With respect to sweep accounts, do banks have to provide disclosures on an on-going basis or is it sufficient that they provide a one-time disclosure to their sweep clients?
The disclosure requirements under the transaction account guarantee program are intended to ensure adequate notice to accountholders. The details regarding how to affect such notice are left to depository institutions to be accomplished in a commercially reasonable manner. So long as effective notice is given, whether it be a one-time disclosure or on-going is left to the institution.
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