The Program creates financial benefits for PNC Investments. We will receive fees equal to a percentage of total average daily deposits in the Program. Amounts will vary depending on market conditions, but not exceed the current Federal Funds Target Rate Range – Upper Limit (available online at https://fred.stlouisfed.org/series/dfedtaru) plus 0.50%. For more information on our Bank Deposit Sweep Program please see the following, (PDF) Bank Deposit Sweep Program Disclosure.
BDSP (or the “Program”) is the core account investment vehicle for most account types at PNC Investments.
Through the Program, cash balances in your Brokerage account (resulting from selling securities, deposits, dividend and interest payments and other activities) will be automatically deposited or “swept” into interest-bearing FDIC-Insurance eligible Program deposit accounts at PNC Bank, an FDIC-insured depository institution. If your account is ineligible to participate in the Program, other sweep options will be made available for your account.
For more information on the Program, please see the PNC Investments Proprietary Bank Deposit Sweep Program Disclosure Document, available through your Investment Representative or by calling us at 800-622-7086.
For information on FDIC insurance coverage, please see FDIC.gov