FDIC SweepExpanded

How does it work?

At Evolve, we know you work hard for your money. So, keeping it safe is our top priority. That’s why we’re proud to offer the Evolve Expanded Plan. This program ensures your money is strategically spread across our Program Banks. This will help diversify your deposits so that no single institution has all your funds in one account. And the best part is, you have access to all your money just as simply as you would if you only had one account.

Here’s how it works:

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 a total of $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 can hold your swept funds. 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 eligible for 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 below 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  February 16, 2024. Please note: Evolve may change the network of Program Banks at any time. Notice of material changes to Bank List will be communicated to customers in accordance with the applicable terms.

Evolve Extended Deposit Program Banks

    • American National Bank NE

    • Axos Bank

    • Bank of New England

    • Bank United

    • Bankwell Bank

    • Bell Bank

    • Bridgewater Bank

    • Byline Bank

    • Cadence Bank

    • Capital One Bank (USA), N.A.

    • City National Bank

    • City National Bank of Florida

    • Cornerstone Bank (KS)

    • CrossFirst Bank

    • Enterprise Bank

    • Evolve Bank & Trust

    • First Bank (NJ)

    • First Foundation Bank

    • First Horizon

    • First United Bank and Trust Company (OK)

    • First Western Trust Bank

    • Flagstar Bank, N.A.

    • Fortis Private Bank

    • Gateway First Bank

    • Hiawatha Bank

    • IDB Bank

    • Luther Burbank Savings

    • Manufacturers and Traders Trust

    • NexBank

    • Oakwood Bank

    • Old National Bank

    • Pacific National Bank

    • Preferred Bank

    • Providence Bank

    • Quaint Oak Bank

    • ServisFirst Bank

    • State Bank of Texas

    • Stearns Bank

    • Susser Bank

    • Texas Bank

    • Texas Capital Bank

    • Third Coast Bank

    • TIAA Bank

    • Tradition Capital

    • TriState Capital Bank

    • Truxton Trust Company

    • UBank

    • United Texas Bank

    • Webster Bank

    • Western Alliance Bank

How do I access my funds?

The Evolve Expanded 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!

Disclaimer

Subject to the terms of the Bank Deposit Custodial Program, funds may be held at Program Banks, financial institution partners of Evolve Bank & Trust. Deposits to certain Program Banks designated as Priority Banks will be eligible for Federal Deposit Insurance Corporation (FDIC) insurance up to a total of $250,000 or such other greater amount (Insurance Eligibility Limit) as disclosed to you by Evolve. End users are able to opt out of available Program Banks at their discretion, however, FDIC insurance may be reduced or forfeited.

In addition, funds held at Program Banks may be held in a non-insured capacity, at Excess Banks. Please refer to the applicable account agreement between you and Evolve for the terms and conditions and additional information.