Park Avenue Securities LLC offers clients a “Sweep Program” where your cash balances will earn interest from participating banks as well as FDIC insurance on balances up to $2.5 million for individual accounts ($5 million for joint accounts).
The Sweep Program should not be viewed as a long-term investment option for cash in your account. If you desire, as part of an investment strategy or otherwise, to maintain a cash position in your account for other than a short period of time and/or are seeking the highest yields currently available in the market for your cash balances, please contact your Park Avenue Securities financial advisor to discuss investment options available outside of the Sweep Program, such as non-FDIC-insured money market mutual funds, treasury securities, and/or brokered certificates of deposit that may be better suited to your goals.
Dreyfus Insured Deposits Sweep Product (DIDV)
Park Avenue Securities utilizes the Dreyfus Insured Deposits Product V (DIDV) bank sweep to automatically invest eligible cash balances as part of its cash management sweep program. Please click here for further disclosures as well as the terms and conditions of the DIDV product.
Dreyfus Insured Deposits Sweep Product for Advisory Retirement Accounts (DIDM)
Retirement accounts that are invested within the Park Avenue Securities investment advisory platform automatically invest eligible cash balances into the Dreyfus Insured Deposits Product M (DIDM) — a different Dreyfus Insured Deposits Product specifically for advisory retirement accounts. Please click here for further disclosures as well as the terms and conditions of the DIDM product.
Overflow money funds
In the event cash held in an account exceeds $2.5 million or participating banks in the sweep program are unable to accept new deposits, a Dreyfus Cash Management fund has been selected to automatically accept overflow deposits. The Dreyfus Insured Deposits Sweep Product (DIDV) utilizes Dreyfus Government Cash Management fund (Ticker: DGUXX) and the Dreyfus Insured Deposits Sweep Product for Advisory Retirement Accounts (DIDM) utilizes Dreyfus Government Cash Management fund (Ticker: DGVXX). For more information on the overflow money market funds please search the ticker symbols provided on any internet search browser.