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Is my money market sweep on my zecco account FDIC or SPIC insured?
I have CSAXX money market sweep on my zecco account (http://finance.yahoo.com/q?s=CSAXX) owned by www.Dws-Investments\.com… is this fdic insured or spic insured if the DWS company goes bankrupt or anything ill happens to them? I know zecco is FDIC insured.
FDIC insures customer’s balances with banks while SIPC insurance assets held in brokerage accounts.
Money Market accounts showing on a brokerage statement are insured by SIPC, since the accounts are either held in a B/D money market or held by a bank (or another financial institution) in an Omnibus accounts for the broker/dealer.
So on the books of the money market, the B/D is the owner of the account for the benefits of the B/D’s customer therefore it is SIPC insured.
Perspectivas para 2010 de DWS Investment (21-01-2010)