Merrill Advisors - I have a client with an account at Merrill and am told that they have a money fund available which insures up to an aggregate of $5,000,000 in FDIC coverage. Is this a CDARs program and they are misinformed or does such a program exist and what is it called? I was told $5mm in coverage with daily liquidity which obviously wouldn’t apply to CDARs. Many thanks!

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It’s called an insured savings account and goes a lot higher then $5mm

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It’s fdic cause they split it up between many member banks at increments below $250k

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It’s called an insured bank deposit program at RBC or something like that. Different firms have different names for it. The firm has deals with all different banks to carry 250k each. It’s is FDIC insured because of this.

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Very true but the rate isn’t much to speak of even at that amount.

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No money markets give anything now. Pick your poison... you want yield or security?

Trust clients but always verify. Ask for tickers on MM funds.

This is probably true. After 2007 a lot of firms established this money market funds with higher FDIC coverage limits to prevent assets from leaving si me to was higher than the standard FDIC and SIPC coverages . Rates are low so these are more for pure capital protection in the event if industry wide stresses like 2008 , etc . They probably still have them around and due to Covid clients are probably concerned about banks defaulting , etc , but supposedly our balance sheets are healthier than before but who really knows ?

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