Learn the ins and outs of sweep networks and see how they help give your business checking account expanded FDIC deposit insurance coverage.
Yes, Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. $3,000,000 in FDIC insurance is offered by multiplying the standard $250,000 FDIC coverage across multiple banks. Visit here for more details.
Yes—new and existing customers automatically receive $3 million in FDIC insurance, but you’ll be able to opt out by contacting customer support. If you opt out of expanded coverage, your FDIC coverage will revert to the standard amount of $250,000.
You’ll be able to see exactly where your money is on your monthly statements. Our programs banks are part of a trusted sweep network, which allows your money to be held by multiple banks so your funds are FDIC-insured up to $3 million.
A sweep network is a secure network of partner banks that allows us to strategically distribute your Bluevine Business Checking balances. This way, your funds are held by multiple trusted, FDIC-insured banks within the network, and you can manage your finances more confidently knowing that your deposits are protected up to $3 million instead of the standard limit of $250,000.
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