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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To meet our legal and regulatory requirements we, or someone acting for us, might sometimes need to ask for more information... Please provide this information quickly so that there is no disruption to your account...
You represent and warrant to us that the information you provide to us or any other user is accurate, including any information submitted through third-party sources (if applicable), and that you will update your account information as necessary to ensure its accuracy.
These Terms and the licenses granted hereunder may be assigned by the Company but may not be assigned by you without the prior express written consent of the Company.
"You agree that you will maintain and promptly update your Client Information to keep it true, accurate, current and complete.Excerpt from Acorns's Terms of Service
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The clause states: “You agree that you will maintain and promptly update your Client Information to keep it true, accurate, current and complete.”
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