Of course if those banks are depositing to the same 10 banks then you're really protected at 10x...but, well much better than 250k? I'm going to guess it's called a "Sweep Program" but I'm no finance expert. I know of this because it's common for brokerage account to do this - as very often, you'll have more than $250k in cash if you're doing active trading.
https://www.interactivebrokers.com/en/accounts/sweep-program...
https://www.cnb.com/business-banking/accounts/savings/bank-d...
https://www.wellsfargo.com/investing/cash-sweep/
Of course if those banks are depositing to the same 10 banks then you're really protected at 10x...but, well much better than 250k? I'm going to guess it's called a "Sweep Program" but I'm no finance expert. I know of this because it's common for brokerage account to do this - as very often, you'll have more than $250k in cash if you're doing active trading.