Relay's insured cash sweep program, run through Thread Bank, Member FDIC, extends FDIC insurance coverage on your deposits up to $3,000,000 by spreading balances across a network of program banks.
Who is the sweep program for?
Every Relay customer is automatically enrolled. The program is most relevant if you:
Hold more than $250,000 in your Relay checking or savings accounts
Want FDIC pass-through insurance coverage across your full balance
Prefer to keep operating money in one place instead of managing accounts at several banks
Run a business where a single-bank failure would be a material cash risk
How does the sweep program work?
Thread Bank uses IntraFi to place deposits above $250,000 across a network of FDIC-insured program banks, each holding up to $250,000 on your behalf.
You deposit money into your Relay checking or savings accounts.
Thread Bank keeps up to $250,000 at its own institution.
Amounts above that limit are automatically distributed across program network banks, each holding up to $250,000.
Your entire balance continues to appear as a single number in the Relay app, and you continue to transact from Relay as usual.
If your total deposits exceed $3,000,000, the excess sits at Truist Bank, the seventh-largest U.S. bank by assets.
Certain conditions must be satisfied for pass-through FDIC insurance to apply.
What is FDIC insurance?
The Federal Deposit Insurance Corporation (FDIC) is a U.S. government agency that insures deposits held at FDIC-member banks. The standard limit is $250,000 per depositor, per ownership category, at each FDIC-insured bank. The sweep program stretches that coverage across a network of banks, so a business with a single Relay balance can qualify for insurance beyond one bank's $250,000 limit.
How is Relay related to Thread Bank?
Relay is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. Thread Bank holds the charter, custodies deposits, and operates the sweep program. Relay provides the account interface, sub-accounts, and money-management software on top of that banking relationship.
How does the sweep affect my day-to-day transactions?
You continue to transact from your Relay balance as usual. Balances appear as one consolidated number in the Relay app, and outbound payments, transfers, and card activity work the same whether the underlying money is at Thread Bank or a program bank. Monthly statements come from Relay and cover every program bank position together, so your accounting connections to QuickBooks Online, Xero, and other tools stay unchanged.
Can I opt out of the sweep program?
Yes. Every Relay customer is automatically opted in, and you can leave the program at any time by contacting the Customer Experience team. Opting out means only the money held directly at Thread Bank (up to $250,000) qualifies for FDIC insurance; balances above that limit would sit at Thread Bank without the extended pass-through coverage.
What's included and what's not
Included:
Automatic enrollment for every Relay checking and savings account
FDIC insurance coverage up to $3,000,000 per business through the program bank network
Consolidated balance view in the Relay app and one monthly statement across every program bank position
No change to bank feed integrations, accounting connections, or account reconciliation
Not included:
Direct account access at the program network banks (you interact only with your Relay balance)
Extended pass-through coverage on balances above $3,000,000 (excess money sits at Truist Bank)
FDIC insurance on money held outside a Relay checking or savings account, including funds in transit for international wires
Related articles
Talk to our Customer Experience team
If this article did not fully answer your question, our Customer Experience team is here to help.