To provide you with the benefit of FDIC insurance, the cash balance in your account is automatically swept into unaffiliated banks that provide FDIC insurance on your deposits. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront uses more than one bank to ensure FDIC coverage of up to $1 million for your cash deposits. These banks are referred to as Program Banks.
All you have to do is log into your Wealthfront account to access your money. Wealthfront will automatically manage the money movement between the banks and your cash account, in accordance with the Cash Sweep Program Disclosure Statement
Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. The cash balance in the Cash Account is swept to one or more unaffiliated program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. For more information on FDIC insurance coverage, please 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. The deposits at program banks are not covered by SIPC.
Wealthfront Software LLC offers a software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. Investment management and advisory services are provided by Wealthfront Advisers LLC, an SEC registered investment adviser, and brokerage related products are provided by Wealthfront Brokerage LLC, a member of FINRA/SIPC. Wealthfront Software LLC, Wealthfront Advisers LLC and Wealthfront Brokerage LLC are wholly owned subsidiaries of Wealthfront Corporation.