IB insured bank deposit sweep program

Hi all,

Have you guys for notifications from IB on insured bank deposit sweep program. May I have your thoughts ( is it worthy to enroll). What I found weird is, there is no mention of additional charges, but they are ready to cover up to 2,500,000 FDIC insurance in Austin to 250000 with SPIC…

Cheers
M

Yes, I got the message too. From what I understand, they distribute your excess cash (over 250k) to other banks (up to 10, so you get 10x 250k insurance coverage). I didn’t see any fees either for this service, and in my opinion it’s good if you have so much cash. But that shouldn’t happen in the first place; why keep 2.5M in cash?!

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