Account Protection

About Individual Account Protection

  • The Securities Investor Protection Corporation (SIPC) was created in 1970 as a non-profit, non- government membership corporation, funded by member broker dealers. SIPC provides limited coverage to investors on their brokerage accounts if their brokerage firm becomes insolvent.

  • All brokerage firms that sell stocks or bonds to the investing public, or that clear such transactions, i.e. introducing or clearing firms respectively, are required to be members of SIPC.

  • Amuni Financial Inc. is a member of SIPC since 1980.

  • First Clearing Coverage: First Clearing as (a/the) chosen clearing firm of Amuni Financial Inc., is a registered broker-dealer, non-bank affiliate of Wells Fargo & Company, and a leading provider of clearing and custody services to financial institutions. First Clearing is a member of SIPC.

  • Securities and cash in client accounts held at First Clearing have two sources of protection that are separate and distinct from the SIPC coverage of Amuni Financial, Inc. SIPC coverage insures each client up to a maximum of $500,000 (including up to $250,000 for claims for cash). For more information about SIPC, please visit In addition, First Clearing maintains a program of additional protection provided through Lexington Insurance Company (“Lexington”), an AIG Company. For clients who have received the full SIPC payout limit, First Clearing’s policy with Lexington provides additional coverage above the SIPC limits for any missing securities and cash in client brokerage accounts up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client).

  • SIPC and the additional protection from Lexington do not protect against losses from the failure of a security, nor do they insure the quality of investments or protect against losses from fluctuating market value. All coverage is subject to the specific policy terms and conditions. First Clearing’s SIPC and additional coverages only apply in the event of First Clearing’s insolvency, and do not apply in the event of Amuni Financial Inc. insolvency.

  • FDIC Insurance Limits: For accounts enrolled in the Bank Deposit Sweep program, uninvested cash (principal and interest) in each eligible account is automatically deposited or “swept” to one or more affiliated banks. There are currently four affiliated banks in the Bank Deposit Sweep. Deposits made through the Bank Deposit Sweep are added to any deposits you may already have at any of the affiliated banks and insured by the FDIC for at least $1 million, when deposits are made at all four affiliated banks in the program.* Clients are covered for at least $250,000 in each account ownership category at the first affiliate bank plus at least $250,000 at each of the three additional affiliate banks.

  • For example, when deposits are made at all four affiliated banks:

    • Individual accounts (i.e., one owner) – Cash sweep deposits are insured for up to $1 million.
    • Joint accounts (i.e., multiple owners) – Cash sweep deposits are insured for up to $2 million in the case of two owners – plus an additional $250,000 for each additional owner.
    • Trust/transfer-on-death (TOD) accounts – Cash sweep deposits are insured for up to $1 million plus an additional $250,000 for each additional beneficiary.
    • Traditional and Roth IRAs† — Cash sweep deposits are insured for up to $1 million.
  • These deposit insurance limits refer to the total coverage that an account holder has at each affiliate bank, including any CDs. The examples above show only the most common ownership categories and assume that all FDIC requirements are met. More information on FDIC coverage is available at

  • For further information regarding the Bank Deposit Sweep, refer to the Cash Sweep Program Disclosure Statement. A copy can be obtained from your financial advisor.

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