#Sweep bank transaction free
If you close your Account for any reason, your participation in a Cash Management Program will also be automatically terminated, and your Free Credit Balances swept into such applicable Cash Management Program will be returned to you.Ĥ. The availability of Cash Management Programs may vary based on where you live and DriveWealth’s relationship with your Introducing Broker or Advisor.ĭriveWealth may, at its sole discretion and without prior notice to you, suspend or terminate your Account’s participation in a specific Cash Management Program. By establishing an Account, you are providing your consent to have your Free Credit Balances swept in accordance with the FDIC Bank Sweep. DriveWealth’s Cash Management Program will default to the FDIC Bank Sweep as the election for your Account. Eligibility requirements for any Cash Management Program may change DriveWealth will notify you in advance if any change in eligibility affects your Account.Īll Accounts established at DriveWealth are currently eligible for the FDIC Bank Sweep. In general, eligibility for DriveWealth’s Cash Management Programs are based on the ownership of the Account and applicable laws and regulations. You should also consider higher-return options for your funds that are not immediately needed for investments purposes, as yields on any of our Cash Management Program options may be lower than those of similar investments or deposit accounts offered outside of DriveWealth. Returns and YieldsĭriveWealth’s Cash Management Programs are not intended to be long-term investments. It is your responsibility to monitor your eligibility for DriveWealth’s Cash Management Programs. Your Responsibility to Monitor Program EligibilityĭriveWealth will notify you in writing if new Cash Management Programs are made available or there are material changes to the offered Cash Management Programs.
(Although our offices may be open on certain bank holidays, these days are not considered Business Days for purposes relating to the transfer of funds.) 1. "Business Day" is any day that the New York Stock Exchange and the Federal Reserve Bank of New York are open. The term "Free Credit Balance" means the uninvested cash in your Account, minus (i) funds necessary to pay for purchase transactions due to settle after funds are eligible to be swept to a Cash Feature (ii) charges to your Account (iii) credit balances that are designated as collateral for your obligations. (1) The “ FDIC Bank Sweep” feature which automatically sweeps your eligible Free Credit Balances into an interest bearing deposit account at our applicable Program Bank(s). The Cash Management Programs currently available through DriveWealth are as follows: Please make sure to read this document carefully and keep a copy for your records. This document explains the features of DriveWealth’s Cash Management Program and provides important disclosures about each feature. IntroductionĭriveWealth offers a Cash Management Program to automatically invest, or “sweep,” the “Free Credit Balance” in your eligible DriveWealth brokerage account(s) (“Accounts”), into a liquid investment which may earn a return while you decide how those funds should be invested longer term. Cash Management Program Disclosure Statement - Bank Sweep 1.
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