What is an Insured Sweep Account?

An Insured Sweep Account is a demand deposit account (normally a checking or savings account) that gives customers access to millions in aggregate insurance across network banks*. Insured Sweep Accounts are particularly beneficial for attracting large-dollar customers including businesses, nonprofits, municipalities, and higher-net-worth individuals to your bank.

*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.