Cash Sweep Program. Under the Cash Sweep Program ("Sweep Program"), cash balances in your Advantage Account are automatically swept into your selected sweep option. The Sweep Program is described more fully in the Cash Sweep Program Disclosure Statement, which you will receive with your General or Basic Brokerage Account Agreement and Disclosure. You should read this carefully. You authorize and direct us to automatically withdraw cash from your Advantage Account when needed to satisfy a debit balance or any other obligation to us in connection with your Advantage Account. If we fail to deposit balances according to this Advantage Agreement, our liability will be limited to the actual amount of the interest you would have earned had the balance been deposited into the Sweep Program.
Cash Sweep Program. The Baird Cash Sweep Program is an Account service whereby Baird will deposit or invest (that is, “sweep”) uninvested cash balances (“free credit balances”) in Client’s Accounts in accordance with the terms of the Cash Sweep Program. A description of the Cash Sweep Program and the specific terms and conditions applicable thereto is contained in the document titled Xxxxxx X. Xxxxx & Co. Incorporated Cash Sweep Program Disclosure which accompanies this Agreement. This document, as well as additional information regarding the Cash Sweep Program is also available at xxx.xxxxxxx.xxx/xxxxxxxxxx or by contacting Client’s Baird Financial Advisor. By participating in the Cash Sweep Program, Client agrees to the terms and conditions applicable to the Program. Client understands and agrees that Baird may, in its sole discretion at any time, modify the Cash Sweep Program or the terms and conditions applicable thereto. By signing the Application or maintaining an Account at Baird, Client instructs Baird to enroll all of Client’s Accounts in Xxxxx’x Cash Sweep Program and agrees such instruction shall apply to each Account established by Client in the future, unless Client specifically instructs Baird to the contrary. Client may revoke this instruction at any time by contacting Client’s Baird Financial Advisor. Client understands Baird receives compensation in connection with the Cash Sweep Program, which is generally based on client cash balances and represents a significant amount. This presents a conflict of interest in that it gives Baird a financial incentive to have clients participate in the Cash Sweep Program and to maintain balances in the Cash Sweep Program.
Cash Sweep Program. The funds initially placed in your Account will be invested in the stable value fund described unless and until you direct Millennium Trust otherwise. Any uninvested cash subsequently received in the Account (resulting from the sale of an account asset, an additional contribution or otherwise) will be invested in one or more FDIC-insured, interest-bearing, demand accounts at banks not affiliated with Inspira Financial, which we refer to as the Cash Sweep Program. Net interest is credited to the Account on a monthly basis based on the average cash balance held by the Account in the Cash Sweep Program for that month. The crediting rate is reviewed and revised periodically by Inspira Financial and will exceed the national average of interest rates paid by FDIC-insured depository institutions on savings or similar accounts for the applicable period, as published by the FDIC. You may obtain the current crediting rate by contacting Inspira Financial. For more information on the Cash Sweep Program, including compensation earned by Inspira Financial in connection with the program, see “Cash Sweep Program, Uninvested Funds, Compensation” in your custodial agreement.
Cash Sweep Program. Under the Cash Sweep Program (the "Sweep Program"), uninvested cash balances in your Account - for which no interest is otherwise earned or paid - are automatically swept into interest- bearing deposit accounts or, if available, money market mutual funds or such other sweep arrangements made available to you (collectively "Cash Sweep Vehicles"), until these balances are invested by you or otherwise needed to satisfy obligations arising in connection with your Account. You authorize and direct us to invest or deposit free credit balances, including dividends, interest, or other cash we receive for your Account, in your Cash Sweep Vehicle within a reasonable time after receipt. The Sweep Program is described more fully in the Cash Sweep Program Disclosure Statement, included herewith. You should read this carefully.
Cash Sweep Program. Broker may offer Customers the ability to participate in a cash sweep program offered in coordination with Clearing Broker, whereby Customers will receive a certain annual percentage yield (“APY”) payment on cash holdings in their Customer Account(s) from Clearing Broker (the “Apex Interest”). The Apex Interest payment will be funded by Clearing Broker’s FDIC cash sweep program (the “Apex Cash Sweep Program”). The terms and conditions of the Apex Cash Sweep Program as well as the amount of Apex Interest is subject to change as disclosed to Customer from time to time, and pursuant to the Apex Cash Sweep Program’s terms and conditions available xxxxx://xxx.xxxxxxxxx.xxx/disclosures/Titan+Cash+Sweep+Program+Terms+and+Conditions.pdf In addition to, but separate from any Apex Interest payment amount, Broker will also pay Customer an amount in connection with Customer’s participation in the Apex Cash Sweep Program (such amount, the “Titan Payment”), the terms of which are further detailed in the program’s terms and conditions. Customer must affirmatively elect to participate in the Apex Cash Sweep Program, and in so doing acknowledges and agrees that: (a) the Customer has read and understands the terms and conditions referenced above related to the Apex Cash Sweep Program, Apex Interest and the Titan Payment; (b) Broker and/or Clearing Broker may make changes to the Apex Cash Sweep Program or payment terms at any time, in their sole discretion and with or without notice to Customer; and (c) Broker has no obligation to make recommendations about, or changes to, the program that may or may not be beneficial to the Customer. Customer also acknowledges that Clearing Broker is associated with or utilizes an Insured Depository Institution (“IDI”) as such term is defined by the Federal Deposit Insurance Corporation (“FDIC”). To ensure FDIC pass-through insurance protection is maintained, Customer acknowledges that only the Apex Interest payment provided by Clearing Broker is provided by an IDI. The Titan Payment does not constitute interest, but rather is a separate payment made by Broker to Customer. Clearing Broker is not responsible for the Titan Payment and Customer participation in the Apex Cash Sweep Program does not entitle Customer to the Titan Payment. To avoid any confusion and maintain FDIC insurance protections, Customer acknowledges that (i) Clearing Broker is not responsible for the Titan Payment, (ii) participation in the Apex Cash Sweep Program does not...
Cash Sweep Program
