4/12/2023 0 Comments Cash sweepThe Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two or more Program Banks affiliated with Wells Fargo Advisors (“Affiliated Banks”). The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep. Balances in excess of $1,250,000 ($2.5 million for joint accounts) for the Expanded Bank Deposit Sweep will be deposited at Wells Fargo Bank N.A. The Expanded Bank Deposit Sweep will provide up to $1.25 million in FDIC insurance ($2.5 million for joint accounts with two or more owners). The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible clients. Other benefits include the ability to have up to $1,250,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Wells Fargo Advisors account when deposits are held at all five Program Banks in the Expanded Bank Deposit Sweep Program. With the Bank Deposit Sweep, the more assets you hold with us, the higher your interest rate will be for the cash deposited into the Sweep Program. Learn more about current rates and yields for our Cash Sweep programs. Eligibility is based on the type of investment account and nature of account ownership. Wells Fargo Advisors offers a sweep feature with three options for clients to earn a return on uninvested cash balances in their account - The Standard Bank Deposit Sweep, Expanded Bank Deposit Sweep and the Money Market Fund Sweep.
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