FAQs
Get answers to frequently asked questions about Bluevine Business Checking,
Line of Credit, security, and more.
Table of Contents
- 1. Business Checking
- 2. Line of Credit
- 3. Payments
- 4. Security
Table of contents
With Bluevine Business Checking, enjoy no monthly or overdraft fees, no incoming wire or ACH fees,BVSUP-00079 no in-network ATM fees,BVSUP-00004 no minimum balance requirements, unlimited transactions,BVSUP-00043 and two free checkbooks per year,BVSUP-00042 plus dedicated live support from our team.
Also, if you meet a monthly activity goal, you could earn 2.0% interest on balances up to and including $250,000—that’s 30x the national average.BVSUP-00065
You can earn 2.0% interest on balances up to and including $250,000 when you meet one of the following monthly eligibility requirementsBVSUP-00065:
- Spend $500 per month with your Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard Inc., which you can use everywhere Mastercard® is acceptedBVSUP-00049
OR
- Receive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing providerBVSUP-00050
Learn why Bluevine Business Checking is the only business account you need.
We calculate simple interest daily and credit it to your account monthly. Your 2.0% interest is computed on a calendar year basis. We only pay interest in whole cents, so any interest that’s a fraction of one cent will be rounded up or down to the nearest cent.
Our Business Checking customers enjoy a straightforward fee structure. We don’t charge monthly fees, overdraft fees, incoming wire or ACH fees,BVSUP-00079 or in-network ATM fees.BVSUP-00004 We also don’t have a minimum balance requirement or limits on the number of transactions you can perform.BVSUP-00043
We do charge fees for certain transactions, such as outgoing wire transfers or international payments. Learn how Bluevine’s fees compare to other business checking accounts.
Required documentation may vary slightly depending on what type of entity your business is, but this information broadly falls into three categories:
- First, we’ll ask for some basic information to create your sign-in: your full name, email address, mobile phone number, and a secure password.
- Second, we’ll want to know about your business: trade name or DBA name, business address and phone number, EIN confirmation letter, annual revenue, entity type, and your industry.
- Third, we’ll want to learn about you and anyone who owns 25% or more of the business: home address and phone number, date of birth, SSN, and ownership percentage of the business. We may also ask for the front and back of your driver's license.
For a detailed breakdown of what you’ll need by entity type, click here.
Bluevine Business Checking is currently only available in the United States—we don’t accept applications from businesses in U.S. territories or other countries.
Businesses in the following industries are ineligible for Bluevine Business Checking:
Any eligible United States–based sole proprietorships, corporations, or partnerships are welcome to apply online.
A Bluevine Business Checking account gives you a variety of ways to send and receive money.
Here are your options to pay vendors or external accounts:
- We’ll issue and mail checks to vendors on your behalf for $1.50 per check payment.
- Standard ACH payments are fee-free. Same-day ACH payments are $10 per transaction.
- Outgoing wires are $15 per transaction, significantly lower than the industry standard.
- International payments are also available for $25 per payment, plus 1.5% of the payment amount (as converted to USD) for non-USD payments.
- To make a fee-free cash withdrawal, visit a MoneyPass® ATM.
Here are your options to receive money from an external account:
- Use the mobile check deposit feature in the Bluevine app.
- You can accept an unlimited number of standard ACH and same-day ACH.
- You can receive unlimited incoming domestic wires at no cost.
- To deposit cash, use services from our partner, Green Dot®.BVSUP-00039 Separate fees apply.
Yes, you can deposit both cash and checks with your Bluevine Business Checking account.
Use the Bluevine mobile app––available in the Apple App Store and the Google Play store––to deposit checks from your phone. Mobile deposit makes it easy to add funds to your account on the go, as long as you have our mobile app, a properly endorsed check, and a well-lit area.
If you have a minimum of $0.01 in your account, you can order two free checkbooks per year through your Bluevine dashboard.BVSUP-00042 Additional checkbooks are available for purchase. You can also deposit cash at 90,000+ Green Dot® retail locations. Find a participating location near you.
Though same-day availability is possible, your funds will likely be available within 1–7 business days if you deposit your check before 6pm ET. Please note that you can’t cancel a deposited check once the depositing process has begun.
