Skip to Primary Navigation

Banks and brokerages face SEC probe over interest payments

Image of one-dollar bills.
Photo: Matt Cardy/Getty Images

Practice of sweeping client cash into accounts paying almost no interest under scrutiny.

The SEC is looking into allegations that several prominent Wall Street players have been cheating customers out of billions of dollars of interest payments.

The probe focuses on whether banks or brokers steered clients toward sweep accounts that paid little or no interest, and whether the companies’ financial advisers had

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience