The FDIC Sweep program offers FDIC protection of up to $1,000,000 on your cash balance in your Sarwa Trade account. This program helps ensure that your funds are safeguarded by the Federal Deposit Insurance Corporation (FDIC) while they remain in your account.
Why is FDIC Sweep important?
This protection provides peace of mind knowing your cash balance is insured by the FDIC while it’s held in your trade account.
Can I opt out of the FDIC Sweep program?
Yes, you have the option to opt out of the FDIC Sweep program at any time. This option is available in the FDIC Sweep section under your account settings. Opting out may be important particularly for those who prefer not to earn interest on their funds.
Is everyone eligibile for FIDC Sweep program?
No, the FDIC Sweep program is not supported for Pattern Day Trading. If you are a Pattern Day Trader, you will not be able to use this program for your cash balance.
⚠️ If you toggle this feature on/off, it will be in pending state for one business day.
For more details, you can refer to the Alpaca Securities LLC FDIC Bank Sweep Program Terms and Conditions.