Money you hold in your Wise account is not insured by the FDIC, meaning if Wise were to fail financially, your balance would not be automatically protected up to $250,000 as it would be at a traditional bank.
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
The absence of FDIC insurance means that funds held in your Wise balance carry a different risk profile than funds in a traditional bank account, and your recovery in a worst-case scenario would depend on Wise's safeguarding arrangements rather than a government guarantee.
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 →Clarified that FDIC protection is not automatic while introducing an optional interest feature for eligible customers, and added provision that Wise retains ownership of investment earnings.
View full change record →Explicitly disclaims FDIC protection and clarifies non-bank status, informing users that their funds lack federal deposit insurance coverage despite being held with the platform.
View full change record →Any balance you hold in Wise, whether in USD or foreign currencies, is not FDIC insured, so your protection depends on Wise's contractual safeguarding arrangements with the regulated banks where it holds your funds, rather than a direct government guarantee.
How other platforms handle this
TINDER ASSUMES NO RESPONSIBILITY FOR ANY CONTENT THAT YOU OR ANOTHER USER OR THIRD PARTY POSTS, SENDS, RECEIVES, AND/OR ACTS ON THROUGH OUR SERVICES, NOR DOES TINDER ASSUME ANY RESPONSIBILITY FOR THE IDENTITY, INTENTIONS...
we do not warrant that Offering descriptions are accurate, complete, reliable, current, or error-free.
Please note that these third parties are responsible for their own privacy practices.
"Wise is not a bank. Your funds held with Wise are not covered by the Federal Deposit Insurance Corporation (FDIC) or any other government deposit protection scheme. Wise safeguards your funds by holding them in segregated accounts with regulated financial institutions or in other qualifying assets as required by applicable law.Excerpt from Wise's Terms of Use (Superseded URL)
1) REGULATORY LANDSCAPE: As a licensed money transmitter rather than a federally chartered bank, Wise is not a member of the FDIC deposit insurance system.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Search "[your state] attorney general consumer complaint" to find your state's direct complaint form
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
The absence of FDIC insurance means that funds held in your Wise balance carry a different risk profile than funds in a traditional bank account, and your recovery in a worst-case scenario would depend on Wise's safeguarding arrangements rather than a government guarantee.
Any balance you hold in Wise, whether in USD or foreign currencies, is not FDIC insured, so your protection depends on Wise's contractual safeguarding arrangements with the regulated banks where it holds your funds, rather than a direct government guarantee.
ConductAtlas has identified this type of provision across 287 platforms. See the full comparison.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Wise.