Can a corporation sweep from a personal account? We say no but are checking what you think?
We are looking to revise our daily disclosure notice to our Sweep account customers. Are there guidelines/samples available in some reference? I am having a difficult time finding the notice requirements.
Can municipals be pledged to our sweep accounts? If not, what regulation prohibits that? I can’t seem to find a definite answer on what is allowed to be pledged towards these accounts.
Is it in regulatory violation to have two DDA accounts linked for sweep Overdraft Protection?
We have a customer that wants to set up a money market account with balances way over the insurance limits. He wants us to pledge securities that the bank owns to provide coverage for the amount over the FDIC insurance. We have repo sweep accounts that work that way, but they are not reported as deposits. In addition, we do a daily disclosure to the customer of the securities pledged. I am having problems locating regs pertaining to pledging securities to protect a specific account above the FDIC insurance amount. I feel that it would not be allowed, but need to find where it says that.
My bank is in the process of setting up a sweep account service for commercial and possibly consumer customers. The accounts will be "swept" daily and the monies will be transferred to a non-related third party for purposes of making investments of customers' excess funds. Can money market accounts (both commercial and consumer) qualify for this service or does the "sweep" count towards the transaction limitations for a money market account?
We have a sweep account that sweeps to/from a checking account to/from an account backed by our securities. (Non-FDIC insured product.) We are unable to sweep to/from a money market because of the limitations on pre-authorized transfers in a money market account. Would it be possible to set up a sweep to/from a savings account? They do not have limitations ontransfers, right?