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Sweep account |
Also found in: Wikipedia | 0.04 sec. |
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Sweep account Account providing that a bank invest all the excess available funds at the close of each business day for the firm.
Sweep account. A brokerage firm or bank may automatically transfer -- or sweep -- a client's uninvested or surplus funds into a designated account. For instance, at the end of each business day, a bank might sweep a business client's surplus cash from a checking account into a high-yield money market or savings account, where the money earns interest overnight. The next morning, the bank would make these funds again available to the customer. Individuals are more likely to have sweep arrangements with their brokerage firm to handle investment earnings. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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