FDIC-Insured SweepExpanded

What are Program Banks?

Program Banks are essentially partners who we can sweep your money. Evolve has identified more than 30 Program Banks that share similar business principles and are scaled enough to handle different sized deposits. 

Within the Program Banks, Evolve has identified some as a Priority Bank and others as an Excess Bank. 

What is a Priority Bank?

Priority Banks are Program Banks that may hold customer funds that will be covered by FDIC Insurance. Evolve opens accounts on your behalf at one or more of the listed Program Banks and determines daily the applicable amount of funds swept to the accounts. Funds are insured up to $250,000 or such other greater amount as disclosed to you by Evolve. Deposits at a Program Bank may not increase your FDIC insurance coverage. You can opt out of available Program Banks at your discretion. Please see your Evolve Deposit account terms for additional information. 

What is an Excess Bank?

Excess Banks are Program Banks that may hold customer funds that will not be covered by FDIC Insurance. For instance, if the customer has more than the agreed to FDIC Insurance coverage amount in their account, the funds will be split and any excess funds will be placed at the above Program Banks in their capacity as an Excess Bank. It is important to note that customers cannot opt out of a Program Bank holding funds in an Excess Bank capacity unless they have also opted out such Program Bank holding funds entirely. 

The above listed Priority Banks may also serve in an Excess Bank capacity for any amounts greater than Insurance Eligibility Limit.