Brokered Deposit

A deposit made at a bank on someone else’s behalf.

Right now, you’re probably fine with mere mortal banking products such as checking n' savings accounts and CDs. But, after you’re Shmoop-educated, you will have so much money that your bank will need to sell your money to a broker who spreads it out at banks all over town.

Those brokered deposits help keep your cash insured while diversifying your balances.