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.
Labels: Prosper News
- 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.