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Extended Coverage Receiving Banks
Extended Coverage Receiving Banks 316 Financial Extended Coverage Program Receiving Banks ListAs of March 10, 2025Receiving BankFDIC #% of Program DepositsCITY NATIONAL BANK1728112.5%METROPOLITAN COMMERCIAL BANK3469912.5%CITIZENS BANK, N.A.5795712.5%WESTERN ALLIANCE BANK5751212.5%BELL BANK1958112.5%SOFI BANK, N.A.2688112.5%UMPQUA BANK1726612.5%RENASANT BANK1243712.5%Please note the following details of the program:Per 316 Financial Savings Account, 316 Financial will sweep balances over $250,000 (Target Balance) and up to a maximum balance of $2,000,000 (maximum program deposit amount).
Extended Coverage Opt Out
Extended Coverage Opt Out Faithfully Here, 24/7316 Financial Extended Coverage Program First name Last name Email Associated with your 316 Financial Accounts Phone Complete the form above to opt out of the 316 Financial Extended Coverage Program. If you have any questions or concerns, please email [email protected].
Extended FDIC Coverage
Extended FDIC Coverage High-Balance Deposits Secured by the FDIC Insure balances up to $2 million per tax ID, for free. We do the work in the background and you continue to access and manage all your funds from within your 316 Financial banking app. Protecting Your Funds is More Important than Ever.The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category.If your 316 Savings balance at 316 Financial exceeds $250,000, and all deposits are within the same account ownership category, we can help secure up to $2 million in FDIC protection per tax ID or social security number. How It Works 316 Financial Extended Coverage Program You continue to manage all your deposits at 316 Financial from within your 316 Financial banking app. In the background, the 316 Financial Extended Coverage Program automatically moves deposits to our network of participating banks, outlined below, which are insured by the Federal Deposit Corporation (FDIC). The funds are evenly distributed across these banks. Therefore, if you hold accounts at any of the below banks, directly or through other intermediaries including broker dealers, please take note as your total deposits held at the bank may be over the $250,000 insurance limit for each category of legal ownership. To ensure your FDIC coverage, regularly review our network of participating banks. You may be required to take appropriate action to ensure you retain full insurance coverage at each participating bank. Per Savings Account, 316 Financial will sweep balances over $250,000 (Target Balance) and up to a maximum balance of $2,000,000 (maximum program deposit amount). The 316 Financial Extended Coverage Program is administered to 316 Financial by a technology service provider. This extended coverage program applies to 316 Financial Saving accounts. If you have a different deposit account and are interested in extended coverage, please contact your banker. Review Terms and Conditions Network of Participating BanksPlease note, the below list of participating banks is subject to change. CITY NATIONAL BANK METROPOLITAN COMMERCIAL BANK CITIZENS BANK, N.A. WESTERN ALLIANCE BANK BELL BANK SOFI BANK, N.A. UMPQUA BANK RENASANT BANK EXTENDED COVERAGE FAQS What is FDIC insurance? FDIC is an abbreviation for the Federal Deposit Insurance Corporation. The FDIC is an independent agency of the federal government that protects against the loss of insured deposits in the event an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States Government.The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category. How much does FDIC insurance cost? There is no cost for FDIC Insurance. It is automatic for any deposit account opened at an FDIC-insured bank such as 316 Financial. Does increasing my FDIC insurance change the APY I earn on my funds? No. You will continue to earn our competitive annual percentage yield (APY). Your FDIC coverage does not impact your rate. How can you offer more FDIC insurance than most banks? We partner with multiple banks to provide the best benefits to our customers. This partnership enables us to increase the standard FDIC covered to up to $2 million of coverage. This works the same way it would if you manually opened accounts with different banks. We just do it seamlessly and automatically and you can still access all your funds through 316 Financial. It is important that you maintain awareness of any deposits you might maintain at one of the other network banks as this may affect your coverage with that network bank. How is my account access impacted? There will be no impact to your account access. You will access your funds as you typically do. Extended coverage has no effect on your access to your funds. What if I already have an account at one of 316 Financial's network of participating banks? For purposes of insurance, the FDIC aggregates deposit balances of each customer held in