Are the funds in FDIC Deposit Accounts Insured?
Yes. As your funds will be swept into Deposit Accounts at up to eleven (11) Banks, they will be eligible for at least $1.0 million in coverage (or $2.0 million in the case of a joint account), subject to applicable limitations. Funds in the Deposit Accounts at each Bank are eligible for deposit insurance by FDIC up to a total of $100,000 principal and accrued interest per depositor in most insurable capacities (e.g., individual, joint, etc.) when aggregated with all other deposits held in the same insurable capacity at a Bank. For example, funds in the Deposit Accounts at a Bank held by an individual are insured up to $100,000, and funds in the Deposit Accounts at a Bank held jointly by two or more individuals are insured up to $100,000 per joint owner.
