The word “sweep” can be used in a number of different contexts related to cash, but in this context, it refers to splitting a large cash deposit into many smaller ones at a network of banks. These are not investments—they remain deposits even at the banks in the network.
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This increases FDIC insurance for our customers up to a limit of $50m, without adding operational complexity.
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If you had to do this manually, you’d have to open up individual bank accounts at 200 banks and manually move money among them to rebalance as necessary. This would incur account opening fees, maintenance fees, and wire fees on top of the operational and staffing burden.
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Our sweep partner, R&T, has been providing liquidity management solutions to financial institutions since 1974 and has $220bn of assets under administration as of mid-2022.

With Mayfair, your account looks and operates like a normal cash account, and we take care of the technology in the background. Liquidity and transfer times mirror those of a single bank account. No operational hassle, no additional staff, and no fees.