We just had this issue arise and I am hoping for some feedback as to how we should be handling this. We have a commercial customer that has a MMDA and a Commercial checking account. Because our system did not previously work correctly with sweep accounts we were doing the sweeps for them manually. Until recently - when the system was finally fixed and now the sweeps are being done automatically on a daily basis. Of course this is now throwing them over their 6 transfers a limit from the MMDA. Of course this is a very big account/customer and the loan officer I talked to didn't seem inclined to wanting to switch them from the MMDA - I understand they want to earn interest on the funds they aren't using - but what are our options. Is anyone else running into this issue with sweep accounts? Help!!
Thanks,
Lisa