Increased FDIC Coverage

We’ve been working closely with our bank partners and a deposit sweep network to enable a simple way for our bank partners to make available increased FDIC insurance on both your corporate deposit accounts (including operational accounts) and your customers’ deposit accounts. To provide this additional insurance, the sweep network will deposit the funds at your partner bank across a network of banks without requiring the need for you or your customers to open and manage additional bank accounts or banking relationships.

Depending on the bank partner, the timing and coverage may vary. In general:

• Corporate accounts may be eligible for up to $100M-$150M in FDIC insurance through a deposit sweep network with your bank.

• Customer accounts may be eligible for up to $2M in FDIC insurance through a deposit sweep network with your bank. Funds in excess of $2M in FDIC insurance will be swept into a financial institution that is designated by the Federal Reserve as a systemically important financial institution.