Cash Management

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 deposit up to $50 million with full FDIC insurance coverage.

Benefits of CDARS® Accounts

Safety of full FDIC insurance coverage up to $50 million per depositor
No need to spend time managing multiple banking relationships as you have the convenience of working with one bank
One Bank, one statement, one 1099 tax summary
No need to worry about changing collateral values associated with collateralized repurchase agreements.
Superior returns
Satisfaction of knowing your money is at work in our community even while it is safely banked

Laddered 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 maximizing earnings by investing in CDARS® in conjunction with a Money Market Savings Account. The first $100,000 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® of short duration, thus providing a steady cash flow at attractive rates. Alternatively, funds may be invested in CDARS® 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®

Full security on very large deposits up to $50 million per depositor
Higher blended rates on the whole deposit relationship
Regular access to liquidity
Simplified financial tracking and record keeping with one monthly statement and one 1099 on the whole CDARS® portfolio
Satisfaction of knowing that your money is at work in the community even while it is safely banked.

Repurchase Agreements

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