Over the years there have been a number of prepaid/debit card services come and go, the result normally being that cardholders lose their balance in the event of the business failure.
Are the balances on Payoneer accounts insured?
Regards
James
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Are Payoneer balances insured?
September 27th, 2008, by: hostcareYou need to login before leaving a comment If you do not have an account, you can register one here.
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Hello James,
Payoneer is listed as a member of the FDIC so deposits should be insured. I have reached out to Payoneer for further information and I will post that information here when I have it.
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Thanks Joel,
As far as I could see the FDIC website does not show Payoneer as a member so I suspect balances might not covered.
It looks like their partner bank is an FDIC member but that may not be sufficient, will be interested to see what security Payoneer have in place to protect the cardholders.
Thanks again.
J
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I have received a response from Payoneer regarding your question. If the company were to fail, all funds on your card will remain on your card. Any funds that have not yet been placed on the card would remain at Payoneer’s bank and would be available for Payoneer customers to withdraw from the bank.