Wells Fargo and Bank of America Agree to Pay Combined $60 Million to Settle SEC Probe

The U.S. Securities and Exchange Commission smacked Wells Fargo and Bank of America with a combined $60 million in penalties for allegedly mismanaging the cash sweeps of their clients.

Cash sweeps are a method used by investment firms that automatically collects and deposits leftover cash from the accounts of its customers and channels them into an affiliated bank account, where the brokerage earns interest on it.