Sweep Program. a. As part of your Account, we offer a Sweep Program through which the Bank automatically deposits, or “sweeps” Free Credit Balances (as defined below) in your Account into a program sweep bank partner (such program, the “Sweep Program”). “Free Balances” occur (i) when you deposit funds in your Account and such funds are not needed to satisfy a settling transaction; and (ii) upon receipt of dividend and interest payments. Under the current Sweep Program, Free Balances are swept into one or more banks whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”).
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Sources: Customer Account Agreement, Account Agreement, Deposit Account Agreement