Upgrade: who holds your money

Upgrade'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

Upgrade is not a chartered bank, and customer deposits sit at Cross River Bank, which has letter C on this site. The grade compares Cross River Bank with banks of similar size on this site. Federal deposit insurance passes through Cross River Bank to each customer, subject to Upgrade’s recordkeeping. Coverage is $250,000 per depositor, per insured bank, for each account ownership category, provided Upgrade’s records identify each customer. Upgrade’s disclosure was read on September 5, 2026.