Overnight lending plan gives clients full protection until this year's out. Merrill Lynch's Global Wealth Management (GWM) division is offering a sweep option with unlimited FDIC insurance for qualified retail accounts in the Merrill Lynch Bank Deposit Program (MLBDP). It gives clients the chance to consolidate large deposit balances in a single account and receive unlimited FDIC protection for the funds through the end of this year.

Sidelined cash

This coverage is separate from coverage available under FDIC general deposit insurance rules.

"In the current economic environment, we understand how important it is for our clients' cash deposits to be safe, hence our decision to introduce the Fully FDIC Insured Sweep," says Aron Levine, head of credit and banking at Merrill Lynch GWM. "This offering, coupled with the advice and guidance provided by our financial advisors, reaffirms our commitment to serving our clients' financial needs."

MLBDP is an option for certain Merrill Lynch brokerage accounts that lets clients earn interest on deposits made at Merrill Lynch Bank USA and Merrill Lynch Bank & Trust Co.

Merrill Lynch is a subsidiary of Charlotte, N.C.-based Bank of America. -FWR, and focused its efforts on refining its internal investment-management capabilities. -FWR

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