Bluevine, a digital banking platform designed for small businesses, expanded its FDIC insurance coverage of up to $3 million through Coastal Community Bank, and program banks in a sweep network, automatically offering Bluevine account holders coverage of up to 12x the industry standard of $250,000. The sweep network, made up of seventeen FDIC member banks, will disperse Bluevine customers’ deposits across those program banks, while still providing uninterrupted access to all their funds within their Bluevine Business Checking account.
“Our core mission at Bluevine is to make the financial operations of business owners easier, and offering enhanced protection on cash assets is an essential piece of that puzzle,” David Quinn, CFO of Bluevine, said. “By spreading money across banks in a sweep network, Bluevine customers can benefit from expanded insurance coverage of their deposits without needing to manage multiple banking relationships themselves. Now, business owners with large balances can spend less time worrying about the security of their money, and more time scaling and growing.”