Answering common questions about the Brex business account
2 min read
2 min read
Note: Since publication, Brex’s FDIC insurance limit has increased to $6M. This article has been updated to reflect the new limit.
Erik Zhou is the Chief Accounting Officer at Brex and the President of our broker dealer. Before joining Brex, he served for 11 years at PwC working in the securities industry focusing on FINRA and SEC regulations. He also led the formation of Brex’s broker dealer back in 2019.
The Brex business account explained.
There’s been a lot of uncertainty in our industry in the past few days following the news about Silicon Valley Bank. Executives from companies of all sizes all have the same question: “How can I make sure our cash is safe?”
As Brex’s Chief Accounting Officer, I run the day-to-day financial operations at Brex, and I know how it feels to have a fiduciary duty to your investors, employees, suppliers, and customers. As you weigh all available options, I want to ensure you have all of the information you need to make the best decisions for your business's financial future.
Four years ago, I was part of the team that designed and launched the Brex business account. When we were initially designing this cash management account, we had three main goals in mind:
1. To preserve your deposits
2. To provide easy access (daily liquidity) for your full balance
3. To mitigate your risk by diversifying your funds
In the following video, I hope to give further insight into how we accomplish each of these goals today and the security and peace of mind you can expect as a Brex business account customer.
Brex is proud to serve companies of all sizes and offer a safe, secure cash management solution for your business needs. You can learn more how the Brex business account works and the up to $6M in FDIC insurance we offer here.