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Insured Cash Sweep Program: FDIC Insurance on Deposits up to $2,000,000
16th March 2023 • MKG Tax Consultants News, View Points, Taxes & Finances • MKG Tax Consultants
00:00:00 00:01:51

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Keeping your money secure is our top priority at MKG Enterprises Corp banking technology, and we’re excited to provide added protection to our customers.

What is an insured cash sweep program?

  • It’s a program offered by FDIC-insured banks. Deposits that exceed FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure the entirety of a depositor’s balance. 
  • Insured cash sweep programs exist to protect depositors and their money by maximizing FDIC insurance and by limiting deposit exposure across a single bank.

MKG Enterprises Corp is a banking technology company and does not directly handle customer deposits; we use chartered partner banks to provide banking services.