What Does Sweep To Brokerage Mean

That said, sweep accounts were originally invented to get around a government regulation that limited banks from offering interest on commercial checking accounts. Now, some brokerage accounts have similar features that enable investors to gain some additional return for unused cash. In a sweep program, a bank’s computers analyze customer use of checkable deposits and “sweeps” funds into money market deposit accounts.

1 Response to “What Does Sweep To Brokerage Mean”

  1. JEANNIE

    RECIVED A 1099B FOR STOCK SALES AND ONLY THING I CAN CONECT IT TO IS A SWEEP FROM BROKERAGE CAN THIS BE WRIGHT?

    Comment on Mar 31st, 2010 at 4:54 pm   

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