How are the bank accounts structured within the Insured Bank Deposit Sweep Program?

The bank accounts at each bank use an Omnibus account structure and are opened under Interactive Brokers’ name. The account title makes it clear that the funds in the account are held for the benefit of IBKR’s customers. The bank does not know the names of individual customers. IBKR and the program administrator have records showing how much each client has at each bank and, in the event of a bank default, would provide the records to FDIC.

How do I send money via an ACH transfer?

What is the Insured Bank Deposit Sweep Program and how does it work?

What is the risk, if any, in joining the Insured Bank Deposit Sweep Program?

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