I can't seem to find a clear answer so can someone tell me if your square balance FDIC insured?
I have the square card and it looks like the square balance funds are managed by Sutton Bank, Member FDIC but does this translate into my funds being covered by FDIC?
Are there any plans to make the funds held by Sutton Bank (who is FDIC insured) on behalf of Square Card, FDIC insured? I and other users of Square would be more likely to store more funds in our Square Balances if this were the case.
You state that Square Card is not a "bank account" but they are surely held in some type of account at Sutton Bank. Can you elaborate on how exactly the funds of the Square Balance are handled at Sutton Bank. What type of account are they held in and what does square use the funds in this account to do while not being used by square customers?