The Sweep Account Agreement is essential for establishing automated fund management arrangements in the United States banking system. This contract type is commonly used when account holders wish to maximize returns on idle funds or maintain specific account balances through automated transfers. The agreement must comply with U.S. federal banking regulations, including Regulation D, the Bank Secrecy Act, and state-specific banking laws. It typically details transfer mechanisms, timing, investment options (if applicable), fees, and risk disclosures while ensuring compliance with all relevant U.S. banking and securities regulations.
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1. Parties: Identifies the financial institution and account holder(s)
2. Background: Explains the purpose of the sweep arrangement and basic structure
3. Definitions: Defines key terms including sweep account, target balance, source account, investment options
4. Sweep Arrangement: Details of how the sweep mechanism works, timing, and transfer procedures
5. Fees and Charges: Outlines all applicable fees, charges, and interest calculations
6. Account Holder Responsibilities: Details obligations and responsibilities of the account holder
7. Bank Responsibilities: Outlines the bank's obligations and service commitments
8. Termination: Conditions and procedures for ending the sweep arrangement
1. Investment Options: Details of available investment vehicles for swept funds - used when sweep includes investment products
2. Multiple Account Provisions: Rules for handling multiple linked accounts - used when multiple accounts are involved in sweep arrangement
3. International Transfers: Provisions for international sweep arrangements - used when sweep involves cross-border transfers
4. Business Day Processing: Specific timing of sweep processes - used when precise timing requirements exist
1. Fee Schedule: Detailed breakdown of all fees and charges
2. Sweep Processing Schedule: Timing details for sweep operations
3. Investment Product Details: Specific information about investment options if applicable
4. Account Details Schedule: List of all accounts involved in sweep arrangement
5. Risk Disclosure Statement: Required disclosures for investment-related sweeps
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