Wells Fargo’s cash sweep feature faces SEC investigation | Reuters

Wells Fargo’s cash sweep options for investment advisory clients is being investigated by the Securities and Exchange Commission (SEC), the bank disclosed in a regulatory filing.

The sweep feature allows such clients to earn a return on uninvested cash balances. The bank offers three sweep options, under which uninvested cash can be deposited into interest-bearing accounts or money market funds.

Source: Wells Fargo’s cash sweep feature faces SEC investigation | Reuters