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About The Program > Cash Management Services > Sweeps

No matter how busy you are, with PLGIT's Sweep Program, your funds move automatically from your local bank account to a designated PLGIT account. Funds swept to PLGIT begin earning interest immediately and are completely liquid.

PLGIT does not charge for Sweep services. You save time and money.  

The quicker funds are invested, the more you earn. With PLGIT's Sweep service, funds are swept into a high-yielding PLGIT account as often as daily. Your funds are immediately 100% invested without the reserve requirement charged by most banks.

The longer funds are invested, the more you earn. By utilizing PLGIT's check writing along with sweeps, your funds will remain invested until your checks clear, providing higher earnings.

The less you pay in service fees, the better your net return. PLGIT's Sweep and check writing services will lower or eliminate bank service fees, thus providing a higher net return. Those using compensating balances to pay for services will be able to lower required balances, increasing the amount of funds available to invest. The bottom line is that your funds can work harder and longer for you.

Your PLGIT statement will clearly identify each deposit made to your designated PLGIT account. Sweep transactions will match withdrawals on your bank statement, thus providing a clear audit trail.

There are two options available:

  • PLGIT will view your bank account balance and automatically move available funds to a designated PLGIT account. You set the parameters for frequency and amount of the sweeps.
  • PLGIT will work with your bank to develop a system that allows the local bank, or PLGIT, to monitor and move deposited funds, per your instructions, automatically. View this letter to see what information your bank will need.

PLGIT will establish automatic sweeps with any bank. The following banks currently participate in our Sweep Program:

  • First National Bank of West Chester
 
  • Curwensville State Bank
 
  • Wachovia Bank/Wells Fargo 
 
  • East Penn Bank
 
  • Fulton Bank
 
  • PNC Bank (East and West)
 
  • Hudson United Bank
    (previously Jefferson Bank)
 
  • Quakertown National Bank
 
  • M&T Bank
 
  • Sovereign Bank
 

To find out more about the PLGIT Sweep Program, please call 1-800-572-1472 to speak to a PLGIT marketing representative.


 

This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Trust’s portfolios. This and other information about the Trust’s portfolios is available in the current Information Statement, which should be read carefully before investing. A copy of the Information Statement may be obtained by calling 1-800-572-1472 or is available on the Trust’s website at www.plgit.com. While the PLGIT, PLGIT/ARM and PLGIT/PRIME portfolios seek to maintain a stable net asset value of $1.00 per share and the PLGIT/TERM portfolio seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust’s portfolios are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.

A description of the PLGIT CD Purchase Program is contained in the PLGIT Information Statement. The Information Statement contains important information and should be read carefully before investing. Investors may purchase Certificates of Deposit through the PLGIT CD Purchase Program only by executing an investment advisory agreement with the Trust’s Investment Adviser, PFM Asset Management LLC.

SMPLGIT, PLGIT-Class Shares, PLGIT/PLUS-Class Shares, PLGIT/I-Class SharesPLGIT/PRIME, PLGIT/TERM, PLGIT-CD, PLGIT/ARM, PLGIT/SAM, and PLGIT-CAP are service marks of the Pennsylvania Local Government Investment Trust.

 

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