Chapter 10 Sweeps
| Jurisdiction | United States |
Asweep function, when attached to a bank account, automatically transfers funds at the end of each business day to some sort of pooled investment that earns higher interest than that accruing on the deposit account itself. A sweep can require a minimum amount in the original account, with the surplus being swept to the higher interest-earning account, or a sweep can be established to transfer funds up to an established threshold amount each evening. A sweep account enables a customer to earn interest on cash that would otherwise earn nothing by sitting idle in a checking or deposit account.
A. A Common Sweep Program
A common sweep program transfers funds from a checking account to an investment or money market-pooled fund held by the deposit...
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