Aspiration Spend & Save Account – Aspiration Insured Bank Deposit Priority List of Banks
Customers may obtain the benefits of FDIC insurance eligibility in an Aspiration Account through the Aspiration Sweep Network and the Priority List of Banks listed below. Once you open and fund your Aspiration Account, the available Cash Balance will be held on your behalf at one or more of the Priority List of Banks assigned to your account. Once at a bank, your Cash Balance will be eligible for FDIC insurance coverage up to the applicable limits..
Aspiration will assign a Priority List of Banks to your account, shown below. You may contact us to inform us of any Priority List of Banks you would like excluded from this list, for your balances.
Aspiration Account Priority List of Banks as of the end of this statement period are:
- Coastal Community Bank
- Bremer Bank, NA
- Ion Bank
- Bank of New Hampshire
- Manufacturers Bank
- C3Bank, NA
- The Freedom Bank of Virginia
- Bridgewater Bank
- Nano Banc
Aspiration Account Excess Banks as of end of this statement period are:
- Bremer Bank, NA
- Ion Bank
At least one Excess Bank must remain eligible to receive customer funds.
The Priority List of Banks will include one or more Excess Banks that will accept your funds without limit and without regard to the Maximum FDIC Insurance Amount if all Program Banks on the Priority List have received funds up to the Applicable Deposit Limit.
You may only access your Cash Balance through your Aspiration Account. You cannot access or withdraw the Cash Balance by directly contacting the Priority List of Banks.
Balances in the Cash Sweep Program can be liquidated on your order and the proceeds returned to your brokerage account or to you.
Aspiration will manage the movement of money between Aspiration and the Priority List of Banks assigned to your account; this will occur automatically whenever you make deposits, execute transactions or withdraw money from your Aspiration Account. You may call an Aspiration Representative at 800-683-8529 if you have any questions regarding the Priority List of Banks.
You are responsible for monitoring the total amount of your assets on deposit with a Priority List of Banks (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 Priority List of Banks.
The Cash Balance in the Aspiration Sweep Network is swept to an FDIC-Insured interest-bearing account at one or more Priority List of Banks. The deposit at the Priority List of Banks is not covered by SIPC. The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. All assets of the account holder at the depository institution will be counted toward the aggregate limit. For more information about FDIC insurance coverage, please visit the FDIC Web site at www.FDIC.gov.
In the event that your total assets at a Priority List of Banks (including assets that you hold with the bank outside of the Aspiration Sweep Network) exceed the FDIC insurance limits, you may contact Aspiration to change the Priority List of Banks to which your funds are swept, if available. Aspiration maintains the right to change the Priority List of Banks that is assigned to your account at any time. If a change is made to the Priority List of Banks assigned to your account, Aspiration will notify you in writing of that change through your statement or another notice electronically, in writing. Although Aspiration cannot guarantee the financial health or stability of the Priority List of Banks, we have made efforts to select banks that are financially sound, have a good business reputation, and are in good standing with the FDIC and other bank regulatory bodies.
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