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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You represent and warrant that you have the legal right to use the payment method you provide to us or our payment processor, including, without limitation, any credit card you provide when completing a transaction.
In case of such an assignment by us, you are entitled to terminate the agreement with immediate effect by deactivating your account. We will provide you with reasonable notice of any such assignment.
You may not transfer any of your rights or obligations under these Terms without our consent.
"you represent and warrant to the Company that (a) all information, including, without limitation, Client Information, that you provide to us is accurate and truthful...Excerpt from Acorns's Terms of Service
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The clause states: “you represent and warrant to the Company that (a) all information, including, without limitation, Client Information, that you provide to us is accurate and truthful...”
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