The Evolve Open Banking team knows that our partners value clarity and transparency regarding how funds are stored. We are focused on the security of your funds, which is why we encourage our clients to learn more about our FDIC Sweep Program.
How does it work?
The FDIC, or Federal Deposit Insurance Corporation, protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails. Through Evolve Bank & Trust’s FDIC-Insured Deposit Sweep Program, depositor funds are FDIC insured. Evolve is member FDIC.
As part of our sweep program, Evolve opens each applicable customer a sweep account(s) to sweep funds to other banks for custody. These banks are called Priority or Excess Banks. Each day, Evolve determines the applicable amounts of funds to sweep to the respective banks. Depositors may opt-out of available priority banks, however, FDIC insurance may be reduced or forfeited.
If you have questions about Evolve’s FDIC Sweep program, please click the button below to get in touch!