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> they are FDIC My question would be, are individual Dwolla accounts protected on a per depositor basis? Or, is it just Dwolla Corp's own bank account which is
by ncarlson 15y ago
> they are FDIC
My question would be, are individual Dwolla accounts protected on a per depositor basis? Or, is it just Dwolla Corp's own bank account which is protected under FDIC. Their website doesn't make that clear.
It's entirely possible that user funds are stored in a bank account, owned by Dwolla, and that bank account is FDIC insured. If that's the case, then that bank account is only insured up to $250,000 USD.
- jimrandomh 15y ago> My question would be, are individual Dwolla accounts protected on a per depositor basis? Or, is it just Dwolla Corp's own bank account which is protected under FDIC. The former. If it were the latter, then writing "Dwolla Deposits Are Protected By The FDIC and NCUA" on their web page would be fraud.
- eli 15y agoI'm almost certain you are wrong about that. Dwolla is not listed in the FDIC database.
- sgornick 15y ago"Dwolla Deposits Are Protected By The FDIC and NCUA" Yes, every dime you have in your account is protected by the FDIC and NCUA. The same way that amounts in your PayPal balance are protected. http://www.dwolla.org/help/dwolla-security-and-partner-overview/ http://www.dwolla.org/help/dwolla-security-and-partner-overv...
- eli 15y agoOK, I'm glad that their banks are insured, but if Dwolla goes bankrupt are you sure I'll get my money back? I'm not. PayPal does the same thing, but at least they're upfront about how it works: https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/travelers-outside https://www.paypal.com/cgi-bin/webscr?cmd=p/gen/travelers-ou... And I don't keep money in my PayPal account either.