3 ms·
https://www.fidelity.com/why-fidelity/safeguarding-your-accounts https://www.fidelity.com/why-fidelity/safeguarding-your-acco...
by latchkey 4y ago
https://www.fidelity.com/why-fidelity/safeguarding-your-accounts https://www.fidelity.com/why-fidelity/safeguarding-your-acco...
- lazide 4y agoInterestingly, looks like FDIC Sweep accounts are now super common - doing a search for them pulls up things like. $4.0 mln - Northwestern Mutual [https://www.northwesternmutual.com/cash-sweeps/ https://www.northwesternmutual.com/cash-sweeps/] $5.0 mln - City National Bank [https://www.cnb.com/business-banking/accounts/savings/bank-deposit-sweep-program.html https://www.cnb.com/business-banking/accounts/savings/bank-d...] Looks like dozens at least. US Bank blog article on it [https://www.usbank.com/financialiq/improve-your-operations/investments-and-controls/protecting-cash-balances.html https://www.usbank.com/financialiq/improve-your-operations/i...] Apparently $3.7 trln was held in sweep vehicles in 2019! They have terrible interest rates (think typical bank rates) however, so unless someone really needs the liquidity, it's a very expensive option. The more you know.