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The absence of automatic deposit insurance means users bear the risk of loss on funds held with Wise without the protections that apply to traditional bank deposits.
The updated terms now authorize Wise to accept incoming funds via FedNow, a new instant payment service. The agreement states that FedNow transactions are processed in real time and generally cannot be canceled or reversed once completed, distinguishing them from traditional transfers that may have reversal windows. The terms also establish that Wise may decline any incoming FedNow transaction at its discretion where required for security, compliance, or operational reasons, without specifying advance notice or appeal procedures. Users receiving FedNow payments should understand that such transfers become final immediately upon completion.
View change record →The reader's funds held with Wise are not automatically protected by the FDIC or any equivalent deposit protection scheme.
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"Money you hold with Wise, in any currency, is not automatically insured by any deposit protection scheme, including the Federal Deposit Insurance Corporation (FDIC).— Excerpt from Wise's Wise Terms of Use
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The absence of automatic deposit insurance means users bear the risk of loss on funds held with Wise without the protections that apply to traditional bank deposits.
The reader's funds held with Wise are not automatically protected by the FDIC or any equivalent deposit protection scheme.
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