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Insured Deposit Program

Are you interested in up to $2.5 million in FDIC coverage for your deposits?

During BB&T Scott & Stringfellow’s 120-year history, our clients have witnessed dramatic changes in the economic environment. However, what remains constant is our commitment to providing high quality service and helping our clients navigate these changes with confidence. In these uncertain economic times, we recognize that the safety and security of your cash assets are as important as ever.

BB&T Scott & Stringfellow's Insured Deposit Program (IDP) provides FDIC (Federal Deposit Insurance Corporation) coverage for cash balances up to $2,500,000, in addition to paying interest.

BB&T Scott & Stringfellow's IDP offers investors the following benefits:

Security: The IDP offers FDIC insurance coverage by using a network of Program Banks to provide you with the maximum deposit insurance limit of $2,500,000 per depositor. The FDIC is an independent agency backed by the full faith and credit of the U.S. government.

Yield: Your assets continue to earn interest while taking advantage of extended FDIC coverage.

Convenience: In addition to the convenience of the automatic cash sweep functions, the IDP provides complete access to your cash, including cash management benefits and services such as checks and debit cards.

The Annual Percentage Yields (APY) for retail accounts are as follows:
 
Insured Deposit Rates for Retail (Non-Advisory) Accounts
Household Assets Annual Percentage Yield (APY) 
$0-$49,999.99
0.01%
$50,000-$99,999.99
0.01%
$100,000-$249,999.99
0.01%
$250,000-$499,999.99
0.01%
$500,000-$999,999.99
0.01%
$1,000,000-$2,499,999.99 
0.01%
$2,500,000+
0.01%

 

Insured Deposit Rates for Fee-Based Advisory Programs
    Household Assets           Annual Percentage Yield (APY) 
$0-$2,499,999.99
0.01%
$2,500,000+
0.01%

 

The banks participating in BB&T Scott & Stringfellow's Insured Deposit Program are as follows:

  • Associated Bank NA, Green Bay, WI
  • Bremer Bank, St. Paul, MN
  • BBVA USA, Birmingham, AL
  • BankUnited NA, Miami Lakes, FL
  • EagleBank, Bethesda, MD
  • Enterprise Bank & Trust, Clayton, MO
  • East West Bank, Pasadena, CA
  • First Horizon Bank, Memphis, TN
  • First Internet Bank of Indiana, Fishers, IN
  • Manufacturers Bank, Los Angeles, CA
  • Morton Community Bank, Morton, IL
  • Progress Bank and Trust, Huntsville, AL
  • Simmons Bank, Pine Bluff, AR
  • Sterling National Bank, Montebello, NY
  • Truist Bank, Charlotte, NC
  • Umpqua Bank, Roseburg, OR
  • Union Bank & Trust, Lincoln, NE
  • United Community Bank, Blairsville, GA

To view your IDP Program Bank Priority list click here

If you would like to take advantage of up to $2.5 million of FDIC insurance, please contact your local BB&T Scott & Stringfellow office today.