![]() Shares or cash held in your Cash Sweep Vehicle will be automatically redeemed in order to settle a transaction, serve as collateral for a margin loan or short sale, or satisfy any other obligations.Īvailable cash balances will not earn a rate of return until swept into your Cash Sweep Vehicle.Īlthough Ofgem has not sought to quantify the following benefits, Ofgem considers that these benefits could be sufficient on their own to justify the reform of interruption arrangements, given their potential significance. The selection of a more expensive share class of a Money Market Fund used as a Cash Sweep Vehicle will negatively impact your overall investment returns.Įxisting balances in your prior Cash Sweep Vehicle will be automatically transferred to the new Cash Sweep Vehicle you select. When selecting the share class for the Money Market Fund used as a Cash Sweep Vehicle, we do not, in all instances, select the share class with the lowest fees that is available from the fund company and these decisions are influenced by the additional compensation we receive. If you do not select a Cash Sweep Vehicle, un-invested cash balances will be placed in the FDIC-Insured Bank Deposit Sweep. You will not purchase any secur.Įxamples of Cash Sweep Vehicle in a sentence ![]() If we fail to invest or deposit free credit balances according to this Agreement, our liability will be limited to the actual amount of the dividends or interest you would have earned had the free credit balances been invested or deposited in the appropriate Settlement Choice. You also authorize and direct us to automatically withdraw cash, redeem money market mutual fund shares, or sell securities maintained in your Settlement Choice or your Account when needed to settle a securities transaction or for any other purpose, such as to satisfy a debit balance, serve as collateral for a margin loan, short sale or option position, or to satisfy any other obligation to us in connection with your Account. Credit balances that are needed to settle a transaction or that are collateral for your obligations, such as a cash balance resulting from a short sale, will remain in your Account and will not be deposited or invested in your Settlement Choice. Unless you instruct us otherwise, we will hold non- cash proceeds in your Account. Proceeds from the sale of securities will be invested or deposited in your Settlement Choice following settlement, provided that the securities sold have been received in good deliverable form prior to the settlement date. You authorize and direct us to invest or deposit free credit balances, including dividends, interest, or other cash we receive for your Account, in your Settlement Choice within a reasonable time after receipt. Except as provided elsewhere in this Agreement, WFA will give you advance notice of any such change in a Settlement Choice. ![]() WFA may, at its discretion, change or replace the available Settlement Choice. ![]() The Cash Sweep Vehicle, free credit balance or linked bank deposit account are collectively referred to below as your “Settlement Choice.” The Cash Sweep Vehicle will be used in connection with settlement of transactions in your Account, unless you select ( if available) not to have a Cash Sweep Vehicle and instead select free credit balance or link your Account to a bank deposit account (collectively the Cash Sweep Vehicle, free credit balance or a linked bank account are referred to herein as the “Settlement Choice”) to be used in connection with settlement of transactions in your Account. Cash Sweep Vehicle refers to the automatic deposit of uninvested funds in an Account into either the Bank Deposit Sweep or an available money market mutual fund or such other sweep arrangements made available to you. ![]()
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