MONEY MARKET ACCOUNT EXTRA - MMAX
An account structure that gives depositors the capacity to acquire FDIC insurance on huge deposits that exceeded the insurance limit of $250,000. It lets banks to attract large depositors including the retail, commercial, and public sectors.
By using this program, banks can receive deposits way above the FDIC-insurance limit from any one retail or commercial client in money market deposits. These funds are allocated into deposit accounts among several banks in IDC’s Deposit Network. No customer can deposit more than $250,000 in any bank.
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