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.
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.
For a complete list of participating banks, check out:
- 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.
- From "Statements", within the "Accounts" dropdown menu, you'll see a section labeled Sweep Statements. This is where you can find or download individual statements by year.
Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC. FDIC deposit insurance covers the failure of an insured bank. Deposits in checking and savings accounts are FDIC-insured through Choice Financial Group and Column N.A. and their Sweep Program Network Banks. Certain conditions must be satisfied for pass-through FDIC insurance to apply. Learn more here.