How do my customers benefit?

Clients that use Insured Sweep Accounts benefit from a single checking or savings account relationship that provides access to millions in aggregate insurance across network banks*. Key clients benefits include:

• Peace of Mind: Clients' deposits are eligible for millions in aggregate insurance across network banks*. Deposit insurance is backed by the full faith and credit of the United States government.
• Single Banking Relationship: Clients enjoy insurance eligibility on their balances without the hassle of establishing and managing multiple banking relationships.
• Full Control of Their Funds: Clients can deposit, transfer, and withdraw their funds at any time with funds settling same day or next business day.
• Continuous Transparency: Clients can view their full balances and the placement of their funds at any time, so they always know where their deposits are.
• Simple Account Opening and Reporting: Clients open Insured Sweep Accounts at your bank just like they would any other account. They receive a single statement at the end of the month and single 1099 for tax purposes. The NBID setup keeps its simple for clients and your bank.
• Support Their Community: Clients can be proud knowing that their funds continue to support both their community and community + regional banks throughout the country.
• Enhanced Interest: You have full control over the rate paid to clients, so clients can grow the balances in their account with competitive rates when desired.

Since 2018, insured sweep accounts have exhibited over 100% deposit retention, underscoring their value to depositors and the benefits derived from insured sweep offerings.

*A list identifying NBID / ModernFi network banks can be found here. NBID and ModernFi are not FDIC-insured banks, and deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.