Some fintechs are rolling out more insurance on their deposit accounts to offer added peace of mind to individuals and businesses in the wake of the recent banking turmoil. This month, SoFi Technologies, Inc. (SOFI), Mercury, and Crescent launched deposit products that cover more than the standard $250,000 insurance guaranteed by the Federal Deposit Insurance Corp. (FDIC). SoFi is providing $2 million in insurance, while Mercury is offering up to $5 million in FDIC insurance for its customers...

Is your money safe in your bank account? That’s the question many Americans might be asking following the collapse of Silicon Valley Bank. The simple answer, for most of us, is yes. The Federal Deposit Insurance Corp.'s (FDIC) standard insurance covers up to $250,000 per depositor, per bank, for every account ownership category for deposit accounts like savings, checking, and certificates of deposit (CDs). What spooked many customers of Silicon Valley Bank — until the government ensured this...