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Customers may obtain the benefits of FDIC insurance eligibility* in a Fidelity® Cash Management Account through the FDIC-Insured Deposit Sweep Program and the Program Banks listed below. Once you open and fund your Fidelity® Cash Management Account, the available Cash Balance will be held on your behalf at one or more of the Program Banks assigned to your account1. Once at a bank, your Cash Balance will be eligible for FDIC insurance coverage up to the applicable limits2.
Fidelity will assign a Program Bank List to your account. The banks on the list will be eligible to receive your Cash Balances. If you open your account online today then your account will be assigned the Program Bank List shown below. After your account is established, you will receive a New Account Profile confirming your account details, including the Program Bank List assigned to your account. If you open your account online, you will receive information about the Program Bank List that will be assigned to your account before you complete the account opening process. After your account is open, you may contact us to change to another Program Bank List if one is available.
Money Market Mutual Fund Overflow
The Money Market Mutual Fund Overflow ("Money Market Overflow") was introduced as an enhancement to the Fidelity FDIC-Insured Deposit Sweep program ("Program").
This component of the Program provides that, for cash balances that exceed FDIC insurance coverage limits, or cannot be swept to a Program Bank due to either a lack of bank capacity or unavailability of FDIC insurance, your funds will instead be swept into the Money Market Overflow feature. Funds swept into the Money Market Overflow will be held in the Fidelity Government Money Market Fund* – Class S (FZSXX | Get Prospectus).
Once your funds are placed in the Money Market Overflow fund, these funds will be the first funds that are used to settle any debits or withdrawals from your account.
Note: Funds held in the Money Market Overflow are not FDIC Insured. The Money Market Overflow is not available for purchase as a stand-alone investment but is a component of the FDIC Insured Deposit Sweep Program.
Please see the FDIC Insured Deposit Sweep Program Disclosure for more details.
Fidelity will manage the movement of money between Fidelity and the Program Banks assigned to your account; this will occur automatically whenever you make deposits, execute transactions or withdraw money from your Fidelity® Cash Management Account. To learn more, please review the Fidelity® Cash Management Account FDIC-Insured Deposit Sweep Program Disclosure Document. You may call a Fidelity Representative at 800-931-9987 if you have any questions regarding the Program Banks.