Under the Bank Sweep, Eligible Balances are automatically swept. Important: investments in Vanguard’s Money Market Fund are not guaranteed or insured by the FDIC, but are securities eligible for SIPC coverage. Fidelity Investments and its affiliates, the fund's sponsor, have no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.įidelity's government and U.S. may do so by buying shares of the fund after You have enrolled in the Bank Sweep. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. You could lose money by investing in a money market fund. The money is always available to you and they do pay interest. ago Schwab sweeps any uninvested cash into a deposit account with their bank daily. Yes, please see the FDIC-Insured Deposit Sweep Program Disclosures (PDF) for more information, as well as how your rate will be determined. The uninvested cash is swept into a sub account protected by Schwab bank FDIC coverage. Is there more detailed information available? Call a Fidelity representative at 80 for assistance. Please see the FDIC Insured Deposit Sweep Program Disclosure for more details.Īfter your account is established, you may select a different Program Bank List, if one is available, to receive your deposits.
The Money Market Overflow is not available for purchase as a stand-alone investment but is a component of the FDIC Insured Deposit Sweep Program. Note: Funds held in the Money Market Overflow are not FDIC Insured. Once your funds are placed in the Money Market Overflow fund, these funds will be the first funds that are used to settle any debits or withdrawals from your account.
And any amount beyond the set limit is automatically transferred to a higher interest-earning account, usually daily. In such an account, the financial institution decides the minimum amount needed to be kept in that account. Funds swept into the Money Market Overflow will be held in the Fidelity Government Money Market Fund* – Class S ( FZSXX | Get Prospectus). Sweep Program or a Sweep Account or Cash Sweeping is a type of account with a bank or a brokerage house. This component of the Program provides that, for cash balances that exceed FDIC insurance coverage limits, or cannot be swept to a Program Bank due to either a lack of bank capacity or unavailability of FDIC insurance, your funds will instead be swept into the Money Market Overflow feature. The Money Market Mutual Fund Overflow ("Money Market Overflow") was introduced as an enhancement to the Fidelity FDIC-Insured Deposit Sweep program ("Program").
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