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While America becomes a nation of privatizing profits and socializing losses, Prosper account balances are FDIC insured.

The recent financial markets meltdowns are causing a global panic. If you are a Prosper lender, you can rest assured that your Prosper cash balances are FDIC insured.

Prosper itself is not a bank and does not take deposits but the funds that lenders keep with Prosper are held at Wells Fargo Bank which is FDIC insured.

2 comments:

At February 22, 2009 at 10:57 PM John said...

Is there any other specific advantage other than security, in depositing at Wells Fargo Bank?

 
At August 12, 2009 at 12:25 PM Anonymous said...

Might have something to do with Paul Hazen, former Chairman and Chief Executive Officer of Wells Fargohaving having joined the Prospers Board of Directors.

... or not.

 

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