Use of Brokered Financial Institution Deposits During Financial Institution Sweeps

A method implemented on an electronic computing device, the method comprising:

• identifying a brokerage sweep account amount in a brokerage sweep account for a client, wherein the brokerage sweep account receives funds that are dedicated to purchasing securities;
• identifying a brokered financial institution account amount for the client, the brokered financial institution account for the client paying a higher interest rate than the brokerage sweep account and the brokered financial institution account paying a higher interest rate than a standard savings account;
• receiving a request to purchase a security for a first amount;
• determining whether the brokerage sweep account amount for the client is equal to or greater than the first amount;
• when the brokerage sweep account amount for the client is equal to or greater than the first amount:
• obtaining the first amount from the brokerage sweep account;
• using the first amount to pay for the security;
• transferring cash from the brokerage sweep account to an interest bearing account at one or more chartered financial institutions;
• and
• when the brokerage sweep account amount for the client is not equal to or greater than the first amount:
• using the brokerage sweep account amount for the client as a partial payment for the security;
• automatically obtaining a second amount from the brokered financial institution account for the client to fund a remainder of the first amount;
• and
• using the second amount to pay for a remainder of the security.

A method implemented on an electronic computing device, the method comprising:

• identifying a brokerage sweep account amount in a brokerage sweep account for a client, wherein the brokerage sweep account receives funds that are dedicated to purchasing securities;
• identifying a brokered financial institution account amount for the client, the brokered financial institution account for the client paying a higher interest rate than the brokerage sweep account and the brokered financial institution account paying a higher interest rate than a standard savings account;
• receiving a request to purchase a security for a first amount;
• determining whether the brokerage sweep account amount for the client is equal to or greater than the first amount;
• when the brokerage sweep account amount for the client is equal to or greater than the first amount:
• obtaining the first amount from the brokerage sweep account;
• using the first amount to pay for the security;
• and
• transferring cash from the brokerage sweep account to an interest bearing account at one or more chartered financial institutions;
• and
• when the brokerage sweep account amount for the client is less than the first amount:
• using the brokerage sweep account amount for the client as a partial payment for the security;
• automatically obtaining a second amount from the brokered financial institution account for the client to fund a remainder of the first amount;
• using the second amount to pay for a remainder of the security;
• and
• transferring an amount of cash, equal to the Federal Deposit Insurance Corporation limit, from the brokered financial institution account to one or more chartered financial institutions.