Credit Sweep

Business, Legal & Accounting Glossary

Definition: Credit Sweep


Credit Sweep


Full Definition of Credit Sweep


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.


Cite Term


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https://payrollheaven.com/define/credit-sweep/
Modern Language Association (MLA):
Credit Sweep. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 29, 2024 https://payrollheaven.com/define/credit-sweep/.
Chicago Manual of Style (CMS):
Credit Sweep. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/credit-sweep/ (accessed: March 29, 2024).
American Psychological Association (APA):
Credit Sweep. PayrollHeaven.com. Retrieved March 29, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/credit-sweep/

Definition Sources


Definitions for Credit Sweep are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.