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What does it mean to be FDIC insured?

We're a Member FDIC bank (Member of the Federal Deposit Insurance Corporation) and a subsidiary 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. ​Green Dot 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.