OldShooter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Actually, IIRC they made that change not long after the time that they launched the zero-commission war. Instead of several percent payout with the MM they substituted a several basis point payout from the bank. They made a big hoo-rah about the FDIC insurance but IMO that was simply a smoke screen.Actually up until about 5 or 6 years ago they did have a default MM account where they would sweep funds. But they wanted to feature the bank, so 'sweeping' was moved to the bank. ...
Basically the sweep is a tax on clients who aren't paying attention. My Schwab guy was quick to point me to SWVXX when I called to complain. Trading in and out of SWVXX is a minor annoyance but since I am not a trader it's only a few times a year.