The agreement requires users to bring any claims against Acorns only as individuals, not as part of a class action, collective action, or representative proceeding. This waiver applies in both arbitration and court proceedings as stated.
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 claims must proceed individually rather than collectively, which affects the practical economics of pursuing low-value claims against the platform. Under California law, the enforceability of class action waivers for public injunctive relief claims remains a contested legal question.
Interpretive note: Enforceability varies by jurisdiction; California's McGill rule may limit the waiver's application to public injunctive relief claims for California users.
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 →Reformatted with all-caps emphasis, changed from unilateral language to mutual agreement, and broadened from specific enumerated actions to any 'purported class or representative proceeding.'
View full change record →Removed explicit jury trial waiver and non-waivable statutory rights acknowledgment; narrowed focus to class action waiver only within arbitration context, changing from all-caps to standard case.
View full change record →Under this clause, users agree not to participate as a plaintiff or class member in any class action or representative proceeding against Acorns, meaning any claim must be pursued individually. The agreement states this applies to both arbitration and any court-based proceedings.
How other platforms handle this
If, however, this Class Action Waiver is deemed invalid or unenforceable with respect to a particular Dispute...neither you nor Chegg will be entitled to arbitration of such Dispute.
the arbitration provider, National Arbitration and Mediation ("NAM"), shall not accept or administer any demand for arbitration and shall administratively close any arbitration unless the Party bringing such demand for arbitration can certify in writing that the terms...were fully satisfied.
Neither you nor we may elect arbitration of any claims seeking only individualized relief asserted by you or us in small claims court, so long as the action remains in that court and is not removed or appealed de novo...
"YOU AND ACORNS AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.Excerpt from Acorns's Terms of Service
(1) REGULATORY LANDSCAPE: The class action waiver engages the Federal Arbitration Act and the Supreme Court's AT&T Mobility LLC v.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Coinbase's User Agreement includes a mandatory arbitration clause that most users may not have reviewed. Here is what the clause states and how the opt-out process works.
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This provision establishes that claims must proceed individually rather than collectively, which affects the practical economics of pursuing low-value claims against the platform. Under California law, the enforceability of class action waivers for public injunctive relief claims remains a contested legal question.
Under this clause, users agree not to participate as a plaintiff or class member in any class action or representative proceeding against Acorns, meaning any claim must be pursued individually. The agreement states this applies to both arbitration and any court-based proceedings.
ConductAtlas has identified this type of provision across 205 platforms. See the full comparison.
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