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We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

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Is the money on my prepaid card FDIC-insured?

Answer: Whether the money on your prepaid card is insured by the FDIC in the event of a failure of the bank that holds your card funds depends on how the card program is set up.

For individual bank accounts, if your bank goes out of business, the government guarantees you will get back up to $250,000 of the money in your individual bank account through FDIC insurance. There is similar insurance coverage for credit union accounts (called NCUA or NCUSIF insurance).

Funds loaded onto prepaid cards are typically held in pooled (not individual) accounts at banks or credit unions. Pooled accounts may qualify for FDIC or NCUA pass-through insurance if they meet certain requirements. Among other things, in order for your funds to be insured, the bank must have information that identifies you on file.

Your cardholder agreement may indicate whether your card is eligible for pass-through insurance.

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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.