Wachovia Merger Likely Bad News for A.G. Edwards' Cash Sweep Rates. Saturday's Wall Street Journal features an article, "What to Watch As Big Brokers Tie the Knot". The piece says, "A.G. Edwards customers also could see yields fall on their idle cash, which brokers park in so-called sweep accounts. According to Money Fund Intelligence, A.G. Edwards currently pays the highest rates among all major brokerages on "sweep" cash (4.64%), while Wachovia pays the lowest (1.00% or less). Friday's Journal piece on the merger said Wachovia's, "Mr. Thompson said he plans to boost the Edwards brokers' productivity, partly by shifting more client cash from money-market funds into its own insured bank accounts, where customers often get low rates but Wachovia can reinvest the funds more profitably."

Email This Article




Use a comma or a semicolon to separate

captcha image

Money Market News Archive

2024
December
November
October
September
August
July
June
May
April
March
February
January
2023
December
November
October
September
August
July
June
May
April
March
February
January
2022
December
November
October
September
August
July
June
May
April
March
February
January
2021
December
November
October
September
August
July
June
May
April
March
February
January
2020
December
November
October
September
August
July
June
May
April
March
February
January
2019
December
November
October
September
August
July
June
May
April
March
February
January
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013
December
November
October
September
August
July
June
May
April
March
February
January
2012
December
November
October
September
August
July
June
May
April
March
February
January
2011
December
November
October
September
August
July
June
May
April
March
February
January
2010
December
November
October
September
August
July
June
May
April
March
February
January
2009
December
November
October
September
August
July
June
May
April
March
February
January
2008
December
November
October
September
August
July
June
May
April
March
February
January
2007
December
November
October
September
August
July
June
May
April
March
February
January
2006
December
November
October
September