Novo: who holds your money

Novo'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

Novo is not itself a chartered bank; customer money sits at its one partner bank, Middlesex Federal Savings, F.A., rated C. Federal deposit insurance passes through the partner bank to each customer, subject to Novo’s recordkeeping. The stated limit is $250,000 per depositor, per insured bank, for each account ownership category, provided Novo’s records identify each customer. This arrangement reflects Novo’s disclosure read on September 5, 2026.