Cleo: who holds your money

Cleo's disclosure, read on September 5, 2026, describes FDIC pass-through coverage, deposit insurance through partner banks. Coverage depends on customer identification and recordkeeping. It protects eligible deposits when a partner bank closes, not the app company itself. An app closure does not trigger that protection. The visible disclosure and notes provide the programme’s specific conditions.

Current commentary

Cleo is not a chartered bank. Customer money sits at Thread Bank, which has letter B, comparing it with banks of similar size on this site. Federal deposit insurance, coverage for money in banks, reaches customers at Thread Bank if Cleo’s records identify each customer. The limit is $250,000 per depositor, per insured bank, for each account ownership category, based on the disclosure read September 5, 2026.