Overdraft Protection For Your Business
Optimize Your Business’s Cash
- Cover accounts based on your needs
- Increase revenue and cash flow
- Automate deposits to a higher-yield account
- Sweep cash from multiple business segments to a single operating account
Frequently Asked Questions:
What Is a Zero Balance Account (ZBA)?
A zero balance account (ZBA) is pretty much exactly what it sounds like: a checking account in which a balance of zero is maintained. When funds are needed in the ZBA, the exact amount of money required is automatically transferred from a central or master account. Similarly, deposits are swept into the master account daily.
What is the purpose of a ZBA?
A ZBA is designed to allow you to conveniently maintain a master account while funds are dispersed to your subsidiary ZBA accounts for essential business items, such as payroll, petty cash, or other purposes
What is sweeping in banking?
Sweeping is an automated funds transfer for the concentration of balances belonging to a company or a group of companies, which regularly move funds between their own accounts. Sweeps can be executed between accounts within Nordea, cross-border and to accounts at other banks
Can I withdraw money from a sweep account?
Yes, you can withdraw money from your sweep account like you normally would with a checking or savings account.