Common use of Standard Bank Deposit Sweep Clause in Contracts

Standard Bank Deposit Sweep. The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep and serves as the primary Cash Sweep Option for retirement accounts in discretionary advisory programs managed by the Clearing Agent. The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two or more Affiliated Banks. The Standard Bank Deposit Sweep will provide a minimum of $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners).

Standard Bank Deposit Sweep. The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep and serves as the primary Cash Sweep Option for retirement accounts in discretionary advisory programs managed by the Clearing AgentSweep. The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two or more Program Banks affiliated with our Clearing Agent ("Affiliated Banks"). The Standard Bank Deposit Sweep will provide a minimum of $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners). Retirement accounts in discretionary advisory programs managed by the Clearing Agent are eligible only for the Standard Bank Deposit Sweep, thus for such accounts the primary Cash Sweep Vehicle is the Standard Bank Deposit Sweep.