Bank Deposit Sweep Program
The tabs below show information for both NFS and Pershing Bank Deposit Sweep Programs. Please click on either and this will provide more information and links for you.
The Bank Deposit Sweep Program (BDSP) is a core account investment vehicle used for settling securities transactions and to hold cash balances while awaiting reinvestment. The cash balance in your Brokerage Account(s) will be automatically deposited or “swept” into an interest-bearing FDIC-insured deposit account at one or more participating banks. Greater safety and competitive yield on the cash in your investment account – that’s why SSN created the Bank Deposit Sweep Program, which provides up to $3 million maximum cumulative FDIC coverage and a competitive yield with deposits held at a network of multiple banks.
For details on the BDSP Program, click on the links below:
For more information, contact your financial representative or visit www.fdic.gov.