First Union Corp. has unveiled a cash management account that will sweep a small business' idle funds into an investment account at the end of each day.

Businesses with a minimum of $50,000 can have a master checking account and two zero-balance accounts that can be used for payroll or operating funds.

The master account funds are automatically transferred to zero-balance accounts each day. At the end of the day, excess funds from all accounts are swept into the overnight investment account.

Small-business owners can access their account information from their personal computers or receive a daily statement by fax at 8 a.m.

The cash management account is the first product from a First Union group that develops products for segments of small businesses divided by industries and size.

- Compiled by Sara Oppenheim

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