Starting Sept. 4, Bank of America Corp.’s Merrill Lynch brokerage unit will no longer sweep its customers’ cash into money-market mutual funds, moving it instead into deposits at affiliated banks.

In communications distributed to its staff on Monday, the brokerage said money-market funds “will no longer be available as a sweep choice for most new accounts.” Instead, clients’ uninvested cash will be automatically routed to bank deposits. For six months, these so-called bank sweep accounts will earn a “transitional yield” equal to that on a money-market fund; after May 2019, the yields on those deposits are likely to drop to market rates below that level….

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