Spencer Tierney

For starters, the clearest way through this very murky area of banking is to know a bank from a non-bank. The words FDIC insured account don't automatically mean your money back guaranteed in this day and age.

For starters, the clearest way through this very murky area of banking is to know a bank from a non-bank. The words FDIC insured account don't automatically mean your money back guaranteed in this day and age.

For starters, the clearest way through this very murky area of banking is to know a bank from a non-bank. The words FDIC insured account don't automatically mean your money back guaranteed in this day and age.

Since I research online banks and neobanks all the time, let's make this an interactive activity where you, Sarah and Sean, will go to a financial institution's website and interpret the fine print to figure out whether it's a bank or not a bank. Are you ready? Let's do it.

Since I research online banks and neobanks all the time, let's make this an interactive activity where you, Sarah and Sean, will go to a financial institution's website and interpret the fine print to figure out whether it's a bank or not a bank. Are you ready? Let's do it.

Since I research online banks and neobanks all the time, let's make this an interactive activity where you, Sarah and Sean, will go to a financial institution's website and interpret the fine print to figure out whether it's a bank or not a bank. Are you ready? Let's do it.

Okay, I do love a field trip, Spencer, especially one as nerdy as exploring the fine print of a neobank.

Okay, I do love a field trip, Spencer, especially one as nerdy as exploring the fine print of a neobank.

Okay, I do love a field trip, Spencer, especially one as nerdy as exploring the fine print of a neobank.

Cracking my knuckles, getting ready here. Let's take the listener's bank as an example, UFB Direct. On the website's homepage, are there any signs to indicate this is a bank?

Cracking my knuckles, getting ready here. Let's take the listener's bank as an example, UFB Direct. On the website's homepage, are there any signs to indicate this is a bank?

Cracking my knuckles, getting ready here. Let's take the listener's bank as an example, UFB Direct. On the website's homepage, are there any signs to indicate this is a bank?

Okay.

Okay.

Okay.

I'm also seeing that it says deposits FDIC insured in the middle of the page. And there's a big banner on the page touting their FDIC coverage with a picture of a dollar sign on a shield. So they really want you to know that they are protecting your money. They got the symbolism there.

I'm also seeing that it says deposits FDIC insured in the middle of the page. And there's a big banner on the page touting their FDIC coverage with a picture of a dollar sign on a shield. So they really want you to know that they are protecting your money. They got the symbolism there.

I'm also seeing that it says deposits FDIC insured in the middle of the page. And there's a big banner on the page touting their FDIC coverage with a picture of a dollar sign on a shield. So they really want you to know that they are protecting your money. They got the symbolism there.

Yeah. So the middle of the page is a little unique for this institution. But yes, the bottom of this website, Sarah, that is where you usually go as your typical starting location for where the fine print will almost certainly list a bank name and FDIC information. It is confusing because UFB Direct is not the name of the bank that's the member FDIC. So do you think it's a bank?

Yeah. So the middle of the page is a little unique for this institution. But yes, the bottom of this website, Sarah, that is where you usually go as your typical starting location for where the fine print will almost certainly list a bank name and FDIC information. It is confusing because UFB Direct is not the name of the bank that's the member FDIC. So do you think it's a bank?