I was looking at my Wells Fargo account tonight and it said I had an expanded bank deposit for X amount. However, I didn't make any type of deposit for this amount. Anyone know what an Expanded Bank Deposit is? I do see Expanded Bank Deposit on my deposits but I don't make a deposit for the amount that is showing.
Wells Fargo page doesn't really help either. They only say…
How our Bank Deposit Sweep Program works
With the Bank Deposit Sweep, the more assets you hold with us, the higher your interest rate will be for the cash deposited into the Sweep Program. Other benefits include the ability to have up to $1,250,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Wells Fargo Advisors account when deposits are held at all five Program Banks in the Expanded Bank Deposit Sweep Program.
The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible clients. The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep will provide up to $1.25 million in FDIC insurance ($2.5 million for joint accounts with two or more owners). Balances in excess of $1,250,000 ($2.5 million for joint accounts) for the Expanded Bank Deposit Sweep will be deposited at Wells Fargo Bank N.A. and may not be FDIC insured.
https://www.wellsfargo.com/investing/cash-sweep
Did I earn free money or something?
Any idea?
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