Every partner bank in our network is well capitalized and insured by the Federal Deposit Insurance Corporation (FDIC). It currently insures deposits up to $250,000 per account. So, should a bank fail, you’d lose anything over that amount. The FDIC also identifies and monitors risks to insured banks and does everything possible to minimize risks. As you recall, the 2008 financial crisis, which led to the failure of several banks in the United States, cost Americans $12.8 trillion. This led the Federal Deposit Insurance Corporation (FDIC) to close 465 failed banks.
FDIConnect is a consumer-focused provider of FDIC pass-through insurance for bank deposits. Through the Fortress Account, clients have access to our network of 400 of the highest yielding FDIC member banks in the nation. This access allows our clients the peace and mind of insuring their entire cash balance (up to $50 million per account) while receiving 10x the average money market rate.