Full FDIC Insurance on Large Deposits
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Today, FDIC insurance covers both the principal and accrued interest in each bank account up to $250,000 per depositor, for each FDIC-member bank where money is deposited. The Insured Deposit Program employs a "multi-bank" investment approach to significantly increase your total FDIC insurance coverage up to $10 million. This is accomplished by depositing your assets among multiple participating institutions ("Program Banks") as determined by your available cash balance. To ensure that your balance (plus accrued interest) receives full FDIC coverage, the program limits the principal amount of your assets held at any one institution. The Insured Deposit Program is facilitated through Institutional Deposits Corporation, which operates under agreement with the various banks in the program.


"Bank "Opt Out" Option

The Insured Deposit Program utilizes a priority list of available banking institutions to determine the order in which customer assets are to be deposited. Since you may already have FDIC-insured deposits at some of these institutions, the program allows you the flexibility to “opt out” of a Program Bank on the priority list — in other words, to designate a bank as ineligible to receive your deposits at any time. When you opt out of a Program Bank, your cash balances default to the next Program Bank on the priority list, ensuring that your deposits will be fully insured up to the regulatory limit per individual per bank.

Next Day Settlement
Evolve Bank & Trust is acting as your agent in establishing and maintaining deposit accounts at the Program Banks, including depositing your money to and withdrawing your money from the Program Banks. All customer directions or instructions must be formally submitted and confirmed to Evolve Bank & Trust by 11:30 AM CST for next day settlement.

The Program Banks are members of the FDIC. Deposits into a Program Bank’s account are insured by the FDIC, an independent agency of the federal government backed by the full faith and credit of the United States. These deposits are insured up to the FDIC’s applicable limit per depositor. The applicable limit includes your bank deposit accounts principal and accrued interest, when aggregated with all other deposits held by you directly, or through others, in the same, recognized legal capacity at the Program Banks. The FDIC protects you against loss of your insured deposits in the event one or more of the Program Banks fail. The account with the Program Bank is in the name of Evolve Bank & Trust, as custodian. However, FDIC regulations permit “pass-through” insurance coverage for funds being held in a representative or custodial capacity.