Yes, you can withdraw cash fee-free from 37,000+ in-network MoneyPass® ATMs using your Bluevine Business Debit Mastercard®. For a list or map of ATMs, please visit the MoneyPass network’s ATM locator.
You can also withdraw cash from out-of-network ATMs for a fee.BVSUP-00004
As your business grows and operations become more complex, organizing all your finances through one account can become a headache. Instead, you can open up to five sub-accounts under your main Bluevine Business Checking account. Each sub-account has its own account number, making it easy to control which accounts your vendors, suppliers, or contractors can bill.
You can send and receive payments into your sub-accounts, but you can’t order a debit card for or make cash deposits into them. If you meet a monthly activity goal, you can qualify for 2.0% interest on balances up to and including $250,000 across your main account and sub-accounts.BVSUP-00065
Opening a Bluevine Business Checking account doesn’t explicitly improve your chances of being approved for a Bluevine Line of Credit. However, we’ll be able to make a faster decision if you already have transaction and credit history with us.
Once you receive your Bluevine Business Debit Mastercard®, you can conveniently activate it in one of the following ways:
- From your dashboard or mobile app: Head to the Settings screen to activate your card.
- Over the phone: Call (888) 216-9619 and follow the prompts to activate your card.
Need a new card? Easily report your card as lost or stolen and order a new one from the Settings screen.
You (the account administrator) can invite your partners and team members to become additional users on your Bluevine account, which lets them manage bills and make payments. There are two different additional user roles—authorized user and contributor—with different permissions.
You can also invite your accountant to become an additional user. With the accountant role, they can access the transaction and tax information they need using their own sign-in credentials.
Learn more about the different roles you can assign additional users.BVSUP-00076
No. Bluevine isn’t compatible with instant money transfer services right now, but we’re compatible with many popular financial applications. For a list of apps we’re compatible with, check out our Guide to Connecting Financial Apps.
We also offer same-day ACH ($10) and wire transfers ($15). Many free standard ACH transfers are available as soon as the next business day.
There is no reason you can’t leave your old business checking account open, although it may complicate matters for your bookkeeper or accountant. You also might pay monthly fees for your old account that could be eliminated by closing it after your new account has been opened. Some business owners use different banks to organize their finances, though some business checking accounts let you add sub-accounts with dedicated account numbers to help you budget more easily.
Most banks require an EIN or tax ID to open a business account. If you operate a sole proprietorship, some banks let you open a business account using your Social Security number. If you plan on switching banks, it’s a good opportunity to explore which entity is best for your business.
Rather than physical branch locations, digital-first banks bring the experience to you in the form of intuitive apps and a simple user experience. This approach translates to a long list of benefits, including lower fees, higher interest rates, easier access, more convenience and an all-around better experience.
The primary benefit of digital-first banking is time saving. You’ll save a considerable amount of time not having to visit your bank’s physical branch to conduct business. Plus, fees are usually lower if you bank with a digital-first bank because of its lower cost of doing business.
Keep in mind that the FDIC insures online-only checking accounts up to the same limits as traditional brick-and-mortar banks.
There’s always a chance you’ll experience issues when switching bank accounts. If you have any problems with your old bank, you’ll need to contact their support. Similarly, you may need to contact your new bank's support if the issue is on their end. That’s why it’s important to choose an account that’s known for having excellent customer service––so you can manage your finances with confidence.
You can definitely switch banks to consolidate business checking and lending. Putting all your accounts under one digital roof is a great way to reduce fees and the time you spend shuffling through accounts. Just be sure you’re comparing interest rates and loan terms when choosing a bank.
If your banking service provider offers both a business checking account and a line of credit, you might be able to access your line of credit funds faster when you have them deposited into that provider’s business checking account.
Bluevine doesn’t have a minimum balance requirement. However, business checking accounts at other institutions may require a minimum deposit.
Mixing your personal and business finances could open you up to personal liability, so it’s a good idea to use separate accounts for each. Opening the right business checking account to manage your LLC's finances can help you save on monthly fees or give you the opportunity to earn interest on your operating balances.
Yes, you’ll need an Employer Identification Number (EIN) from the IRS to open a business bank account.
