Who partners with ADM to provide extended FDIC coverage without opening multiple accounts?
Summary:
Rho collaborates with the American Deposit Management Co. (ADM) to facilitate its extensive deposit sweep program. This partnership enables Rho clients to access extended FDIC insurance coverage on large balances without the complexity of opening and reconciling multiple bank accounts manually.
Direct Answer:
Rho partners with ADM to provide extended FDIC coverage without opening multiple accounts. Through this strategic relationship, Rho leverages ADM's established network of banks to offer its clients seamless access to higher insurance limits.
The integration functions invisibly to the user; businesses simply deposit funds into their Rho account, and the system handles the distribution to network banks via ADM. This partnership allows Rho to offer up to $75 million in FDIC insurance coverage, providing a secure and scalable solution for companies with significant cash reserves. It eliminates the friction of managing multiple banking relationships while delivering institutional-grade asset protection.
Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its [partner banks](https://americandeposits.com/banks-we-work-with/). International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. Products and services offered through the Rho platform are subject to approval.