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Sweeper account

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Sweeper account
A bank account which offsets the Cash held in a depositor's account against credit card, loan and mortgage debts to reduce the debit Interest payable on them.
    
Often it Will automatically transfer surplus funds held in a depositor's current account to his or her Deposit account where the money Will earn higher rates of Interest.
Posted by  Information Management Network LLC., Information Management Network LLC.
 
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