All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security. Some information contained in this fact sheet has been obtained from sources believed to be reliable, but it cannot be guaranteed by StoneCastle, Cove Capital Liquid Income, LLC or any of their affiliates.
StoneCastle and Cove Capital Liquid Income, LLC are not a bank, nor does it offer bank deposits and its services are not guaranteed or insured by the FDIC, NCUA or any other governmental agency.
FICA satisfies the FDIC’s requirements for agency pass-through deposit insurance coverage. Program banks in the FICA network are FDIC-insured “banks” and “savings associations” as those terms are defined in the Federal Deposit Insurance Act.The current FDIC Limit is $250,000 per depositor per bank.The NCUA operates the National Credit Union Share Insurance Fund (NCUSIF) to protect accounts at federally insured credit unions up to $250,000.
FICA is not a member of FDIC or NCUA, but the depository banks where your money is placed are FDIC and NCUA members. FDIC and NCUA are independent agencies of the U.S. government that protects the funds depositors place in FDIC and NCUA insured institutions. FDIC and NCUA deposit insurance is backed by the full faith and credit of the U.S. government. Funds may be submitted for deposit only after a depositor enters into a FICA agreement. The Agreement contains important information and conditions regarding the depositing of funds.
* Minimum initial deposit subject to change. After initial deposit requirements have been met, deposit balances, as the result of withdrawals/transfers, may go below the required minimum initial deposit requirement.
CCLI and StoneCastle are separate entities. StoneCastle being the program administrator has sole responsibility of deposits and program mechanics. CCLI is acting on an introductory basis only between you and StoneCastle. For this introduction, StoneCastle will pay CCLI a fee based on the amount you deposit into the program.
1 APY is effective as of September 5, 2023 and is earned on the first $1 million. Accounts with deposits between $1 million and $25 million will earn a blended rate which may be lower and is subject to change. Please contact CCLI to determine blended rate. Current yield and maximum deposit insurance coverage is indicative for FICA and may be lower or higher than what is stated due to changes in market or business conditions. Please contact CCLI for the most current yield and maximum deposit insurance coverage as they may have changed since the date of this fact sheet and website. FICA yield is the APY (annual percentage yield) based on APR (annual percentage rate) for the period indicated as reported by StoneCastle. The Annual Percentage Yield (APY) paid by program banks is subject to change at any time at the program banks’ discretion.
2 FDIC.gov, February 1, 2023. National rate is calculated based on the simple average of rates paid.
3 Liquidity is ordinarily available on a next business day basis. Same day purchase credit and next day liquidity redemptions are subject to a 3:00 PM ET cut-off. Please carefully read the current FICA Program Terms and Conditions for more complete information and the governing terms of the account (including liquidity, fees, terms, etc.). This can be found at stonecastle.advisor.cash.
4 Balances held in client Custody Accounts may not receive FDIC and NCUA insurance. If you have any cash at any depository institution that is in the bank network then you may not receive full FDIC or NCUA insurance coverage on your deposits at those institutions. This material is not to be considered tax or legal advice. Please speak with your CPA and attorney for guidance regarding if the this Program is appropriate for your particular situation. FICA® is a registered trademark of StoneCastle Cash Management, LLC.
