Square square services fdicann azevedotechcrunch
Square square services fdicann azevedotechcrunch, the popular payment processing company, has recently launched a new program called Square Services FDIC-Insured Deposit Program. This program is designed to provide businesses with a safe and secure way to store their funds while earning interest on their deposits.
What is Square Services FDIC-Insured Deposit Program?
The Square Services FDIC-Insured Deposit Program is a deposit account offered by Square Financial Services, a subsidiary of Square. The program allows businesses to deposit their funds into an account that is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $5 million. The program offers competitive interest rates, which are currently set at 0.5% APY. This rate is subject to change based on market conditions, but Square promises to always offer a competitive rate.
How Does the Program Work?
To participate in the Square Services FDIC-Insured Deposit Program, businesses must first apply for a Square account. Once approved, they can then enroll in the program and begin depositing funds. Deposits are held in an account that is separate from the business’s regular Square account. The funds are held in an FDIC-insured bank and are not subject to any market risk. Businesses can withdraw their funds at any time without penalty. However, there is a limit of six withdrawals per month, as per federal regulations.
Why Should Businesses Consider Square Services FDIC-Insured Deposit Program?
The Square Services FDIC-Insured Deposit Program offers businesses a safe and secure way to store their funds while earning interest. The program is also convenient, as businesses can manage their deposits through their existing Square account. In addition, the program offers peace of mind to businesses, as their funds are insured by the FDIC for up to $5 million. This means that even in the unlikely event that the bank holding the deposits fails, businesses will still be able to recover their funds.
Conclusion
Overall, the Square Services FDIC-Insured Deposit Program is a great option for businesses looking for a safe and secure way to store their funds while earning interest. The program offers competitive interest rates, convenience, and peace of mind, making it a great choice for businesses of all sizes.
