Your LVL checking account is insured by the Federal Deposit Insurance Agency (FDIC) for up to $250,000. You are automatically enrolled for FDIC deposit insurance when your LVL application is approved. In the unlikely event that LVL’s partner bank fails, the FDIC will either (1) automatically open another bank account in your name at another depository institution or (2) issue you a check for the insured balance.
The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.