FAQs: Sweep Account

1. In addition to a sweep account, my spouse and I have a checking account with our bank. Do I need to combine these?

For purposes of the value and income reporting thresholds, you must combine all cash accounts with the same financial institution. For example, if you have $3,000 in a sweep account at the Bank of Portland and another $2,500 in a checking account at the Bank of Portland, you must report the accounts because you hold more than $5,000 with that one financial institution. You may, however, report the sweep and checking accounts as separate line entries if that is more convenient.

 

This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.

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