By opening a Third Coast Bank SSB account through Mayfair, you deposit your funds into a deposit account offering up to the current standard maximum FDIC insurance of $250,000. Customers who wish to opt into the Enhanced Deposit Protection Program (EDPP) will have their funds swept into deposit accounts across a network of over 200 FDIC-insured banks. The cumulative limit for access to FDIC insurance through an EDPP account is $50 million¹.
By opening a Stripe account through Mayfair, your funds are held at Evolve Bank & Trust and eligible for pass-through FDIC insurance up to the current standard maximum FDIC insurance of $250,000.
It changes based on a number of factors — the most important being the Federal Funds Rate. It’s in our best interest to offer customers a competitive rate, so we’re always looking for opportunities to do just that.
When we get paid more, we pay it forward to you with a better APY²,⁴. We’ll always notify you when the rates change.
You can withdraw your funds at any time. ACH transfers usually take one business day to arrive, but can take up to 3–5 business days.
The service has no account fees, maintenance costs, or ACH transfer fees. An outbound wire costs $10, which simply covers Mayfair's cost to provide that wire.