Bank deposit sweep program

You may have a say in where your cash is deposited, and if you have concerns about the relationship between the bank and your broker-dealer, you may wish to investigate another option than the bank sweep program. One relevant consideration when assessing the health of the bank may be the percentage of deposits derived from concentrated sources such as brokered deposits or one or more bank sweep arrangements.

You may want to review bank sweep program details to understand how your broker-dealer, the bank s , and any other administrators of the sweep program get paid for the sweep program. You can ask your broker-dealer representative to provide you with details of these compensation arrangements. Most broker-dealers keep a portion of the interest paid by the bank s as a fee for providing bank sweep services.

This fee reduces the rate of interest you receive on your cash in the bank sweep program. You can check with your broker-dealer to determine if there are other cash management options available to you that may provide a higher rate of return for your cash. In determining the best option for your cash, please remember to carefully consider the costs, risks and benefits of each option. Search SEC. Securities and Exchange Commission.

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