Demand Deposit Marketplace (DDM) Sweeps
At Machias Savings Bank, we're always focused on how we can help our clients make the most of their money. If you need to deposit a large amount of money and still want FDIC insurance, we think you'll be pretty happy with a Demand Deposit Marketplace (DDM) Sweep. You can deposit as much as you want, all right here, and every penny is fully covered via FDIC insurance. With DDM Sweeps, your funds are not locked in a fixed term deposit; you have access anytime you need it.
- Fully automated, overnight investment sweep that sweeps idle balances to invest nightly
- Each day, as checks and other debits clear the master account, funds are swept back from the investment to cover those items
- Expanded FDIC protection on deposits, regardless of their category of legal ownership
- Funds are always accessible through Money Market Demand Accounts (MMDA) and are not locked up in certificates of deposit
- Earn interest on the idle balances in business checking accounts
- Enjoy automated transfers between checking and sweep accounts