What does it mean to be FDIC insured?

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We're a Member FDIC bank (Member of the Federal Deposit Insurance Corporation) and a brand of Green Dot Corporation, which means your money is federally insured up to $250,000 and never held by a third-party bank. The FDIC is responsible for insuring financial institutions so depositors don’t lose money in the unlikely event that a bank fails. GO2bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to $250,000 per depositor, per FDIC-insured bank, per ownership category.

Deposit insurance is calculated dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default. For example, if you had an account with a principal balance of $10,000 and $200 in accrued interest on your savings account, the full $10,200 would be insured.

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