the same insurable capacity at a particular bank (e.g., individual, joint, IRA, corporate). If you have an outside account at a bank in our network, the funds in that account will also count towards your total eligible FDIC insurance at that particular bank ($250K for individual accounts, $500K for joint accounts). You can review our current bank list above to determine whether you have any outside funds at these banks. You will not fully benefit from our extended coverage. How do I opt into the program? You do not need to opt in. 316 Financial customers with 316 Savings accounts are automatically receiving this benefit. How do I opt out of the program? To opt out of the program click here.Note, if you have an account at one of Primis Bank’s network of participating banks you will not fully benefit from extended coverage. Is 316 Financial partnering with the FDIC to provide this benefit? No, the program is administered by a technology service provider to 316 Financial — R&T Deposit Solutions. Is extended FDIC coverage available on other accounts? This particular coverage is specific to 316 Savings accounts. Info to Know The Demand Deposit Marketplace® (“DDM”) program is offered to you by 316 Financial (“us” or “we”), subject to the terms and conditions set forth in the DDM program Terms & Conditions provided to you. Please liaise with us regarding your participation in the DDM program, including for the DDM program Terms & Conditions, your customer statements and any questions you may have. Please contact us for a list of banks and other institutions into which your funds could be deposited through the DDM program. The DDM program is administered by Stable Custody Group II LLC (“Stable”). Stable and its affiliates are not depositories, banks or credit unions, and the DDM program is NOT, itself, an FDIC-insured or NCUSIF-insured product. Rather, under the DDM program, your funds are swept or placed into deposit accounts at participating banks or other financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) and/or National Credit Union Share Insurance Fund (“NCUSIF”) for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per insured participating institution, for each ownership capacity or category, including any other balances the depositor may hold at that institution directly or through other intermediaries, including broker-dealers. FDIC and NCUSIF insurance coverage is only available to protect you against the failure of a FDIC or NCUSIF insured institution, respectively, that holds your deposits under the DDM program (and not to protect against the failure of any other party, including Stable). The DDM program is primarily designed to provide administrative convenience for us to offer expanded FDIC or NCUSIF insurance on your funds, and is not designed to provide you with investment enhancements, higher rates of returns or profits on their funds. Demand Deposit Marketplace®, DDM®, Reich & Tang® and R&T® are registered marks of Reich & Tang Deposit Networks, LLC (“R&T”). Stable is a subsidiary of R&T.
Budget-Friendly Egg Decorating Ideas (Without Breaking the Bank)
Budget-Friendly Egg Decorating Ideas Celebrate Easter with budget-friendly egg decorating ideas—from painted potatoes to DIY dyes—perfect for fun without breaking the bank. Budget-Friendly Egg Decorating Ideas (Without Breaking the Bank) Author: 316 Financial Published: Thursday, April 3, 2025 Easter egg decorating doesn’t have to cost a fortune—especially with egg prices higher than ever. Here are a few creative and affordable ways to keep the tradition going without cracking your budget.Try “Eggstra” Materials Skip pricey eggs and decorate reusable alternatives like foam, wood, or plastic eggs from craft stores. They’re inexpensive, mess-free, and you can save them for next year. Even paper cutouts shaped like eggs can be a fun, budget-friendly way to get the family involved.Paint Potatoes Instead No, it’s not a joke—painting potatoes is actually catching on as a cheap and sturdy alternative to real eggs. They’re easier for little hands to decorate and cost less per dozen. Plus, you can cook them later to avoid waste.Edible Egg Alternatives Get creative with treats that double as decor. Mold Rice Krispies Treats into egg shapes or make Jell-O eggs in fun colors. They’re easy, affordable, and a hit with kids.DIY Dyes and Decor Forget the expensive dye kits. Make your own with items like coffee, tea, turmeric, or even beets for natural colors. Decorating with markers, stickers, or yarn is also an inexpensive way to keep things festive.Skip the Eggs Altogether If you want to avoid eggs entirely, try making salt-dough ornaments in egg shapes and let the kids paint them. They’re cheap to make and double as keepsakes to hang up next year.Remember, the eggs are fun—but Easter is about so much more. It's a time to reflect on hope, faith, and the promises that matter most. Happy Easter! The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Understanding FDIC Coverage: What It Means for Your Money
