Are Brex business accounts FDIC-insured?

Brex Business Accounts offer FDIC-insured coverage of up to $6M by stacking customer deposits across banks (each in $250,000 increments). Funds can also be swept into a money-market mutual fund administered by Bank of New York Mellon, which is a $400B+ bank with an AAA-Rating.

What is the FDIC insurance limit for Brex cash?

FDIC insurance at each partner bank takes place at the customer level. So, if you already have deposits at one of the partner banks then those deposits will be aggregated with your Brex Cash balance to determine the $250,000 FDIC insurance limit. Terms subject to change. Brex Inc. provides a corporate card.

What is a Brex business account?

Brex Business Accounts are accounts that leverage a broker dealer regulated by FINRA/SEC to sweep customer deposits into multiple FDIC-insured program banks and a money market mutual fund instead of holding deposits directly with one bank. This helps reduce the risk of having over $250,000 in a single bank.