How do I make sure my accounts do not exceed FDIC coverage limits when using the Insured Bank Deposit Sweep Program?

Q: How do I make sure my accounts do not exceed FDIC coverage limits when using the Insured Bank Deposit Sweep Program?

Important Considerations You must monitor the total amount of cash on deposit with each program bank. This total includes your Insured Bank Deposit Sweep Program balances and any other FDIC-eligible deposits you may hold at the same program bank in the same ownership category. Calculating your Coverage To calculate your own estimated deposit insurance, see the FDIC’s Electronic Deposit Insurance Estimator (EDIE) on the FDIC website. Opting Out If you exceed the FDIC coverage limit at a bank assigned to hold your deposits, you can opt out of that bank via the tools in the Client Portal: Log in to Client Portal. Click the User menu (head and shoulders icon in the top right corner) Click on Settings Click on Account Settings find the Account Configuration section Click Insured Bank Deposit Sweep Program

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Important Considerations

You must monitor the total amount of cash on deposit with each program bank. This total includes your Insured Bank Deposit Sweep Program balances and any other FDIC-eligible deposits you may hold at the same program bank in the same ownership category.

Calculating your Coverage

To calculate your own estimated deposit insurance, see the FDIC’s Electronic Deposit Insurance Estimator (EDIE) on the FDIC website.

Opting Out

If you exceed the FDIC coverage limit at a bank assigned to hold your deposits, you can opt out of that bank via the tools in the Client Portal:

Log in to Client Portal.
Click the User menu (head and shoulders icon in the top right corner)
Click on Settings
Click on Account Settings find the Account Configuration section
Click Insured Bank Deposit Sweep Program