FDIC Coverage Learn how FDIC insurance protects your deposits at 316 Financial. Understand what’s covered, how it works, and why your money is safe—up to $250,000. Understanding FDIC Coverage: What It Means for Your Money Author: 316 Financial Published: Monday, February 10, 2025 At 316 Financial, trust and security are non-negotiable. Banking services are provided by 316 Financial, a division of Primis Bank, Member FDIC—ensuring your eligible deposits are protected up to FDIC limits. But what exactly does FDIC insurance cover, and how does it work for you?What is FDIC Coverage?FDIC insurance is a government-backed protection that ensures your money is safe if an FDIC-insured bank ever fails. It gives you peace of mind by safeguarding your deposits up to a specific limit, no matter what happens in the financial world.Key Benefits of FDIC Insurance:Covers up to $250,000 per depositor, per ownership category, per FDIC-insured bank Whether you have one or more deposit accounts, your funds are protected up to the insured limit.Protects multiple types of accounts FDIC coverage applies to checking accounts, savings accounts, money market deposit accounts, and certificates of deposit.Guaranteed by the U.S. government Your deposit accounts are backed by the full faith and credit of the U.S. government.No cost to you FDIC insurance is automatically applied to your eligible accounts—no need to sign up or pay extra.How FDIC Coverage Works at 316 Financial316 Financial is a division of Primis Bank, Member FDIC. Your eligible accounts are covered through Primis Bank as an FDIC-insured institution. This means your 316 Financial deposits receive the same level of protection you'd expect from any major financial institution.Important Things to Know:Your deposits are insured up to $250,000 per depositor, per ownership category at Primis Bank.You don’t need to do anything extra—your coverage is automatic.FDIC insurance covers funds in deposit accounts only, not investments like stocks, insurance or crypto assets.FDIC insurance offers peace of mind, so you can focus on what matters most—growing your money and making a meaningful impact. Banking with 316 Financial means you’re not only supporting causes that uplift communities, but your deposit accounts are also backed by the trusted security of FDIC insurance. It’s just another way we’re committed to providing a better banking experience—one that’s both purpose-driven and protected.Want to learn more? Visit the official FDIC website for detailed information and tools to calculate your coverage. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Get Paid Faster with Direct Deposit
Get Paid Faster with Direct Deposit Get paid faster with direct deposit. Learn how to set it up, access your funds early, and enjoy secure, hassle-free banking with 316 Financial. Get Paid Faster with Direct Deposit Author: 316 Financial Published: Monday, March 31, 2025 In today’s fast-paced world, managing finances efficiently is essential, and one simple yet impactful way to do so is by setting up direct deposit for your bank account. Direct deposit is a secure, convenient, and reliable method of receiving payments, whether from your employer, government benefits, or other sources. How Do I Set Up Direct Deposit? Download our direct deposit form. Fill out the form with your specific information.Talk to your employer or person that pays you. They may need additional paperwork or a voided check to complete the process. That’s it – easy as 1-2-3. Why Should I Set Up Direct Deposit? One of the biggest benefits is convenience. With direct deposit, you don't have to worry about going to the bank or waiting in line to deposit your paycheck. You can also get paid up to two days early! Once we’re notified of an upcoming direct deposit, we’ll go ahead and credit your account, up to two days early. This means faster access to your funds and less hassle. Security is another significant advantage. Direct deposit eliminates the risk of losing a paper check, reducing the chances of theft or misplacement. It’s also more environmentally friendly since it cuts down on paper use. Additionally, direct deposit can help you avoid late payments. With automatic deposits, you never have to worry about forgetting to deposit your paycheck, ensuring bills are paid on time. Many banks even offer early access to your funds with direct deposit, letting you access your money sooner than waiting for a traditional check. Lastly, setting up direct deposit can lead to better financial organization. When payments are automatically deposited, it's easier to track your income and spending, making budgeting and managing your finances simpler. Overall, setting up direct deposit can save you time, offer peace of mind, and help you stay on top of your financial game. It's a win for everyone!