Cleo: who holds your money
Cleo is not a bank. Cleo says customer money is held at Thread Bank, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
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.
Partner banks
- Thread BankFDIC #9499 · program bank11.0%above the insured limitB61.7
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
Cleo is a financial technology company and is not an FDIC-insured bank. Direct Deposit banking services provided by Thread Bank, Member FDIC.
web.meetcleo.com · as of September 5, 2026
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