Step: who holds your money

Step'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

Step is not itself a chartered bank, and customer money sits at Evolve Bank & Trust, which has letter C. FDIC insurance reaches customers through the partner bank, provided Step’s records identify each customer. The coverage limit is $250,000 per depositor, per insured bank, for each account ownership category. This information reflects Step’s disclosure as of September 5, 2026.