New Citibank Late Day Sweep

Citibank announced a new, late-day sweep service to complement its offering of investment and liquidity products for corporate treasury management. With the new program, available balances are swept from the customer’s Citibank New York account at 4:45 pm EST daily and invested – on a same day basis – into CitiFundsSM Institutional Cash Reserves. Excess balances remain fully invested until they are needed to cover overdrafts in the customer’s operating account – at which time they are redeemed. This late-in-the-day timing enables treasurers, especially those situated on the West Coast U.S., to capture more of their true daily cash position.


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