Banks Scrimped on Customer Interest. Now They’re Paying for It. - WSJ

1. Wells Fargo and Merrill settled $60M over low sweep account interest rates. 2. Bank profits increased despite minimal interest payments on client cash accounts. 3. Paying higher interest rates costs Wells Fargo $128 million from quarterly profit. 4. Increased scrutiny on sweep accounts may lead to more regulatory changes ahead. 5. Sweep accounts contain billions, affecting overall profitability for large banks.