This FAQ applies to Flourish Cash.
Flourish Cash customers may be eligible for up to 40 times the standard FDIC insurance coverage¹ available at a single bank. Through our Program Banks, eligible customers may receive:
- Up to $10 million for Individual, Business, or Individual Revocable Trust accounts
- Up to $20 million for Joint accounts with two owners or Joint Revocable Trust accounts
- Up to $40 million for a two-person household with an Individual account for each person and a shared Joint account
Coverage is subject to applicable FDIC limits and requirements. Learn more about the account types we support here. We allocate funds across our Program Banks, subject to any Program Banks you have excluded.
Typically, all deposits a customer holds at a Program Bank—including deposits outside Flourish Cash—count toward the FDIC insurance limit at that bank. Customers are responsible for monitoring any deposits they hold at a Program Bank outside Flourish Cash. They may wish to exclude that bank from the program to help avoid exceeding the applicable insurance limit. If a customer has outside deposits at a Program Bank and does not exclude it, funds swept to that bank could exceed the applicable FDIC insurance limit. Any amount above the limit would not be eligible for FDIC insurance.
Learn more about FDIC insurance coverage, including potential limitations, on the FDIC’s website.
You can view our current Program Banks here.
The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including aggregate insurance coverage limits. FDIC insurance will not be provided until funds arrive at the Program Bank. The current list of Program Banks can be found here. Customers are generally eligible for FDIC insurance coverage of $250,000 per customer, per Program Bank, for each account ownership category. FDIC insurance coverage details can be found in the program summary. If the number of Program Banks decreases for a customer (for instance, because a customer chooses to exclude Program Banks from receiving their deposits), the amount of FDIC insurance through Flourish Cash could be lower. Customers are responsible for monitoring whether they maintain deposits at a Program Bank outside of Flourish Cash and should consider choosing to exclude that Program Bank from receiving their deposits to avoid exceeding FDIC insurance limits. Although Flourish Cash is offered through a brokerage account and cash held in brokerage accounts often has the benefit of SIPC protection, until such time as we offer securities products, customers likely will not have the benefit of SIPC protection. SIPC protection is not available for cash held at the Program Banks. For additional information regarding FDIC coverage, visit https://fdic.gov/.