Two-Way Sweep automatically moves money between your linked checking account and your i-wize Smart Saver goal. It typically takes 4 to 5 business days to complete a sweep back to your linked checking account. If you wish to use excess cash in your linked checking account for another purpose, or to deposit excess cash into a different account or into a i-wize goal other than Smart Saver, you should not enable Two-Way Sweep.
Two-Way Sweep analyzes only the cash available in your linked checking account. Any cash that you maintain in accounts other than the checking account linked to Smart Saver is not taken into consideration when determining the timing and/or amount of sweeps. For more information about how i-wize determines when to initiate sweeps, please see our methodology document.
Two-Way Sweep is not available if you have enabled i-wize’s SmartDeposit feature.
Two-Way Sweep is not available if you have enabled auto-deposits to your Smart Saver, and you will need to disable auto-deposits to your Smart Saver if you wish to enable Two-Way Sweep. Two-Way Sweep is available if you make auto-deposits to goals other than Smart Saver, and you do not need to make any changes to your auto-deposit settings for these goals if you wish to use Two-Way Sweep.
Two-Way Sweep uses i-wize’s Cash Analysis algorithm to identify target upper and lower bounds for the amount of cash in your linked checking account. i-wize cannot guarantee that Two-Way Sweep will prevent the balance in your linked checking account from falling below the target lower bound.
If you enable Two-Way Sweep, you are authorizing i-wize to make deposits to and withdrawals from your linked checking account according to the parameters set by an algorithm. The maximum amount of money moved into Smart Saver in any single sweep is $5,000. After a sweep into your Smart Saver goal completes, Two-Way Sweep will pause additional sweeps for a period of at least seven days. If you initiate a manual withdrawal from Smart Saver, Two-Way Sweep will pause additional sweeps back into your Smart Saver for at least two weeks. These settings are fixed, and if you expect to need longer pauses between sweeps, you should disable Two-Way Sweep. Disabling Two-Way Sweep will not cancel any sweeps that are pending at the time.
Two-Way Sweep may not be appropriate for you if you expect a large expenditure in the near future that departs materially from your recent past expenditures, or if you expect your spending habits to change considerably in the near future. If your spending behavior changes while Two-Way Sweep is enabled, i-wize cannot guarantee that you will not overdraft your linked checking account. Two-Way Sweep does not account for impending deposits into other goals, including scheduled auto-deposits and one-time deposits that have not yet completed.
Certain checking accounts require customers to maintain a minimum balance, or a minimum average balance. Before enabling and when configuring Two-Way Sweep, you should determine whether your linked checking account has any such restrictions or limitations. Two-Way Sweep allows you to set custom target account balances, which may help to ensure that your balance does not fall below any minimum that may apply to your linked checking account.