The following terms and conditions represent an agreement (the “Agreement” or the “Terms and Conditions”) between SoFi Bank, N.A., a nationally chartered banking association and member of the Federal Deposit Insurance Corporation (“SoFi Bank,” “SoFi,”...Sofi Fdic Insurance Network Terms and Conditions • March 22nd, 2023
This Program is designed to enable you to increase the FDIC insurance on your cash balances by distributing your balances to insured Deposit Accounts at multiple Receiving Banks. SoFi Bank acts as your agent with respect to the Program. Stable is the administrator of the Program and acts as SoFi Bank’s agent with respect to the Program. If you choose to participate, SoFi Bank will place an amount of your cash balances into the Program. Your Program Deposits are deposited into Deposit Accounts at multiple Receiving Banks in a manner designed to remain within the FDIC insurance limit at each Receiving Bank, which in the aggregate increases the amount of FDIC protection available to you. FDIC insurance coverage is available up to its standard maximum deposit insurance amount (“SMDIA”), which is currently $250,000, per legal category of account ownership at each Receiving Bank.
