Auto sweep back date意思

"Auto sweep back date" is a term used in banking or financial transactions that refers to an automatic transfer of funds from a savings account to a checking account to cover a negative balance. The "sweep back date" is the date on which the transfer occurs automatically, without any manual intervention from the account holder.

For example, if you have a linked checking and savings account and you make a transaction that causes your checking account to go into overdraft, the bank may have a policy to automatically "sweep back" funds from your savings account to cover the overdraft. The sweep back date is the date on which this transfer happens, typically done to prevent the checking account from going into a negative balance.

This feature is designed to help customers avoid overdraft fees or NSF (non-sufficient funds) charges by automatically moving money from the savings account to cover the shortage in the checking account. However, it's important to note that banks may charge fees for such transfers or may have restrictions on the amount that can be swept back.

It's always a good idea to check with your bank or financial institution to understand their specific policies regarding auto sweep back dates and any associated fees or limits.