Originally Posted by daveland
You CAN sweep with Ameritrade. Call and ask about it. They call it a Total Asset Plan (TAP) which is confusing but ALL you are doing is selecting a MM fund. Pick the Prime. It's somewhere between 2 and 3% now. Much better than .1%. No fees involved.
I called into Ameritrade about a month ago, and they mentioned this service. They said I had to print off the form from their website, sign it, and mail it in to get it started. I went to their website, and this form is nowhere to be found. I concluded that it was less aggravation to move my cash to an internet bank and earn a higher rate of interest.
By the way, I checked the copy of my original application, and there is no mention of this service. Bottom line -- it shouldn't be this hard to set up a cash sweep for a brokerage account! The service should be automatic, and the only decision should be what investment vehicle you want to use to park your cash (e.g., taxable mm, tax-free mm, etc.).