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Axos Bank Provides FDIC Deposit Insurance Coverage up to $150MM* With Insured Cash Sweep
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Axos Bank has launched its Insured Cash Sweep (ICS) program, providing multimillion-dollar FDIC insurance coverage for deposits exceeding the $250,000 limit. This program offers enhanced protection for both commercial and consumer banking clients, allowing coverage up to $150 million. Clients enjoy streamlined account opening through dedicated managers and a sophisticated treasury management platform. Axos Bank holds over $18.7 billion in consolidated assets and is a wholly owned subsidiary of Axos Financial (NYSE: AX).
Positive
Launch of Insured Cash Sweep (ICS) program enhancing deposit coverage beyond $250,000.
Offers FDIC insurance coverage up to $150 million, attracting both commercial and consumer clients.
Streamlined account opening process through dedicated relationship managers.
Access to a sophisticated treasury management platform for middle-market clients.
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None.
The Axos Bank Insured Cash Sweep offers secure and transparent protection for deposits above the $250,000FDIC insurance limit for businesses and consumers
SAN DIEGO--(BUSINESS WIRE)--
Axos Bank provides its Insured Cash Sweep (ICS) program, which offers multimillion-dollar FDIC insurance coverage – and peace of mind – to commercial, small business, and consumer banking clients. Through IntraFi® Network DepositsSM, the ICS program provides expanded protection of liquid deposits up to $150 million with FDIC insurance, backed by the full faith of the federal government.
After a streamlined account opening process through dedicated relationship managers, commercial clients receive access to a sophisticated treasury management platform capable of managing the needs of middle-market clients. Consumers can open accounts digitally or through a relationship manager and access a best-in-class consumer online platform & mobile application. Commercial and consumer clients avoid the inconvenience of opening multiple accounts to receive full FDIC insurance coverage and experience the convenience of one banking relationship.
Axos Bank offers a wide variety of award-winning products and services – including personal, small business, and commercial banking, investing, and commercial, personal, auto, and home loans – to provide an all-encompassing and convenient way to manage your financial needs. Interested parties should contact Axos Bank at 1-855-818-4113 for a consumer deposit account and 1-833-307-1542 for a commercial deposit account.
*Maximum coverage of $150MM per IntraFi website as of March 13, 2023; this amount is subject to change.
About Axos Bank
Born digital, Axos Bank empowers smarter money choices by offering a full suite of banking, investing and personal financial management tools in one convenient place. Through its proprietary online banking platform, Axos gives customers access to a range of award-winning banking products built around competitive interest rates and no-to-low fees. Axos Bank holds over $18.7 billion in consolidated assets and is a wholly owned unit of Axos Financial, whose common stock is listed on the NYSE under the symbol "AX" and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information about Axos Bank, please visit www.axosbank.com.
Chloe Janda Axos Bank, Corporate Communications
Phone: 877-351-2265
cjanda@axosbank.com
Source: Axos Financial, Inc.
FAQ
What is the Insured Cash Sweep program by Axos Bank?
The Insured Cash Sweep (ICS) program offers FDIC insurance coverage for deposits exceeding $250,000, providing peace of mind for commercial and consumer clients.
How much FDIC insurance coverage does the ICS program provide?
The ICS program provides FDIC insurance coverage up to $150 million for deposits.
What are the benefits of the ICS program for commercial clients?
Commercial clients benefit from enhanced deposit protection, streamlined account opening, and access to a sophisticated treasury management platform.
When was the ICS program launched?
The ICS program was highlighted in a press release on March 13, 2023.
What is the stock symbol for Axos Financial?
Axos Financial is traded on the NYSE under the stock symbol 'AX'.
