Are Unit-powered bank accounts covered by FDIC insurance?

All bank accounts managed through Unit’s platform are held and accounted for by Unit’s bank partners to be eligible for FDIC insurance. At present, they are covered up to the standard amount: $250,000 per depositor, per category (e.g., individual or joint), per bank.

In the near future, we plan to increase access to FDIC insurance coverage in partnership with certain of our bank partners and a major deposit sweep network. Sweep networks divide large deposits among member banks with the goal of ensuring that no one bank holds more than $250,000 per depositor, per category (the FDIC limit). 

Under this new model, once implemented your corporate accounts may be eligible for up to $150M in FDIC insurance, while end-customer accounts may be eligible for up to $2M in FDIC insurance. If you’re interested in learning more, please drop us a line.