by adding several new features. Some of these features include: new sweep onboarding, complex sweep groups for business customers, new balance limits to better protect customers from receiving NSFs and Sweep fees, new sweep out options including ACH sweeps, added abilities to protect accounts from Reg D violations, new update programs to improve sweep processing, etc.
These features all help to create a more dynamic sweep environment for customers. However, we find that these features have not been fully utilized at the time they were released. Peak Consulting can help with this by leading discussions to determine if they will work with a bank’s offering to customers. We have worked with several clients and found that many are not using these new features to their advantage.
Please contact us for more information on our Sweep Processing Training package, or if you have any general questions about reviewing your sweep process.
Peak Consulting provides consulting services to financial institutions across the United States. If you would like to be added to the Peak contact list or for more information on Peak’s services, please email info@peakconsultingllc.com.
