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
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.
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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 the Company Parties may assert individualized claims in small claims court if the claims qualify, remain in such court and advance solely on an individual, non-class basis...
This Arbitration Agreement shall not require arbitration of the following types of claims: (1) small claims actions brought on an individual basis that are within the scope of such small claims court's jurisdiction...
"Judgment on the award may be entered by any court of competent jurisdiction.Excerpt from Acorns's Terms of Service
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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The clause states: “Judgment on the award may be entered by any court of competent jurisdiction.”
ConductAtlas has identified this type of provision across 205 platforms. See the full comparison.
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