FDIConnect, a financial startup in Southern California, announces their Fortress Account: a sophisticated banking practice that protects cash by spreading it across multiple accounts while maintaining the convenience and ease of a single account.
Since the FDIC only insures up to $250,000 per account in a single depository institution, it becomes complicated to protect large amounts of cash across multiple accounts. But if cash isn’t deposited properly, you risk leaving large amounts of cash uninsured. With the Fortress Account, clients get the best of both worlds: the ease of a single account with the protection of many.
The Fortress Account acts as a parent to multiple accounts across several trusted banks – each containing less than the FDIC limit. This structure allows clients to make deposits and withdrawals instantly from a single account and to see account balances and statements in that same single account – all while enjoying the safety and security of FDIC insured deposits for the entire amount of the cash holdings.
The average high net worth household keeps 24% of their portfolio in cash – that’s almost a quarter of their wealth that is unmanaged, uninsured, and under-performing. FDIConnect’s Fortress Account makes sure this cash is protected and insured by the FDIC no matter the amount. With the Fortress Account, retail and individual clients can now get the benefits large-scale institutions have been enjoying for years.
“As consumers get more information and become more savvy, especially in managing their finances, they want the ability not to only manage their affairs themselves, but to have the same benefits as large institutions,” says Chris Turoci, President of FDIConnect. “Now retail clients and small-medium size businesses have the same financial opportunities as large institutions.”
Company Name: FDIConnect
Contact Person: Chris Turoci
Email: Send Email
Phone: (949) 274-4511
Address:5000 Birch Street, West Tower, Suite 3000
City: Newport Beach
Country: United States