> The cash balance in the Cash Account is swept to one or more banks (the “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. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution.
This is the first time I have seen this sort of product. It seems to be a well understood one though. https://www.fdic.gov/regulations/resources/largebankdim/swee...