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Sweep money fund balance
Compare that with ebay online coupon codes the average.78 percent paid by the four institutions Banc of America, Muriel Siebert, ShareBuilder and Vanguard that automatically sweep your excess cash into a money market mutual fund even if your balance is as low.
Edwards and TradeKing, which sweep money into cash accounts but pay significantly better interest than the others.
Two institutions, Merrill Lynch and Scottrade, make no provisions for customers to request that excess cash be swept automatically into money funds.Charles Schwab and Smith Barney have very high thresholds, 500,000 and 250,000, respectively, for requesting money to be automatically swept into money funds, but that minimum includes all household assets held at the firms.When the stock market is in bull mode, its easy to pay scant attention to how much the excess cash in your brokerage account is earning.Traditionally, this money will be reinvested, but while its waiting to be redeployed, it should be earning as much interest as possible.That.56 percent average paid by 16 institutions is padded by two brokerages,.G.Money Fund Intelligence lists the average expense ratio for a top-yielding prime money fund.35 percent.Edwards is now Wachovia Securities but, as of this survey, separate account information was still being maintained.).Instead, most brokerages in our survey sweep the money into fdic-insured deposit accounts at banks that sometimes are subsidiaries or affiliates of the brokerage.Adam Colgate, how to Void a Check - Avoid Fraud and Unauthorized.
Cash is still king.
Customer must take action, to be sure, there is no obligation on the part of brokerages to pay any interest on cash thats sitting in an account waiting for the customers directive on how it should be used.
In truth, none of this is too troublesome for money-conscious consumers who pay attention to how their accounts are handled.
The result is that brokerages are able to borrow billions from customers while paying little more than.5 percent interest.Generally, its up to the customer to protect his or her own interests in this regard.The result is a class-action lawsuit claiming not only that the institutions are using billions of dollars in clients money without paying a fair interest rate, but also that the tiered structure in the bank deposit programs takes unfair advantage of clients with lesser amounts.For more on this story, and to see if your investment firm is accused of this practice, read the Bankrate feature, Cash sweep account controversy spurs lawsuit.Our products and services are designed to provide our clients with the best possible value, which includes convenience and service, as well as superior features and functionality through our online banking and investment services, says Neal Wolfson, Bank of America product executive.