Different ownership categories of accounts are separately insured.įor more information on the Bank Deposit Programs and participating Program Banks click here (PDF)*. Deposits (including principal and interest) at each of the Program Banks are eligible for federal deposit insurance up to $250,000. FDIC insurance coverage for the Bank Deposit Programīalances on deposit in the Bank Deposit Sweep Programs, together with any other of your deposits at the Program Banks, are insured by the FDIC, up to a maximum amount in accordance with the rules of the FDIC. and may not be FDIC insured.Īdditional information is contained in the Wells Fargo Advisors Sweep Features Eligibility (PDF)* and the Cash Sweep Disclosure Statement (PDF)*. Balances in the Standard Bank Deposit Sweep in excess of $500,000 ($1 million for Joint accounts) will automatically be deposited at Wells Fargo Bank N.A.
Resource accounts and retirement accounts in our discretionary advisory programs are eligible only for the Standard Bank Deposit Sweep, thus for such accounts the primary Cash Sweep Vehicle is the Standard Bank Deposit Sweep. The Standard Bank Deposit Sweep will provide up to a minimum of $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners). The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two or more Program Banks affiliated with Wells Fargo Advisors (“Affiliated Banks”). The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep. (In the Expanded Bank Deposit Sweep Program, depending on market conditions and/or the size of your account, cash may be swept to only Affiliated Banks, to only Unaffiliated Banks, or to a mix of both.) Balances in excess of $1,250,000 ($2.5 million for joint accounts) for the Expanded Bank Deposit Sweep will be deposited at Wells Fargo Bank N.A. 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). The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible clients. Other benefits include the ability to have up to $1,250,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Wells Fargo Advisors account when deposits are held at all five Program Banks in the Expanded Bank Deposit Sweep Program. With the Bank Deposit Sweep, the more assets you hold with us, the higher your interest rate will be for the cash deposited into the Sweep Program. Learn more about current rates and yields for our Cash Sweep programs. Eligibility is based on the type of investment account and nature of account ownership. Wells Fargo Advisors offers a sweep feature with three options for clients to earn a return on uninvested cash balances in their account - The Standard Bank Deposit Sweep, Expanded Bank Deposit Sweep and the Money Market Fund Sweep.
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