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Banks and brokerages face SEC probe over interest payments

Image of one-dollar bills.
Photo: Matt Cardy/Getty Images

Practice of sweeping client cash into accounts paying almost no interest under scrutiny.

The SEC is looking into allegations that several prominent Wall Street players have been cheating customers out of billions of dollars of interest payments.

The probe focuses on whether banks or brokers steered clients toward sweep accounts that paid little or no interest, and whether the companies’ financial advisers had