Customers may obtain the benefits of FDIC insurance eligibility* in a Fidelity IRA through the FDIC-Insured Deposit Sweep Program and the Program Banks listed below. Once you open and fund your IRA1, the available Cash Balance will be held on your behalf at one or more of the Program Banks assigned to your account2. Once at a bank, your Cash Balance will be eligible for FDIC insurance coverage up to the applicable limits3.
If you utilize the FDIC-Insured Deposit Sweep as your core position, Fidelity will assign a Program Bank List to your account. The banks on the list will be eligible to receive your Cash Balances. If you open your account on-line today then your account will be assigned the Program Bank List shown below. After your account is established, you will receive a New Account Profile confirming your account details, including the Program Bank List assigned to your account. If you open your account online, you will receive information about the Program Bank List that will be assigned to your account before you complete the account opening process. If the FDIC-Insured Deposit Sweep Program is no longer available, then Fidelity will disregard your election and establish Fidelity Government Money Market Fund as your core position. After your account is open, you may contact us to change to another Program Bank List, if one is available. You may also select a different core position, either Fidelity Government Money Market Fund, a money market fund, or Fidelity Cash Reserves, a money market fund at any time.
Fidelity will manage the movement of money between Fidelity and the Program Banks assigned to your account; this will occur automatically whenever you make deposits, execute transactions or withdraw money from your IRA. To learn more, please review the FDIC-Insured Deposit Sweep Program Disclosures. You may call a Fidelity Representative at 800-544-6666 if you have any questions regarding the Program Banks.
You are responsible for monitoring the total amount of your assets on deposit with a Program Bank (including amounts in other accounts at that bank held in the same right and legal capacity) in order to determine the extent of FDIC deposit insurance coverage available to you on those deposits, including your Cash Balance held at the Program Bank.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
*See www.FDIC.gov for more details regarding FDIC insurance coverage.