FDIC Insurance Disclosure
Important information about how your funds are protected through our FDIC-insured banking partners.
Important Notice
eWallet is NOT a bank. eWallet is a financial technology company, not a bank. Banking services and FDIC insurance are provided through our partner financial institutions. FDIC insurance protects against the failure of an FDIC-insured bank, not against fraud or unauthorized transactions.
1. What is FDIC Insurance?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of their deposits if an FDIC-insured bank fails. FDIC insurance is backed by the full faith and credit of the United States government.
Key Points
- FDIC insurance protects depositors if an FDIC-insured bank fails
- Standard insurance coverage is $250,000 per depositor, per insured bank, for each account ownership category
- FDIC insurance does NOT protect against loss from fraud, theft, or unauthorized transactions
- FDIC insurance does NOT protect against market losses or poor investment decisions
2. Our Banking Partners
eWallet partners with FDIC-insured financial institutions to hold and protect customer funds.
Custodial Bank
Chase Bank
FDIC Member- Role: Custodial bank for wallet funds
- Bank Type: National Bank
- Regulator: Office of the Comptroller of the Currency (OCC)
- Service Provider: Checkbook.io
Card Issuing Bank
Sunrise Banks, N.A.
FDIC Member- Role: Card issuer for the eWallet Debit Card
- Bank Type: National Association
- Regulator: Office of the Comptroller of the Currency (OCC)
- Program Manager: Onbe
Required Disclosure: The eWallet Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Mastercard.
3. Coverage Details
FDIC insurance coverage limits and conditions apply to funds held at our partner banks.
Standard Coverage
What is Covered
- Funds held in your eWallet account at our FDIC-insured partner banks
- Protection applies in the event of a partner bank failure
- Coverage up to applicable FDIC limits when eligibility requirements are met
What is NOT Covered
- Losses from fraud, theft, or unauthorized transactions
- Losses from errors or system failures
- Funds in transit between banks or payment networks
- Investment products or cryptocurrency
- Amounts exceeding the $250,000 FDIC limit
4. Pass-Through Insurance
When deposits are placed at an FDIC-insured bank by a third party (such as eWallet) on behalf of customers, FDIC coverage may "pass through" to the underlying customers, subject to certain requirements.
How Pass-Through Insurance Works
- Funds are held in pooled or omnibus accounts at our partner banks
- We maintain records identifying each customer and their share of the pooled account
- FDIC coverage passes through to individual customers up to the applicable limits
- Each customer is insured up to $250,000 as if they had a direct account at the bank
Pass-Through Requirements
For pass-through insurance to apply, the FDIC requires that: (1) the account is established at an FDIC-insured bank, (2) the account records reflect that the funds are held on behalf of third parties, and (3) records identify the specific owners and their interests. eWallet maintains these records to support pass-through insurance for eligible accounts.
Important: Pass-through insurance coverage is subject to FDIC rules and regulations. Coverage is not automatic and depends on meeting certain eligibility requirements. For detailed information about pass-through coverage, please visit fdic.gov.
5. Important Limitations
Please be aware of the following important limitations regarding FDIC insurance coverage:
Funds in Transit
Funds that are in transit between banks, payment networks, or during processing may not be covered by FDIC insurance. This includes:
- ACH transfers that are processing
- Wire transfers in progress
- Card transactions being settled
- Funds being moved between accounts
Coverage Limits
The $250,000 coverage limit applies per depositor, per insured bank, per ownership category. If you have other accounts at Chase Bank or Sunrise Banks outside of eWallet, those balances may count toward your coverage limit.
eWallet is Not FDIC Insured
eWallet itself is not an FDIC-insured institution. FDIC insurance is provided only through our partner banks. eWallet is a technology platform that facilitates access to banking services provided by FDIC-insured partner banks.
No Protection Against
- Fraud, theft, or unauthorized account access
- Mistakes or errors in transactions
- System outages or technical failures
- Disputes with merchants
- Account freezes due to suspicious activity
6. Verify FDIC Coverage
You can verify the FDIC insurance status of our partner banks through official FDIC resources:
FDIC BankFind Suite
The FDIC BankFind Suite allows you to search for and verify the FDIC insurance status of any bank in the United States.
- Website:banks.data.fdic.gov/bankfind-suite
- Search for: Chase Bank, Sunrise Banks
FDIC Contact Information
- FDIC Call Center: 1-877-275-3342
- Website:fdic.gov
- Electronic Deposit Insurance Estimator:fdic.gov/edie
7. Questions?
If you have questions about FDIC insurance coverage for your eWallet account, please contact us:
Disclaimer: This page provides general information about FDIC insurance and how it may apply to funds held through eWallet. It is not intended as legal or financial advice. FDIC insurance rules and coverage are subject to change. For the most current and authoritative information about FDIC insurance, please visit fdic.gov or contact the FDIC directly.