Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and ...

Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were profitable for the companies, the SEC said.

The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.

“Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs, or BDSPs, as the only cash sweep option for most ...

Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million, while LPL Financial agreed to pay ...

Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S.

Brokerage firms may seek to sweep cash into affiliated banks, often paying low interest rates. According to some reports, brokers could make 10 times more than their customers do on their cash.

According to the regulator’s orders — between 2018 and 2024 for Wells Fargo, and between 2022 and 2024 for Merrill Lynch — the firms only offered one option for their cash sweep accounts for advisory ...

Merrill Lynch and two Wells Fargo advisory firms ... that they failed to pay advisory clients a competitive rate on cash sweep accounts, the agency said today. Wells Fargo agreed to pay $35 ...

Two Wells Fargo broker-dealers agreed to pay a total of $35 million and Merrill Lynch agreed to pay $25 million to settle SEC charges of compliance failures related to their cash sweep programs. An ...

Merrill Lynch and two units of Wells Fargo ... to consider the best interest of clients when designing automatic cash sweep programs that paid low interest rates to customers.

Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S.