What is FDIC? What does it mean for me?
FDIC stands for Federal Deposit Insurance Corporation and operates as an independent federal agency of the United States government. This insurance protects depositors up to $250,000 per account type in case an FDIC member-bank fails or goes bankrupt.
How does FDIC insurance cover my accounts at Adro?
Adro is a financial technology company and not a bank. Banking services are provided through Stearns Bank, N.A., Member FDIC.
The deposit accounts you open through Adro are held at FDIC member-bank, Stearns Bank N.A., which can protect Adro customers up to the $250,000 limit with what is known as “pass-through deposit insurance.”
For more information, visit the FDIC’s website at https://www.fdic.gov/deposit/index.html
Learn more about FDIC insurance when banking through fintech apps at https://www.fdic.gov/consumer-resource-center/2024-06/banking-third-party-apps.