This FAQ applies to Flourish Cash.
Flourish Cash was designed to provide customers with increased levels of FDIC coverage.1
The total amount of FDIC insurance coverage available through the Flourish Cash Program Banks for each account type is available at https://www.flourish.com/clients/cash With that said, you are free to deposit more funds into your Flourish Cash account than the total FDIC insurance coverage available to you.
If you are interested in depositing more than $20,000,000 into a single Flourish Cash account, please reach out to our client support team to discuss.
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/.