Qapital Basic Membership: If you select a Qapital Basic membership, any funds that you direct to be transferred from your funding account to your Qapital Save account, either manually via the Qapital app or in accordance with savings rules or Payday Divvy (collectively, “rules”) you have established via the Qapital app, will be maintained at one or more of Qapital’s partner banks (chosen in our sole discretion, and subject to change) in an umbrella fiduciary account for the benefit of Qapital’s users (an “FBO account”). The partner bank(s) into which your funds are deposited are listed in Qapital’s Terms & Conditions. All funds held in an FBO account are eligible for the benefits of pass-through FDIC insurance coverage, which means that if one of Qapital’s partner banks fails, your funds at that partner bank should be insured by the FDIC for a maximum of $250,000. Note that the FDIC maximum insurable limit applies to the aggregate of all funds you have deposited with that partner bank, so any other funds you hold in the same capacity at that partner bank outside of your Qapital account will also count toward the limit. You will not be entitled to any interest or other earnings that may accrue with respect to the funds held on your behalf in an FBO account, and you hereby irrevocably assign and transfer to Qapital any right or interest that you may have therein. However, you remain the beneficial owner of the principal amount of the funds held in an FBO account on your behalf.
Qapital Complete and Qapital Premier Memberships: If you select a Qapital Complete membership or a Qapital Premier membership, and you choose to open a Qapital Spend account, the associated account funds in your Qapital Save account and Spend account will be held separately in your name by Lincoln Savings Bank (LSB). In the event that LSB fails, any balances held with LSB are added together and are insured up to $250,000 per depositor. Note that the FDIC maximum insurable limit applies to the aggregate of all funds you have deposited with LSB, so any other funds you hold in the same capacity at LSB outside of your Qapital account will also count toward the limit. If you do not choose to open a Spend Account, your funds will be maintained in an FBO Account as described above.
See our Terms & Conditions for more details.