Skip to content

Sweeps and Savings Accounts

Answered by: 

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?

Reg D's restrictions on ther number of transfers per calendar month or statement cycle apply to savings accounts. Included in that definition are passbook savings, statement savings and money market deposit accounts.

If you set up sweep accounts using any of them as a funding mechanism, you must adhere to the transfer limitations.

First published on 7/1/02

First published on 07/01/2002

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics