Common use of Sweep Program Clause in Contracts

Sweep Program. HTS's Sweep Program is a service provided by HTS to its customers offering you the option of automatically transferring excess cash balances in your securities account to our Bank Insured Deposit program (BID), which is an account at a participating bank whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). A sweep of your excess cash balance allows you to earn interest on the funds while retaining the flexibility to quickly access that cash to purchase secu rities or withdraw it. To participate in the HTS sweep program, you must select a sweep upon account opening by affirmative writte n consent. HTS may change the products available under the sweep program. For existing accounts, please notify your