Once you’ve signed up for Qapital and connected an external bank account, a Qapital Goals account is opened for you. Any funds that you transfer to your Qapital Goals Account, will be maintained at one or more of Qapital’s Partner Banks for your benefit in an umbrella fiduciary account for the benefit of Qapital’s users (an “FBO Account”). The list of Partner Banks into which your Qapital Basic account funds may be deposited as of June 29, 2023 is J.P. Morgan Chase Bank and First Carolina Bank.
All funds held in an FBO Account are eligible for the benefits of pass-through FDIC insurance coverage. See our article about 'FDIC Insurance' and our Terms & Conditions for more details.