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In this video we explain how your Wealthfront Cash Account is up to 8x more protected than your other bank accounts. Wealthfront is not a bank, so we work with partner banks where we broker your deposits. Every partner bank we work with is FDIC insured. We can offer you much more FDIC insurance on deposits into your cash account than you would get in a regular savings account because we take your money to multiple partner banks. At any time, your money can be held in up to eight partner banks. That's why you get up to 8x the FDIC insurance you would get in a regular savings account. Previously, we transferred your money to a maximum of four partner banks.
️HELPFUL LINKS️
Read more about Wealthfront here: http://bit.ly/3AiwIEO
TIME STAMPS
00:00 — Introduction to FDIC insurance
01:14 – How does FDIC insurance work?
02:00 — FDIC history
02:48 — SIPC insurance
04:33 — How Wealthfront provides $2 million FDIC coverage
05:45 — FDIC example
REVELATION
This communication is for informational purposes only and should not be construed as investment advice. A cash account is offered by Wealthfront Brokerage LLC, member FINRA/SIPC. Wealthfront Brokerage is not a bank. We transfer funds to partner banks that accept and hold deposits, provide the interest rate and offer FDIC insurance. Investing involves risk, including possible loss of money, and past performance is no guarantee of future performance. Investment management and advisory services, which are not insured by the FDIC, are provided by Wealthfront Advisers LLC, an SEC registered investment advisor.
The cash balance in the cash account is sent to one or more banks (the “program banks”), where it earns a variable interest rate and qualifies for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront uses more than one program bank to guarantee up to $2 million FDIC coverage for your cash deposits. For more information about FDIC insurance coverage, visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Deposits at program banks are not covered by SIPC.
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