Dedicated FDIC insured sweep operations and development teams with the expertise to design and build out a customized insured deposit program that meets your needs.
UMB handles operational tasks, making it easy for your firm to participate.
UMB’s proprietary FDIC Sweep Program launched in 2007 and serves over 5 million investor accounts and growing.
An insured deposit program, also known as an FDIC sweep program, is a liquid alternative overnight investment. This program leverages expanded FDIC insurance coverage, which is a feature other accounts, like money market funds, cannot provide. With this program your customers can earn interest on idle cash balances and manage risk with FDIC insurance while providing banks an attractive, more diversified source of funding and liquidity.
Our proprietary technology, supported by a dedicated team and resources, offers both financial intermediaries and banks the flexibility to develop and tailor a FDIC insured sweep program to meet your needs. With UMB, you benefit from a scalable platform that is designed with operational efficiency in mind.
How can an FDIC insured sweep program help you?
Insured sweep program for financial intermediaries:
With the UMB platform, financial intermediaries can offer their clients a liquid alternative to money market funds with expanded FDIC insurance coverage by automatically sweeping uninvested cash balances into interest-bearing accounts at one or more participating program banks.
Insured sweep program for banks:
Our easy-to-manage program provides community and regional banks and G-SIB's with a cost-effective and stable source of uncollateralized wholesale funding in amounts ranging between $5 million and several billion. Your bank determines the funding levels that best suit your specific balance sheet strategy.
Our large-scale banking solutions include deposit services for checking, saving, and investment accounts, and they support electronic payments, as well as check or card transactions. This includes insured deposit accounts with expanded FDIC insurance and more.
UMB Institutional Banking combines all our institutionally focused capabilities into one cohesive unit. We provide solutions for the entire institutional marketplace.