Yes. Some banks have restrictions on how often you can make check deposits. With Bluevine Business Checking, you can use mobile check deposit to deposit checks from your phone—at 2x the average monthly limit.
Yes, your Bluevine Business Checking account comes with the convenient and secure Bluevine Business Debit Mastercard®, which rewards you for everyday business purchases. Learn more about your debit card’s benefits.
A business line of credit gives you access to funding when you want it, up to your credit limit. Unlike traditional one-time loans, a Bluevine Line of Credit is “revolving credit,” meaning your available credit replenishes as you make repayments, so you can draw additional funds without having to fully re-apply. Though, all draws are subject to review and approval.BVSUP-00009
Once approved for a credit line, you can request funds directly from your Bluevine dashboard. We’ll deposit funds in your account as soon as a few hours, pending review and approval. Depending on which repayment plan you qualified for, we’ll automatically debit your account for weekly or monthly repayments. As you pay off your balance, the amount of available credit you can request automatically replenishes. Because your repayments are calculated with simple interest, you can save on interest when you pay early. We don’t charge early repayment fees.
You can apply for a Bluevine Line of Credit as long as your business meets the minimum qualifications and does not operate in one of the following ineligible industries or states:
Ineligible industries
- Illegal gambling
- Pornography and paraphernalia
- Political campaigns
- Firearms and paraphernalia
- Other controlled substances (including medicinal marijuana, marijuana, cannabis, and hemp) and paraphernalia
- Financial institutions and lenders (including insurance, penny auction companies, and cryptocurrency)
- Auto dealerships
Ineligible states
- Nevada
- North Dakota
- South Dakota
- U.S. territories
To qualify for a Bluevine Line of Credit, your eligible business must be a corporation or LLC in business 24+ months, with no bankruptcies in the past year, and in good standing with your Secretary of State. Also, your business must earn $40,000 in monthly revenue––or $480,000 annually––and you must have a 625+ personal FICO credit score.
We’ll verify this information when you apply and each month after to ensure you remain eligible. The fastest way to do this is to connect your external bank account. If you don’t, you’ll need to manually upload bank statements from the last three months. Learn more about bank connections.
It’s easier to apply for a line of credit if you already have a Bluevine Business Checking account.
For businesses organized as a limited liability company or corporation, we don’t perform a hard credit pull at any point in our process, which means applying won’t impact your credit score. Sole proprietorships and general partnerships are ineligible for Bluevine Line of Credit.
When you apply for a Bluevine Line of Credit, you could find out if you’re approved in as little as 5 minutes. If you have a Bluevine Business Checking account, you can also access your line of credit funds instantly once a draw is approved.
Once your draw is approved, you can get funds deposited to your bank account in as quickly as a few hours if you choose our bank wire option ($15). Or, choose our fee-free ACH transfer option, which typically gets funds deposited the next business day, although it may take up to three. You can also receive your funds instantly if you have a Bluevine Business Checking account.
If you’re approved for a Bluevine Line of Credit, you’ll also be approved for either our weekly or monthly repayment plan. Repayments are automatically debited from your bank account, so as long as you have enough money in your account to cover the full amount, you never need to worry about missing a payment. You can also make additional payments or pay off a draw early with no penalty.
Learn more about connecting an external bank account.We offer credit lines up to $250,000, but your line amount will depend on what you’re approved for when you apply, plus whether you qualify for line increases later on. Your available credit replenishes as you make repayments. Draw requests are subject to review and approval.
As your business grows, your Bluevine Line of Credit can grow with it. We’ll proactively evaluate your business finances to see if you’re eligible for another increase. You may also be able to request an increase to your line of credit from your Bluevine dashboard.
When you’re applying for a line of credit, having a Bluevine Business Checking account or connecting your external bank account helps us make decisions even faster.
Once you have an active line of credit, your bank connection helps us quickly confirm that you qualify for future draws or potential credit line increases. If you close or change bank accounts, you can easily connect a new one from your dashboard.
Without a bank connection or active Bluevine Business Checking account, you’ll need to manually upload statements for us to review every month, which could delay draw approvals or potential credit line increases. You can also receive your funds faster, get line of credit fee or rate discounts, and avoid manually uploading statements if you have a Bluevine Business Checking account.
