Float Financial Solutions US Inc. (“Float”) is a financial technology company, not a bank.
A US entity is a business that is incorporated in the United States.
- For US entities: Banking services are provided by Thread Bank, Member FDIC. Funds placed through Float into deposit accounts at Thread Bank are eligible for FDIC insurance, subject to conditions for coverage type.
- For Canadian entities: Banking services are subject to Canada Deposit Insurance Corporation (CDIC) rules and limits. For more details on Float’s CDIC offering, please see here
For full details, see Thread Bank Sweep Disclosure and Program Banks List
Please note: Float is not a bank or an FDIC member institution. Float is a registered MSB (Money Services Business) in Canada with a USA subsidiary, Float Financial Solutions Inc.
We are also SOC2, Type 2-certified, ensuring adherence to robust security protocols as verified by independent audits. For more information, visit our Trust Centre
Frequently Asked Questions
What is FDIC insurance?
The Federal Deposit Insurance Corporation (FDIC) protects deposits at member banks if a bank fails. Standard coverage is up to $250,000 per depositor, per ownership category, per bank.
How much of my funds are covered (US entities only)?
Through the Thread Bank deposit sweep program, deposits may qualify for up to $3,000,000 in FDIC insurance. Funds are spread across multiple FDIC-insured program banks, with up to $250,000 in coverage per bank (including any other deposits you hold there).
Which bank holds my funds?
- US entities: Funds are held at Thread Bank, Member FDIC, and swept into participating FDIC-insured program banks. See the full list here.
- Canadian entities: Funds are held at Canadian financial institutions and subject to CDIC coverage. See additional details here.
What happens if Float goes out of business?
Your funds remain at FDIC-insured program banks (US) or CDIC-insured institutions (Canada). They are not commingled with Float’s corporate funds and remain insured and accessible, subject to bank terms and conditions.
Does deposit insurance apply to deposit and card products?
- US entities: Yes. Funds underlying Thread Bank-issued deposits for prepaid and charge cards are held in FDIC-insured accounts and are eligible for coverage, subject to FDIC conditions.
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Canadian entities: See CDIC guidelines for coverage details here
Where can I get more details?
- Thread Bank Sweep Disclosure
- Program Banks List
- Email Float Support at support@floatfinancial.com
- Email Thread Bank at customerservice@thread.bank (cc support@floatfinancial.com)
Legal Note: This FAQ is for informational purposes only. Coverage is subject to FDIC or CDIC rules and conditions.