Yes, once we verify your identity during the enrollment process, the money you deposit into the account is insured by the Federal Deposit Insurance Corporation (FDIC) through Thread Bank, a member of the FDIC. Banking services are provided by Thread Bank and the Visa PODERcard Debit card is issued by Thread Bank.
Your PODERcard Debit account is not only insured by the FDIC, but also consists of a non-interest bearing transactional account, in which you can receive deposits and other credits, and from which you can withdraw and/or spend money.
What type of deposit insurance do we offer?
Your PODERcard Debit account is insured according to regulatory limits by the FDIC. Your funds are insured up to $250,000 through Thread Bank, Member FDIC. For more information about account insurance, we recommend that you write directly to the FDIC at 550 17th Street, N.W., Washington, D.C. 20429, or call the FDIC's toll-free consumer hotline at 877-275-3342, or visit their website at www.fdic.gov.
Welcome Tech dba SABEResPODER is not a bank. Banking services provided by Thread Bank, Member FDIC. The PODERcard Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. PODERcard account opening is subject to identity verification by Thread Bank.
Your deposits qualify for up to a maximum of $3,000,000* in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
*See more here: https://go.thread.bank/sweepdisclosure.
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