This FAQ applies to Flourish Cash. You can review Flourish Crypto FAQs here.
Generally, you should only opt out of Program Banks with which you already have (or plan on having) accounts held in the same capacity (e.g., individual accounts or joint accounts). For example, if you have an individual Flourish Cash account, you should opt out of Program Banks with which you have individual accounts (whether it’s checking, savings, money market accounts, or CDs). This is because the FDIC insurance coverage limit is aggregated across all accounts held in the same capacity at a particular bank.
However, if you have an individual Flourish Cash account, you do NOT need to opt out of a Program Bank if you only have a joint account, trust account, business account, or any other type of non-individual account.
Similarly, if you have a joint Flourish Cash account, you should only opt out of Program Banks with which you have joint accounts. If you have both an Individual and a joint Flourish Cash account, you may select different bank opt-outs for each.
Please note that opting out of Program Banks will reduce the total amount of FDIC coverage insurance available to you in Flourish Cash. Please see your Account Agreement for more details on how FDIC insurance coverage is aggregated across different accounts at the same bank.
Please also note that Flourish Cash has a tiered interest rate structure. We deposit your cash first with one or more of the Program Banks in the tier with the highest interest rate, up to the maximum amount of deposits for that tier, and then continue depositing cash at Program Bank(s) in each successive tier until all cash has been deposited. Therefore, opting out of a Program Bank within a tier will impact the rate you are eligible to earn on your deposits, as further described in your Account Agreement and our rate tier summary.
To learn how to control bank opt-outs, click here.