![]() This means if your account is negative $25.00 and the sweep account only has $24.00, it won’t Sweep and a non-sufficient fee will be assessed. Please note that if your account is negative and our system initiates a Sweep from your parent account, it looks for the full amount needed in y our parent account. Or, if you have a line of credit, you can set that to be your parent account, too. Sweep Account Filed Under: s by Daniel Guidotti Sweep Account A bank account into which all excess funds available at the closing of every business day is transferred for a higher interest earning investment option. Say you open a sweep account at your bank and set the sweep number at 2,000. Sweep accounts reduce the amount of manual transactions needed. The parent can be savings to checking, checking to savings, checking to checking, savings to savings. Cash sweeping, or a sweep account, is a checking account that automatically transfers money to an investment account once that checking account exceeds a certain amount of money. One account would be the "parent" where the Sweep would pull from to cover the overdrafted amount. Note: To learn more about these Cash Sweep features or alternatives, please contact your Financial Advisor. Wells Fargo Advisors Sweep Features Eligibility (PDF). There is a small fee when a sweep happens to cover your overdraft, but the beauty is this will allow you to avoid a more expensive non-sufficient fund fee. The Money Market Sweep is the default Sweep Feature for certain types of brokerage accounts as listed in the eligibility table, and for day-trading accounts. ![]() If there is, it “sweeps” the funds over to cover. Youre more likely to have money to pay for purchases on the settlement date, when your account will be debited for the amount you owe. If your account that's enrolled in Sweep is negative at the end of the business day, our system will look at the “parent” account to see if there are funds in it to cover the negative balance. All personal and business savings or checking accounts are eligible to be enrolled in sweep protection. The funds are then invested in a safe and highly liquid investment vehicle, such as money market funds. It's completely free to set up sweep between your accounts. A sweep account is a bank account that automatically shifts cash balances into an investment account at the end of each business day. ![]() If you establish Sweep between two accounts (or between one account and a Line of Credit), the Sweep will cover you from most overdrafts. ![]() Life happens, and we want to help you avoid ever needing to pay a non-sufficient fund fee. ![]()
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