A bank deposit sweep product is a sweep feature that automatically transfers ("sweeps”) any free balances from your brokerage account into deposit accounts at one or more FDIC member banks as applicable, intended to provide daily interest on cash balances. The goal is to keep customers’ assets working intended to provide an investment return in a conservative and efficient manner.
The balances in this bank sweep product are not covered by Securities Investor Protection Corporation (SIPC) coverage. The level of FDIC insurance coverage gives your balance in the product greater FDIC insurance protection than what is currently available at a single banking institution.