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Finance Dictionary and Glossary of Investment Terms
sweep account
Definition 1.
A brokerage account whose cash balance is automatically transferred into an interest-bearing investment, such as a money market fund.
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Definition 2.
Account providing that a bank invest all the excess available funds at the close of each business day for the firm.
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Definition 3.
A bank account that automatically transfers funds above (or below) a certain level to a higher-interest earning account at the close of each business day.
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