Wells Fargo, and BofA's Merrill Cash-Sweep Accounts …

Jan 19, 2025 · Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million; Wells Fargo Advisors Financial Network, $7 million; and Merrill, $25 million, according to the SEC’s …

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Wells Fargo, And BofA's Merrill Cash-Sweep Accounts …

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Jan 19, 2025 · Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million; Wells Fargo Advisors Financial Network, $7 million; and Merrill, $25 million, according to the SEC’s …

thewealthadvisor.com

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Wells Fargo, Merrill To Pay $60 Million Penalties Over Cash Sweep …

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Merrill Lynch and two units of Wells Fargo have agreed to pay $60 million in combined penalties to settle Securities and Exchange Commission charges that they failed to consider the best …

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SEC Fines Wells, Merrill $60 Million Combined Over Cash Sweep ...

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Jan 17, 2025 · The Securities and Exchange Commission fined Wells Fargo Advisors and Merrill Lynch a combined $60 million for failing to pay advisory customers a fair rate on cash sweeps, …

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Wells Fargo, BofA Units Pay SEC $60M Over Cash Sweeps

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The SEC alleged that Wells Fargo Advisors and Merrill Lynch failed to adopt and implement policies and procedures concerning their cash sweep programs that considered their clients' …

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Wells Fargo, Merrill Settle SEC 'sweeps' Probe For $60M

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Jan 17, 2025 · Wells Fargo and Merrill Lynch agreed Friday to pay $60 million in total to settle SEC allegations that they didn't do enough to consider clients' best interests when placing …

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Wells Fargo, Merrill Lynch, LPL Settle SEC Charges

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Jan 21, 2025 · Dive Brief: Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million to settle charges with the Securities and Exchange Commission over …

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SEC Fines Wells Fargo $35M, Merrill Lynch $25M Over Improper …

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Jan 21, 2025 · Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of …

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Merrill, Wells Fargo To Cough Up $60M Over Cash Sweep Programs

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Jan 17, 2025 · Merrill Lynch and Wells Fargo have agreed to pay a total of $60 million to resolve allegations of Advisers Act violations related to the interest rates offered in their cash sweep …

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SEC Fines Wells Fargo And Merrill Lynch $60 Million For Cash Sweep ...

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Jan 20, 2025 · The SEC found that both Wells Fargo and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the default option for most advisory clients. These programs …

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Wells Fargo, Merrill To Pay $60M Over Cash Sweeps - ThinkAdvisor

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Jan 17, 2025 · Clients were pushed into bank sweeps that at times paid far less than other options, the SEC said.

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Wells Fargo And Merill Lynch Paying $60,000,000 Fine For Allegedly ...

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6 days ago · Two Wall Street titans are shelling out a combined $60 million to the U.S. Securities and Exchange Commission for allegedly serving their own interests at the detriment of clients. …

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Wells Fargo, Merrill Lynch Fined $60 Million Over Compliance …

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4 days ago · Wells Fargo Advisors and Merrill Lynch have been penalized by the Securities and Exchange Commission over compliance failures related to cash sweep programs, according to …

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Is Your Brokerage Firm Ripping You Off With Low Interest On Your …

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3 days ago · In 2025, the SEC fined Wells Fargo Advisors and Merrill Lynch $60 million for failing to consider their client's best interests when choosing cash sweep program options.

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FAQs about Wells Fargo, and BofA's Merrill Cash-Sweep Accounts … Coupon?

Why did Merrill Lynch & Wells Fargo pay $60 million?

Merrill Lynch and two units of Wells Fargo have agreed to pay $60 million in combined penalties to settle Securities and Exchange Commission charges that they failed to consider the best interest of clients when designing automatic cash sweep programs that paid low interest rates to customers. Welcome to Barron's Advisor! ...

How did Wells Fargo & Merrill Lynch deal with the SEC?

The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties. According to the SEC’s orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs. ...

Does Wells Fargo have a cash sweep program?

This lawsuit follows another, filed last month by a Wells Fargo wealth management client. Typically, in a cash sweep program, a brokerage firm moves a customer’s uninvested cash from a brokerage account into an interest-bearing account. ...

Does Wells Fargo pay interest on cash sweep accounts?

Wells Fargo paid cash-sweep account customers 0.15% interest for the most of 2023, while the yield on short-term U.S. Treasury Bills hovered around 5.25% for most of last year — a 36-fold gap, according to the lawsuit. The plaintiff further alleges that the lender pays account holders 0.02% interest on their cash sweep account balances. ...

Did Wells Fargo clearing services violate the Advisers Act?

Without admitting or denying the SEC’s findings, Wells Fargo Clearing Services, Wells Fargo Advisors Financial Network, and Merrill Lynch consented to the entry of orders finding that they violated the Advisers Act and ordering them to be censured and to cease and desist from violating the charged provisions. ...

Does Wells Fargo recommend bank programs that share revenue?

Wells Fargo Advisors discloses in client brochures that it has an incentive to recommend certain bank programs that share revenue but could result in lower yields for the customer. ...