Bank Relationship Disclosure
Last Updated: May 21, 2026
Financial Technology Platform
SkyFi is a financial technology company. SkyFi provides the technology platform, user interface, and operational tools that enable you to access and manage banking services.
SkyFi does not hold customer deposits or provide banking services directly. All deposit accounts and regulated banking services are provided by Grasshopper Bank, N.A., Member FDIC.
Grasshopper Bank, N.A.
All banking services, including deposit accounts, ACH processing, wire transfers, and other financial services, are provided by Grasshopper Bank, N.A., Member FDIC.
Grasshopper Bank, N.A. is a nationally chartered bank regulated by the Office of the Comptroller of the Currency (OCC) and a member of the Federal Deposit Insurance Corporation (FDIC).
FDIC Insurance Coverage
Your deposits at Grasshopper Bank, N.A. are insured by the FDIC up to the maximum amount permitted by law, which is currently $250,000 per depositor, for each account ownership category.
What FDIC Covers
- Protection against the failure of an FDIC-insured bank
- Coverage up to $250,000 per depositor, for each account ownership category
- Automatic coverage — no application required
- Coverage backed by the full faith and credit of the United States government
What FDIC Does Not Cover
- Investment losses from stocks, bonds, mutual funds, or other securities
- Theft or fraud by third parties
- Losses due to unauthorized transactions (separate protections may apply)
- Amounts exceeding $250,000 per depositor, for each account ownership category
Account Ownership Categories
FDIC insurance limits apply per depositor, for each account ownership category. Common ownership categories include:
- Single accounts
- Joint accounts
- Certain retirement accounts
- Revocable trust accounts
- Irrevocable trust accounts
- Corporation, partnership, and unincorporated association accounts
Customer Responsibilities
In the Event of Bank Failure
In the event of a bank failure, you agree to cooperate fully with SkyFi, Grasshopper Bank, and the FDIC in determining the insured status of funds in your account.
Information Provision
You agree to provide the FDIC with any requested information promptly. This may include account documentation, ownership information, and other details necessary to determine insurance coverage.
Account Records
You are responsible for maintaining accurate records of your accounts and understanding how FDIC insurance limits apply to your specific situation. For questions about FDIC coverage, contact the FDIC directly or consult with a financial advisor.
Service Relationship
When you use SkyFi, you are entering into relationships with both SkyFi (for software and platform access) and Grasshopper Bank, N.A. (for deposit accounts and regulated banking services).
How It Works Together
- SkyFi provides the software platform, user interface, and technology infrastructure
- Grasshopper Bank, N.A. holds your deposits and provides all banking services
- Both entities work together to deliver a comprehensive business banking solution
- Banking regulations and FDIC insurance apply through Grasshopper Bank, N.A.
Additional Resources
For more information about FDIC insurance coverage, visit the FDIC website at www.fdic.gov or call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342).
Grasshopper Bank, N.A. is regulated by the Office of the Comptroller of the Currency (OCC), which is the primary federal supervisor for nationally chartered banks. Customers who have unresolved complaints about banking services may contact the OCC at www.helpwithmybank.gov or call 1-800-613-6743.
For questions about your SkyFi account or banking services, contact our support team Monday through Friday, 9am–5pm EST.