SoFi partners with multiple banks to provide the best benefits to our members. By enrolling, you can increase your access to FDIC insurance from the standard $250K of FDIC coverage to up to $3M of coverage. This works the same way it would if you manually opened accounts with different banks. We just do it seamlessly and automatically and you can still access all your cash through SoFi. It is important that you maintain awareness of any deposits you might maintain at one of the other participating banks as this may affect your coverage with that participating bank.