Rather than holding all of your deposits with a single banking partner, Mercury gives you the choice to opt in to our partner bank's sweep program, which spreads your deposits across a network of established FDIC-insured program banks. Certain conditions must be satisfied for pass-through insurance to apply.
What is a sweep network?
Sweep networks are a way for customer deposits to be spread across a network of banks. They're not investment funds — accounts held across the network are treated no differently than money in a typical bank account, where the funds are held as deposits and all accounts are in your name.
For example, if the partner bank on your Mercury account is Evolve Bank & Trust and you’ve opted into Evolve’s sweep program, less than 10% of your Mercury deposits are actually held at Evolve. Instead, the majority are held at Goldman Sachs, Capital One, and a few other FDIC-insured banks in the sweep network.
Read more about Mercury’s sweep program on our blog
What banks are in the sweep program?
This depends on which of our partner banks your funds are housed at, but all banks are FDIC institutions and include large, trusted banks like Goldman Sachs and Capital One.
For a complete list of participating banks, check out:
- Evolve Bank List
- Choice Bank List (scroll down to the Choice Sweep Bank List)
- Column N.A.
How do I know which bank my sweep funds are held at?
To see where your money is allocated:
- Open your organization menu in the top left corner of your dashboard and select Documents & Data.
- You'll see a section labeled Sweep statements where you can find or download individual statements from different statement periods.