Deposit sweeps, offered in collaboration with participating partner banks, has the potential to enhance FDIC coverage from $250K to up to tens of millions of dollars in relevant circumstances.
Enrollment Error Messages
When creating the Deposit Sweep Account object we validate that the account is eligible for enrollment in Enhanced FDIC Insurance and that the account can be reported to the deposit sweep network successfully. We check both the account and associated persons/businesses to validate fields that will be reported to the network. If any issues are identified with enrollment we return an error message identifying the issue.
| Error Message | Description |
|---|---|
| "Deposit sweeps are only supported for ledger accounts." | Returned when attempting to enroll an on-core account. |
| "Not supported for this bank and network." | Returned when the bank backing the provided account is not configured for deposit sweep enrollment. |
| "Deposit sweeps not enabled for at this bank." | Returned when the associated org does not have deposit sweep enrollement enabled at the bank backing the account provided. |
| "Account already associated with a deposit sweep account." | The provided account already has an associated Deposit Sweep Account object. |
| "Threshold balance must be non-negative." | Returned when a negative threshold_balance is provided. |
| "Unable to enroll account in deposit sweeps. Missing TIN on customer associated with account." | An owner on the account is missing a TIN. All owners on an account must have a TIN for the account to be reported to the network. |
| "Unable to enroll account in deposit sweeps. Missing email on customer associated with account." | An owner on the account is missing an email address. An email address is required to report customers to the network. |
| "Unable to enroll account in deposit sweeps. Missing postal code on address for customer associated with account." | A US address on an owner is missing the postal_code. A valid postal code is required for all US addresses. |
| "Unable to enroll account in deposit sweeps. Invalid postal code on address for customer associated with account." | A US address on an owner has an invalid postal_code. A valid postal code is required for all US addresses. |
| "Unable to enroll account in deposit sweeps. Unsupported type on business for deposit sweep." | The business associated with the provided account has a type that is not currently supported for deposit sweep enrollment. |
Foreign Entities & Deposit Sweeps
The Enhanced FDIC at Treasury Prime is not optimized for enrolling foreign entities without US TINs. However, we can accommodate this at your own risk.
Please be aware that manual oversight is required to monitor foreign entities enrolled in deposit sweeps. For more information about enrolling foreign entities without US TINs, please reach out to your Account Manager.