Available Cash Sweep Vehicles Sample Clauses

Available Cash Sweep Vehicles. The Cash Sweep Vehicle is determined by account type. You authorize your Advisor to notify us of the Cash Sweep Vehicle you wish to choose for your Account. Each eligible Money Market Fund offered as a Sweep Vehicle is described in a prospectus, which should be read carefully, and may include one or more Money Market Funds that an affiliate of our Clearing Firm, provides investment management or other services.
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Available Cash Sweep Vehicles. The Cash Sweep Vehicle is determined by account type. You authorize your Advisor to notify us of the Cash Sweep Vehicle you wish to choose for your Account. Each eligible Money Market Fund offered as a Sweep Vehicle is described in a prospectus, which should be read carefully, and may include one or more Money Market Funds that an affiliate of our Clearing Firm, provides investment management or other services. Expanded Bank Deposit Sweep The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible customers. The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep will provide up to $1.25 million in FDIC insurance ($2.5 million for joint accounts with two or more owners). You may, at any time, elect to exclude the unaffiliated Program Banks from the Expanded Bank Deposit Sweep. If you make this election, you will be in the Standard Bank Deposit Sweep and only two Affiliated Banks will receive your un-invested cash. You may not designate that Affiliated Banks be excluded from the Expanded Bank Deposit Sweep or exclude less than all of the unaffiliated Program Banks. Electing to exclude the unaffiliated Program Banks will result in your un- invested cash not being deposited into those banks or, if already deposited to those banks, we will withdraw your funds from those banks and deposit the funds with the Affiliated Banks in the Standard Bank Deposit Sweep. You will have less FDIC insurance coverage available if you choose to exclude the unaffiliated Program Banks and, if you have sweep deposits in excess of $500,000 ($1 million for joint accounts) you may have uninsured deposits at the Affiliated Banks through the Standard Bank Deposit Sweep. You need to contact us if you wish to change to the Standard Bank Deposit Sweep. Eligible customers may select the Standard Bank Deposit Sweep at account opening or subsequently at any time after the account is opened. Retirement accounts in discretionary advisory programs managed by the Clearing Firm are not eligible for the Expanded Bank Deposit Sweep. Standard Bank Deposit Sweep The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep. The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two Program Banks affiliated with our Clearing Firm ("Affiliated Banks"). The Standard Bank Deposit Sweep will provide up to $500,000 in FDIC insur...
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