FDIC-Insured SweepExpanded

How does it work?

Evolve Bank & Trust is working with over 30 banks to sweep funds into other accounts. Every day, Evolve determines the applicable amounts of funds to sweep to the respective Program Banks. Evolve then will open a bank account for you, to sweep the excess funds into. 

Deposits to certain Program Banks designated as Priority Banks will be eligible for Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 or such other greater amounts (Insurance Eligibility Limit) as disclosed to you by Evolve. 

End users can opt out of available Program Banks whenever they want, but FDIC insurance may be reduced or forfeited. 

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. 

The following are Evolve’s FDIC-insured Program Banks as of May 5, 2023. Evolve may change the network of Program Banks at any time. If a change is made, we’ll let you know in advance.


Deposit Custodial Program Banks

    • Amerant Bank

    • Bank of Houston, N.A.

    • Bank of New England

    • Bank United

    • Bankwell Bank

    • Bell Bank

    • Bridgewater Bank

    • Cadence Bank

    • Capital One Bank (USA), N.A.

    • City National Bank of Florida

    • Congressional Bank nka Forbright Bank

    • Cornerstone Bank (KS)

    • Customers Bank

    • Enterprise Bank

    • Evolve Bank & Trust

    • First Bank (NJ)

    • First Foundation Bank

    • First Guaranty Bank

    • First United Bank and Trust Company (OK)

    • Flagstar Bank, N.A.

    • Fortis Private Bank

    • Goldman Sachs

    • IDC / Northern Trust

    • LCA Bank

    • Luther Burbank Savings

    • NexBank

    • Northeast Bank (ME)

    • Popular Bank

    • Quaint Oak Bank

    • ServisFirst Bank

    • State Bank of Texas

    • Stearns Bank

    • Stone Castle / US Bank

    • Susser Bank

    • Texas Bank

    • Texas Capital Bank

    • Third Coast Bank, SSB

    • TriState Capital Bank

    • United Texas Bank

    • Webster Bank

How do I access my funds?

The Evolve Extended Deposit Program offers customers convenience to be able to access their money all in one place. Even though, some of your funds have been swept to other banks, you can access everything through Evolve Bank & Trust. No extra logins, no extra emails, or paper statements. Everything you need is with Evolve. 

That convenience should make it easier to keep track of your funds and make transactions whenever you need to. 

If you have questions about Evolve’s FDIC Sweep program, please click the button below to get in touch!