Stacking loans or credit lines can negatively impact your credit line and lead to your Bluevine account being put on hold. Please reach out to us before applying for credit elsewhere by visiting our contact us page or calling (888) 216-9619 from Monday to Friday 8am–8pm ET.
With funds in as fast as 24 hours, simple interest rates, and no prepayment penalties, a Bluevine Line of Credit lets you take advantage of growth opportunities early.BVSUP-00009
You could use a line of credit to cover payroll, hire full-time or seasonal employees as you need them, stock up on extra inventory during a sales rush, or buy materials or equipment for your next big project. You could also renovate your office, warehouse, or storefront, or lease a larger one.
To apply for a line of credit, apply on our website. We’ll ask you for some basic information about you and your business. Once you apply, we could send you our decision in as little as five minutes.
Just make sure you meet these minimum qualifications:
- $40,000 in monthly revenue
- 625+ personal FICO credit score
- In business for 24+ months
- Corporation or LLC
- No bankruptcies in the past year
- In good standing with your Secretary of State
- Business is operating or incorporated in an eligible U.S. state
- Ineligible states include:
- Nevada
- North Dakota
- South Dakota
- Ineligible states include:
- An active bank connection or statements from the last 3 months (a connected account makes it faster and easier to confirm your information). It’s easier to apply for a line of credit if you already have a Bluevine Business Checking account.
Think of a business line of credit as funds your company can request and use if and when you need it. With a Bluevine Line of Credit, you only pay for what you use, and your available credit line replenishes as you make repayments on your draw(s). All draw requests are subject to review and approval. As you build history, the size of your credit line can scale with the size of your business.
A business line of credit provides greater flexibility to your business, allowing you growth opportunities that might otherwise be unavailable to you. For example, a line of credit can provide financial stability if you encounter unexpected expenses or seasonal fluctuations in revenue.
If you’re looking to boost your growth, you can purchase more inventory or operations equipment, or fund a new marketing campaign. If you’re expanding, a line of credit can help you open a new office or location, or it can support a new product launch.
For your business to qualify for a Bluevine Line of Credit, you must have a personal FICO credit score of at least 625+.
Yes—you can apply for a Bluevine Line of Credit as a corporation or LLC.
Yes—you can apply for a Bluevine Line of Credit if you have these two Taxpayer Identification Numbers:
- a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- an Employer Identification Number (EIN)
Online payments empower you to electronically and securely pay vendors without having to manually write out a check and mail it. Bluevine lets you make or schedule payments in a variety of ways, streamlining the process so you can save time and focus more on growing your business.
Yes, you can pay bills with your Bluevine Business Cashback Mastercard® or other business credit card, even if they don’t accept credit cards. If you choose to pay by credit card, you can have your payment delivered via check, ACH, or wire.
Each credit card bill payment comes with a 2.9% fee.BVSUP-00019
When creating a new payment on your Bluevine dashboard, you can select the payment’s frequency as weekly, bi-weekly, or monthly. As with all payments, you’ll also select a payee, payment type, amount, funding source, and date—in this case, the first date of your recurring payments. You can’t edit the frequency of an existing payment.
To create a one-time scheduled payment, select any payment send date within the next year.
Yes, you can make or schedule multiple payments at the same time by selecting the corresponding checkboxes for the bills you want to pay in your dashboard.
Seamlessly access your business checking account and payments from your Bluevine dashboard. You can also use Bluevine Business Checking to fund your payments, and select from a variety of payment options.
| Check payments | $1.50 fee |
| Standard ACH payments from Bluevine Business Checking (2-3 business days) | Free |
| Same-day ACH payments (must be ordered before 1:15pm ET) | $10 fee |
| Outgoing wires | $15 fee |
| Credit card payments | 2.9% fee charged to your card |
Here are seven ways your Bluevine dashboard can save you time:
- Forward bills to your secure Bluevine email address and manage them from your dashboard
- Add payees to your dashboard so you can pay them without manually entering their information each time
- Set up bill approval workflows with your additional users to cut down unnecessary back and forth
- Create automated recurring payments
- Process and send multiple payments at once
- Automatically reconcile bills by syncing with QuickBooks® Online,BVSUP-00056
- When you send check payments through your Bluevine dashboard, we’ll issue and mail the check for you for a $1.50 fee
When an additional user sets up a payment, it’ll automatically route to approvers for review. You can choose which of your authorized users will be approvers on all payments.BVSUP-00076
When setting up a payment, you or your additional users can also choose custom approvers, in which case the payment gets routed to them in a specific order before it’s sent to the final approver. Custom approvers can be any authorized user, accountant, or contributor—or the account administrator.
