What is a cash sweep account?
Only affects futures-enabled accounts
At tastyworks, we sweep excess funds from your futures account to your securities (margin) account daily when trading. As a result, it allows any excess funds in your futures account to count towards meeting the $25,000 pattern day trading requirement (PDT status). Additionally, funds swept to your margin account allow more flexibility since it counts towards calculating your Starting Day Trading Buying Power. Additionally, excess funds swept back to your securities account are covered under SIPC.
To learn more about the separation of your securities account and futures account, then please click here.