Money Market Sweep

Money Market Sweep is an automated cash management tool that helps you maximize your earnings.  Daily, this account automatically sweeps excess funds over a specified balance from your commercial checking account into a money market savings account allowing you to earn the highest rate on your funds while maintaining your liquidity.  This is a smart choice for businesses whose account balances typically significantly exceed their daily operating expenses.

Benefits of Money Market Sweep Accounts:

• No monthly maintenance fee with minimum balance requirement
• Competitive tiered interest rates* - the more you save, the more you earn
• Immediate access to funds - funds are swept back into your commercial checking account to pay checks presented and to replenish target balance
• Up to six transfers per month from your money market savings account to your commercial checking account, in compliance with federal regulations
• Free First Business Online internet banking, including PayFirst online bill payment, and online statements
• Monthly reports summarizing daily transfer activity and interest earned
• Saves you time by automatically transferring idle cash to and from higher yielding savings accounts

CDARS®

CDARS® is a great way to help us fulfill our mission of building the economic health of underserved communities in the Washington, DC area.   City First will put your deposit to work where it is needed most and you can take advantage of the double bottom line – the satisfaction of knowing you are growing your own investment while helping to develop DC’s underserved communities.  With CDARS®, you can access multi-million-dollar FDIC insurance coverage.    

Benefits of CDARS®

• Access multi-million-dollar FDIC insurance coverage ¹
• No need to spend time managing multiple banking relationships as you have the convenience of working  directly with one bank
• One bank, one statement, one 1099 tax summary
• No need to worry about tracking changing collateral values on an ongoing basis
• Satisfaction of knowing your money is at work in our community  while it is safely banked ²

Laddered CDs through CDARS®

For large deposit customers with a clear idea of cash flow and less need for daily access to liquidity, City First offers a vehicle for investing in CDs placed through CDARS in conjunction with a Money Market Savings Account.  The first $250,000 is placed in a Money Market Savings Account earning competitive rates and providing optimal liquidity.  Funds over this amount can be invested weekly in CDARS CDs of short duration, thus providing a steady cash flow at attractive rates.  Alternatively, funds may be invested in CDARS CDs of laddered maturities from four weeks (for more immediate cash flow needs) to five years (for a guaranteed return over a longer period of time).  

Benefits of Laddered CDARS®

• Access to multi-million-dollar FDIC insurance on CD deposits
• Higher blended rates on the whole deposit relationship that would otherwise be available in our Money Market Savings Account
• Access to funds upon maturity of laddered CDs
• Simplified financial tracking and record keeping with one monthly statement and one 1099 on the whole portfolio of CDs placed through CDARS.
• Satisfaction of knowing that your money is at work in the community while it is safely banked. 

Repurchase Agreements

Non-Deposit Investment Product *Not FDIC Insured * Not a Bank Deposit * May Lose Value

City First offers Repurchase Agreements as a convenience to customers requiring both immediate liquidity and complete security.  A repurchase agreement couples your checking account with an overnight investment collateralized by US Government and agency securities.  Funds in excess of those needed for daily liquidity purposes are swept each night from your checking account to your repurchase account.  Conversely, if your need for funds increases, the funds are swept back from your repurchase agreement to your checking account.  

Benefits of Repurchase Agreements

• Money moves automatically between your checking and your repurchase agreement
• Immediate access to liquidity
• Fully collateralized by US Government and agency securities

¹ Limits Apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us.

² When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, we can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.

CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.