I got an e-mail yesterday about the IBKR Notes program. It sounds good. They allow you to automatically invest your spare cash into short term notes for a yield, but what's the catch? What happens if you buy something and use up more than the spare cash available? Does it sell the notes in order to avoid using margin? Obviously the margin rate would be much higher than the interest rate from the notes so it would be self-defeating to buy these notes and then use margin. What's the risk on the notes? Looks like they issued by IB. I clicked on the learn more button, but it just took me to the sign-up page. I googled the program, but could not find anything about it.