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Frequently Asked Questions

What types of Investment Sweeps does Key offer?

Key offers three Investment Sweep products:

  • Repurchase Agreement (Repo) Sweep:
    • An overnight investment that consists of direct obligations of, or those that are fully guaranteed as to the principal and interest by the U.S. Government or agencies.
  • Automatic Investment Sweep:
    • An Automatic Investment Sweep is an open term investment in a selection of money market mutual funds provided by Federated® Investors.
  • Commercial or Public Interest Sweep
    • A Commercial or Public Interest Sweep is an open term savings in an interest bearing deposit account at KeyBank.
What types of Investment Sweeps might be right for me?

KeyBank does not provide investment advice. However, some things to consider when making your decision could include your investment policy, KeyBank’s financial strength, Federated Investors financial strength, underlying investment rating and prospectuses, FDIC coverage, etc.

Are all funds in the bank account available to be swept out?

No. Sweep calculations are based on Collected Balances. KeyBank sets a minimum target balance of $25,000 to remain in the bank account.

If the balance in my bank account is insufficient to cover debits presented for payment, will they be rejected?

Not necessarily. Key’s system automatically considers available funds in Sweep accounts when determining availability for posting debits.

Can my Sweep account receive transactions directly?

No. The only transactions into or out of Sweep accounts are through the Sweep mechanism.

Can I elect to receive my earnings in an account other than the investment account?

No.

Do I need to maintain separate account opening documentation and signature cards for my investment account?

Aside from the Sweep Service Schedule, no additional documentation is required.

Does Key issue 1099s?

Key will send a 1099 if the annual interest paid is $10 or more. Repo and Automatic Investment Sweep earning are not considered interest and Key will not send a 1099.

Will I receive a separate monthly statement for my investment account?

Yes, with the exception of the Repo Sweep.

What reporting is available on my Investment Sweep Service?

In addition to being able to view transfers to and from your bank account via the KeyNavigator Previous Day Report, there are additional reports available depending on the Investment Sweep account(s) you have.

  • For the Repo Sweep, you will receive a Daily Investment Confirmation.
  • For the Automatic Investment Sweep, you will receive an Automatic Investment Sweep Daily Report.
What credit products are eligible to use the Credit Sweep service?

There are some credit products that are not eligible for Credit Sweep services. Please consult your Payments Advisor to determine the best solution for your needs.

What reporting is available for the Credit Sweep service?

In addition to being able to view transfers to and from your bank account on the KeyNavigator Previous Day Report, a daily Credit Sweep Report is also available.