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Main » information about fdic pass-through insurance

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FDIC Pass-Through Insurance

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You do not need to keep funds with Payment Logic, Inc. in order to use our PayBax service. If you do hold a balance, Payment Logic, Inc., as your agent, will place your funds in a pooled account at an unaffiliated FDIC-insured bank or savings institution, which is eligible for pass-through FDIC insurance coverage.

In the unlikely event that an FDIC-insured bank in which we place your money fails, your balance placed at the bank would be subject to FDIC pass-through deposit insurance coverage, along with any other deposits you hold at that bank, up to a total of $100,000.00 USD. Pass-through deposit coverage is contingent upon Payment Logic, Inc. maintaining accurate records and on determinations of the FDIC as receiver at the time of a future receivership of any bank at which we place your funds.

FDIC pass-through deposit insurance protects you only against the failure of the bank at which Payment Logic, Inc. places your funds, and does NOT protect you against Payment Logic, Inc.'s insolvency. Through the terms of our User Agreement, we believe that your funds will also be protected from any claims of Payment Logic, Inc.'s creditors and will be returned to you even in the unlikely event of a Payment Logic, Inc. insolvency.


PayBax.com has been rigorously tested to ensure data security. This site meets PCI standards and is scanned daily to maintain the protection of our members' personal & financial data. Payment Logic, Inc. is a registered I.R.S. Money Services Business and reports suspicious activity, as identified by our patent-pending ScreeningLogicTM technology, on a case-by-case basis.
Information about FDIC pass-through insurance PayBax is a trademark of Payment Logic, Inc. Content © 2003-2009 Payment Logic, Inc. All rights reserved.