Sweep Program definition
Examples of Sweep Program in a sentence
Sweep Program is a service provided by HTS to its customers offering you the option of automatically transferring excess cash balances in your securities account to either an account at a bank whose deposits are insured by the FDIC or a money market mutual fund product.
You may also elect not to participate in the Cash Sweep Program and instead periodically invest cash balances directly.
If you have other deposits at the Program Banks outside of the Bank Deposit Sweep Programs, you must aggregate all such deposits with your Bank Deposit Sweep Program balance for purposes of determining FDIC coverage.
By choosing one of these as my sweep product, I consent to have Free Credit Balances in my Account included in the Sweep Program.
Your financial professional can provide further details and additional information, including a prospectus, for any of the money market mutual funds available for direct investment outside of the Cash Sweep Program.
The products offered in the Sweep Program are the ▇▇▇▇▇▇ ▇▇▇▇▇ Money Market Fund (“Fund”) and the ▇▇▇▇▇▇ ▇▇▇▇▇ Insured Bank Deposit Program (“Bank Program”).
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.
Under the Cash Sweep Program ("Sweep Program"), cash balances in your Advantage Account are automatically swept into your selected sweep option.
Clients should review the terms, interest rates, and other features and tradeoffs of the Sweep Program with their financial advisor.
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.