This is a reminder that beginning today, July 15, 2026, the Bank Deposit Sweep Program (BDSP) will become the default cash sweep option for all newly opened eligible brokerage and Illuminations accounts.
As announced previously, the Bank Deposit Sweep Program automatically places uninvested cash into FDIC-insured bank deposits, providing an added layer of protection while keeping client cash readily accessible for trading, withdrawals, fees, and other account activity.
What This Means
- Effective July 15: All newly opened eligible accounts will automatically default to the Bank Deposit Sweep Program.
- July 22: ESI will no longer accept account applications using the previous money market sweep option.
- No action is required for existing accounts at this time. Existing eligible accounts will transition beginning September 15, 2026, and clients will receive advance notification before that occurs.
Resources
To help you prepare, the following resources are available:
- Financial Professional/Advisor FAQ
- Talking with Clients Flyer
- Register for our upcoming July 29th webinar at 2:00 PM EST which will dive into more detail.
Thank you for your partnership as we implement this important enhancement to our brokerage platform.
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