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FDIC insurance limit for QuickBooks Checking bank accounts

SOLVEDby QuickBooks14Updated February 13, 2024

Learn about the Federal Deposit Insurance Corporation (FDIC) insurance limit for QuickBooks Checking bank accounts.

What's FDIC deposit insurance?

FDIC deposit insurance gives bank customers protection if an FDIC-insured depository institution fails. Application of deposit insurance is automatic for any deposit account opened at an FDIC-insured depository institution. Deposits are insured up to $250,000 per depositor and ownership category. 

For more info about FDIC insurance coverage and account ownership, visit FDIC.gov.

How does the Deposit Sweep Program work?

Green Dot Bank is a member of the FDIC. As a result, your deposits are insured up to $250,000 of coverage. Your Green Dot Bank checking account includes a deposit sweep, which effectively increases FDIC insurance coverage up to $5 million. 

Green Dot Bank automatically sweeps balances above $250,000 at the end of each business day. A lot of FDIC financial institutions provide you with up to $5 million in FDIC insurance coverage. Customers are responsible for monitoring their total assets at each financial institution. 

How can I be included in the Deposit Sweep Program?

If your Green Dot Bank checking account balance exceeds $250,000, your checking account will be included in the Deposit Sweep Program automatically. No action is required from you.

Will this change my available balance or how I access my money?

No. Your available balance and your access to money in your checking account stays the same. For more information on how to access funds in your account, check out Use your QuickBooks Checking account

Will this impact how I earn interest or the Annual Percentage Yield (APY) on my envelope balances?

QuickBooks Checking customers will continue to earn interest at the disclosed rate and corresponding Annual Percentage Yield (APY) on balances held across all envelopes.

Which banks are included in the Deposit Sweep Program?

View the full list of participating banks as of June 2023. Green Dot Bank automatically sweeps for balances above $250,000. If you have a balance above $250,000, it'll be spread across the following banks: 
Note: This list is subject to change without notice.

  • Banc of California                                     
  • BOK Financial                     
  • Bravera Bank                     
  • California Bank of Commerce
  • Citibank
  • Citizens Bank, National Association
  • City Bank Texas
  • CNB Bank
  • Comenity Capital Bank
  • Comerica Bank
  • Enterprise Bank & Trust Company
  • First Business Bank
  • First Fidelity Bank, National Association
  • Forbright Bank
  • HSBC Bank USA, National Association
  • Peapack-Gladstone Bank & Trust
  • Renasant Bank
  • River City Bank
  • Sallie Mae Bank
  • The Washington Trust Company
  • Umpqua Bank
  • Wintrust Bank, National Association
  • Bell Bank
  • City National Bank
  • First Western Trust Bank
  • Georgia Banking Company
  • Gorham Savings Bank
  • Kearny Bank
  • Luther Burbank Savings
  • Meridian Bank
  • Third Coast Bank SSB

Can I opt out of the Deposit Sweep Program?

No. The Deposit Sweep Program is part of your checking account. When your daily checking account balance exceeds $250,000, the excess funds in your checking account are included in the Deposit Sweep Program.

If you don’t want Green Dot Bank to sweep for additional FDIC coverage, keep your balance under $250,000 or close your account.

Disclaimer: QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank.

Deposit Sweep Program - account balances above $250,000 will be automatically swept from Green Dot Bank and equally spread across our participating financial institutions, providing you with up to $5 million in FDIC insurance coverage. Customers are responsible for monitoring their total assets at each institution. Get more info and see a list of participating institutions.

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