Cash Sweep Program
Under the Cash Sweep Program (the "Sweep Program"), uninvested cash balances – for which no interest is otherwise earned or paid – in your account are automatically swept into your choice of available money market mutual funds ("Money Market Funds"), an interest-bearing deposit account ("Bank Deposit Sweep Option"), or such other sweep arrangements made available to you (collectively "Cash Sweep Options") until these balances are invested by you or otherwise needed to satisfy obligations arising in connection with your account. This Cash Sweep Program Disclosure Statement supersedes any conflicting terms and conditions contained in your account agreement regarding the cash sweep program.
Clients of Wells Fargo Advisors can find information and disclosures about its Cash Sweep Program at www.wellsfargoadvisors.com/cashsweep
NOTICE: Effective February 11, 2010
We’re pleased to announce increased Federal Deposit Insurance Corporation (FDIC) insurance coverage in our Bank Deposit Sweep by utilizing three Wells Fargo & Company banks (“Program Banks”) instead of one beginning on February 12, 2010. The Bank Deposit Sweep currently consists of an interest-bearing deposit account at Wachovia Bank, N.A., an affiliate of our clearing firm, First Clearing, LLC (“Clearing Firm”). If the Bank Deposit Sweep is the cash sweep vehicle for your brokerage account, uninvested cash balances in your account are automatically deposited into the Bank Deposit Sweep. On or about February 11, 2010, the current bank in the Bank Deposit Sweep will be replaced with three Wells Fargo & Company banks (“Program Banks”).
Cash Sweep Program Disclosure Statement (Effective 2/11/2010)