Once approved by all necessary reviewers, your payment will be sent to the payee.
When sending a payment from your Bluevine dashboard, you can have it delivered via check. We’ll endorse and send the check for you, and we’ll protect you against check fraud. Each outgoing check payment comes with a $1.50 fee.
Checks printed and mailed via Bluevine have advanced security features that help protect you against check fraud, so you can rest easy.
Yes, you can easily sync your Bluevine account with your QuickBooks® Online account to import payee information and categories, and export accurate transaction data. This connection can also help you reconcile bills faster and make sure your numbers line up when you close out your books and file taxes.BVSUP-00056 See our support article for how to sync with QuickBooks.
With payee profiles, you don’t need to filter and search for a specific payment. Simply click a payee’s name in your dashboard to view year-to-date payments and see at a glance whether you have an open balance.
Sending international payments online is easy, convenient, and fast. When paying vendors across borders, paying them online can be both efficient and cost-effective.
The best way to send money internationally may not always be the cheapest. If you work with a number of global vendors, you’ll need a payment solution that makes it easy to schedule payments––preferably online so you can do so from anywhere. It’s also important to use a payment tool that’s fast and transparent about its fees, so you know what you’re going to pay before you complete your transaction.
International payments are sent out 8am–5pm ET every business day, and can be received in as fast as 24 hours. Timing may vary based on the recipient bank and country, as well as whether the payment is sent during business hours. You can refer to the estimated delivery time you see in your dashboard.
With simple, upfront pricing, we help you avoid unpredictable bank fees on international payments.
- USD payments: $25 per payment
- Non-USD payments: $25 + 1.5% of payment
For example, if the exchange rate of USD to GBP is $1.22 : £1 and you make a payment of £1,000 GBP, you’ll pay a total of $1,263.30 USD.
If you expect to send at least $25,000 USD in international payments per month, you may qualify for even lower fees. Contact our sales team to learn more.
| Country | Currency | Label |
|---|---|---|
| United Kingdom | GBP, USD | GBP - British Pound, USD - US Dollar |
| China | CNY, USD | CNY - Chinese Yuan, USD - US Dollar |
| Mexico | MXN, USD | MXN - Mexican Peso, USD - US Dollar |
| Canada | CAD, USD | CAD - Canadian Dollar, USD - US Dollar |
| India | INR, USD | INR - Indian Rupee, USD - US Dollar |
| Israel | ILS, USD | ILS - Israel New Shekel, USD - US Dollar |
| Japan | JPY - Yen, USD | JPY - Yen, USD - US Dollar |
| Switzerland | CHF, USD | CHF - Swiss Franc, USD - US Dollar |
| Philippines | PHP, USD | PHP - Philippine Peso, USD - US Dollar |
| Australia | AUD, USD | AUD - Australian Dollar, USD - US Dollar |
| Denmark | DKK, USD | DKK - Danish Krone - US Dollar |
| Thailand | THB, USD | THB - Thai Baht, USD - US Dollar |
| Sweden | SEK, USD | SEK - Swedish Krona, USD - US Dollar |
| Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain | EUR, USD | EUR - Euro, USD - US Dollar |
Most businesses eligible for Bluevine Business Checking are able to send international payments using the Bluevine dashboard. Exceptions include but are not limited to businesses:
- Based in Nevada
- Categorized as finance, insurance, or mining
The fastest way to pay your vendors is to add them as a payee on your Bluevine dashboard. If your payee is one of our 40,000+ pre-verified payees—which we call “registered payees”—you can choose them from our list. If your payee isn’t registered, all you need is their zip code and your account number with the payee to send an ePayment via ACH. Learn more about adding a payee.
You can also send check payments if you have your payee’s address, or ACH and wire transfers if you have their bank details. However, if you don’t add your payee to your Bluevine dashboard, you’ll have to manually enter their information each time you make a payment.
