Citigroup Inc. plans to offer automatic-sweep products seven days a week as banks respond to clients' demands for higher interest rates on deposits and faster access to their cash.
Starting with the United States and South Korea, the New York-based bank will now allow customers to automatically move funds into one central cash management account every day, according to a statement Wednesday.
As the Federal Reserve rapidly pushes its benchmark rate higher, corporate customers are on the hunt for better returns on their cash. Banks are also facing increasing calls from customers to help them move their money more quickly so they can better manage their cash. Historically, corporations couldn't automatically sweep funds on weekends and holidays, putting them at risk for overdraft fees and other charges.
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