The authorized collection of excess or idle funds at regular intervals from a company's bank account by a bank for the purpose of applying them against outstanding debt balances. The amount of funds that may be swept is based on a minimum account balance established by the company above which excess funds are available for debt payment.
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- Credit Sweep: Definition from Answers.com
Credit Sweep Business Sweep Account linked to a bank line of credit. Excess balances are automatically transferred from a checking account to pay down.