Can I set up an automatic transfer to maintain a certain balance or stop a negative balance on my account?
A 'sweep' is an automatic transfer between your Suncorp Bank accounts to maintain a minimum balance that helps reduce your risk of overdrawing your account or having a payment dishonoured.
If you hold at least two Suncorp Bank accounts you could set up a Funds Management Sweep or an Insufficient Funds Sweep (or both). You can organise a sweep by visiting your nearest store or sending a secure message via Internet Banking.
An Insufficient Funds Sweep works by transferring money from a nominated account to prevent another Suncorp Bank account from overdrawing when a direct debit is made or cheque is presented, provided you have sufficient funds in your other account.
A Funds Management Sweep allows you to keep a certain balance in an elected primary account (e.g. your savings account) and transfer (‘sweep’) excess available funds into a related account (e.g. your transaction account). A primary account is the account you nominate to have the excess funds transferred to or from.
This would be useful to maintain a minimum balance to ensure sufficient funds are available to complete any standing instructions, like a periodical payment (e.g. to pay your rent).