Wise Account balances are not covered by FDIC insurance by default; Wise holds customer funds as permissible investments under money transmitter law and retains any interest earned on those investments. FDIC insurance coverage for USD balances is available only to users who affirmatively opt into the interest feature, which sweeps funds into partner bank accounts.
This analysis describes what Wise'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 default condition for Wise Account balances is non-FDIC-insured fund holding, with Wise retaining earnings on the permissible investments used to hold customer funds. Users who do not opt into the interest feature do not receive deposit insurance protection, which is a material distinction from traditional bank account structures.
The updated terms extend the deadline for reporting transaction errors from 60 days to 120 days for all transactions except Send Money transfers. The 120-day period begins either from the first day you could see the error in your online account history or the day Wise sent the first written statement showing the error, whichever comes first. This change gives account holders twice as long to identify and report discrepancies before losing the right to dispute them.
View change record →Under this clause, funds held in a Wise Account are not automatically protected by FDIC insurance; the agreement states that Wise owns any interest earned on investments backing customer balances. Consumers who opt into the interest feature will have their USD balances swept into FDIC-insured partner bank accounts, providing deposit insurance coverage up to applicable FDIC limits.
Cross-platform context
See how other platforms handle FDIC Insurance Limited to Opt-In Interest Feature and similar clauses.
Compare across platforms →"Wise is Not a Bank, and your Wise Account is Not a Bank Account. Money you hold with Wise, in any currency, is not automatically insured by any deposit protection scheme, including the Federal Deposit Insurance Corporation (FDIC). Wise holds funds held by its customers in permissible investments in accordance with applicable laws. Wise owns the interest or other earnings on these investments, if any. However, although Wise is not a Bank, eligible customers that opt-in to the "interest feature" will have their United States Dollar (USD) funds held in their Wise account "swept" into a FDIC insured, interest bearing account at one or more of our participating banks.Excerpt from Wise's Terms of Use (Superseded URL)
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This provision establishes that the default condition for Wise Account balances is non-FDIC-insured fund holding, with Wise retaining earnings on the permissible investments used to hold customer funds. Users who do not opt into the interest feature do not receive deposit insurance protection, which is a material distinction from traditional bank account structures.
Under this clause, funds held in a Wise Account are not automatically protected by FDIC insurance; the agreement states that Wise owns any interest earned on investments backing customer balances. Consumers who opt into the interest feature will have their USD balances swept into FDIC-insured partner bank accounts, providing deposit insurance coverage up to applicable FDIC limits.
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