The agreement caps Acorns' total liability to any user at the amount the user paid in subscription fees during the 12 months before the claim arose, with a minimum floor of $25 for users who paid nothing. This cap applies to all claims arising from the terms or services.
This analysis describes what Acorns's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that the maximum financial recovery available to a user for any claim against Acorns is limited to 12 months of subscription fees paid, which at Acorns' current pricing tiers represents a low absolute dollar amount relative to potential investment losses or banking service failures. Applicable law, including potential fiduciary duty obligations under securities regulations, may constrain the enforceability of this cap in certain claim contexts.
Interpretive note: The enforceability of the liability cap for investment advisory and broker-dealer claims may be constrained by the Investment Advisers Act's anti-waiver provisions and applicable FINRA rules; enforceability depends on jurisdiction and claim type.
The updated terms clarify FDIC insurance protections for Acorns Checking depositors. The prior disclosure stated that Acorns Checking itself is not FDIC-insured; the updated language states that balances held with Lincoln Savings Bank or nbkc bank, including those in Acorns Checking accounts, are insured up to $250,000 per depositor through these member banks, with separate coverage for joint account owners. The updated terms preserve the disclosure that funds may be placed at other FDIC-insured depository institutions through a deposit network service. The revised ATM language specifies access to 'over 55,000 fee-free ATMs' rather than a general reference to the AllPoint Network.
View change record →New high-severity cap on Acorns' liability exposure limits user recovery to payments made or a nominal $25, significantly restricting remedies for service failures.
View full change record →Removed detailed limitation of liability language including the 12-month fee cap, replacing it with generic acknowledgment language that obscures the actual liability limitations.
View full change record →Under this clause, a user's maximum monetary recovery from Acorns for any claim, including investment account management failures or banking service disruptions, is capped at the subscription fees paid in the preceding 12 months. At Acorns' subscription pricing tiers, this cap represents a materially low recovery ceiling relative to potential investment account balances.
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"IN NO EVENT WILL ACORNS' AGGREGATE LIABILITY ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR THE SERVICES EXCEED THE AMOUNTS YOU HAVE PAID TO ACORNS FOR THE SERVICES IN THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR, IF YOU HAVE NOT PAID ACORNS FOR USE OF ANY SERVICES, THE AMOUNT OF TWENTY-FIVE DOLLARS ($25).Excerpt from Acorns's Terms of Service
(1) REGULATORY LANDSCAPE: The limitation of liability provision may engage SEC and FINRA rules governing the enforceability of liability caps in investment adviser and broker-dealer agreements, where applicable suitability and fiduciary obligations may limit the …
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This provision establishes that the maximum financial recovery available to a user for any claim against Acorns is limited to 12 months of subscription fees paid, which at Acorns' current pricing tiers represents a low absolute dollar amount relative to potential investment losses or banking service failures. Applicable law, including potential fiduciary duty obligations under securities regulations, may constrain the …
Under this clause, a user's maximum monetary recovery from Acorns for any claim, including investment account management failures or banking service disruptions, is capped at the subscription fees paid in the preceding 12 months. At Acorns' subscription pricing tiers, this cap represents a materially low recovery ceiling relative to potential investment account balances.
ConductAtlas has identified this type of provision across 287 platforms. See the full comparison.
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