Nah, there's a product for that:
At The American Deposit Management Co. [ADM], we have leveraged this technology to create a concept called
Marketplace Banking™.
With Marketplace Banking™ businesses can achieve full FDIC protection* for exceptionally large sums of cash, even in excess of $100M. We accomplish this by spreading deposits across our
proprietary network of local banks. All businesses need to do is open an American Money Market Account™ [AMMA™] and make a single deposit.
In addition to
maximum FDIC protection for business deposits, our fintech provides other benefits. First, our network of banks competes for business deposits, ensuring that businesses receive the most competitive rates available, even in a low interest rate environment. Second, ADM makes reconciliations easy with a consolidated monthly statement and a user-friendly online portal. Finally, AMMA™ is not meant to replace a business’s banking relationship. Rather, it complements it.
FDIC insurance covers deposits for individuals up to $250k per ownership category, but how does it protect business accounts?
americandeposits.com