What recent changes have been made to the FDIC insurance coverage offered by Mercury?
Mercury Capitalizes on Failed Banks
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The transcript discusses Mercury's banking services, highlighting its partnerships with Choice Financial and Evolve Bank. It covers Mercury's financial performance, noting over $2 billion in deposits this week. The company offers FDIC insurance up to $5 million by splitting deposits across 20 banks. Mercury provides access to Vanguard money market funds, emphasizing simplicity for business owners. Despite VC interest, Mercury is profitable and not seeking additional funding.
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Why might a business owner choose to use Mercury instead of going directly to a bank?
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