Accounts payable (“AP”) automation can help save your business time in the short term and money in the long run. By automating different parts of your AP processes, you can minimize manual tasks like data entry, reduce the risk of fraudulent and duplicate payments, and keep your bill payments on a schedule that helps optimize your cash flow.
There are multiple ways to add bills to your Bluevine dashboard—upload manually from your web dashboard, import via QuickBooks Online,BVSUP-00056 forward via email, or snapping a photo through the Bluevine mobile app. Once bills are added, you can set up automated approval workflows, control permissions, and assign additional user roles to automate your accounts payable. BVSUP-00076
From your Bluevine dashboard, you can pay bills via your Bluevine Business Checking account, an external account, or a credit card.BVSUP-00074 You can have your domestic payment delivered via free standard ACH, $10 same-day ACH, $15 wire transfer, or $1.50 check.BVSUP-00078 All payments made by credit card come with an additional 2.9% fee.
International payments are also available for $25 per payment, plus 1.5% of the payment amount (as converted to USD) for non-USD payments.BVSUP-00081
Processing times vary based on funding source and payment method. For more information on payment processing times, please read our support article.
One common scam fraudsters use to steal your identity is a phishing scam. In a phishing scam, the scammer(s) will pretend to be someone they aren’t in order to trick you into providing sensitive information. If you receive an email, text, or phone call from someone claiming to be from Bluevine, and they urgently want you to click a link or provide secure information like a password, one-time passcode, or PIN, that’s a scam, and you should immediately contact Bluevine at (888) 216-9619.
Other common scams include:
- Downloading or getting you to download malware
- Hacking/data breaches
- Dumpster diving for secure information
- Stealing your wallet or credit card(s)
- Taking your mail
- Swapping your SIM card
- Calling you about fake lottery winnings, etc.
A “spoofing” site is a website designed to mimic a financial institution’s sign-in page so that customers who don’t realize it’s fake will enter their sign-in credentials. When signing in to your Bluevine dashboard, always check the website URL is correct and check for misspellings or extra characters.
If you think your account is compromised, act fast:
- Freeze your credit with the major credit bureaus—e.g, Trans Union, Experian, and Equifax
- Follow these steps to freeze your Bluevine debit card (and cards at other institutions)
- Reset your passwords—especially your email and any bank accounts linked to Bluevine—to new, unique passwords
- Contact us so we can take steps to protect your account
For more information, read this help center article.
It’s important to make sure you’re actually speaking with someone from Bluevine. If you’re unsure, hang up the phone, go to your mobile app, and call the customer support number listed there.
- We’ll never ask for your one-time passcode, password, or PIN
- We’ll never contact you on social media asking for personal details
- Check the email domain (@bluevine.com) for misspellings or extra characters.
We work hard to continuously update and enhance our security features, and you can help by staying alert and never sharing secure information with anyone. You can learn more by visiting the FTC’s website and reviewing the types of scams fraudsters use.
If you have any questions or want to talk with a support representative, feel free to contact us.
Yes, Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. $3,000,000 in FDIC insurance is offered by multiplying the standard $250,000 FDIC coverage across multiple banks. Visit here for more details.
Yes—new and existing customers automatically receive $3 million in FDIC insurance, but you’ll be able to opt out by contacting customer support. If you opt out of expanded coverage, your FDIC coverage will revert to the standard amount of $250,000.
You’ll be able to see exactly where your money is on your monthly statements. Our programs banks are part of a trusted sweep network, which allows your money to be held by multiple banks so your funds are FDIC-insured up to $3 million.
You can still earn 2.0% interest on your Bluevine Business Checking balances up to and including $250,000 if you meet a monthly activity requirement.BVSUP-00005 The only change is that we’ll calculate your qualified interest activity through 3pm ET on the last business day of the month, and any activity beyond that will roll over toward the following month’s qualifications.
A sweep network is a secure network of partner banks that allows us to strategically distribute your Bluevine Business Checking balances. This way, your funds are held by multiple trusted, FDIC-insured banks within the network, and you can manage your finances more confidently knowing that your deposits are protected up to $3 million instead of the standard limit of $250,000.