SIPC stands for Securities Investor Protection Corporation.
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When a member firm fails and owes customers cash and securities, SIPC receives a referral from the U.S. Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). With this referral and if there are grounds for liquidation, SIPC will ask a federal court to appoint a Trustee to liquidate the firm for the protection of its customers.

Your Monorail "Stocks" and "Portfolios" accounts are protected by SIPC insurance up to $500K (including $250K available for claims for cash).

FDIC stands for Federal Deposit Insurance Corporation.
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The FDIC is a United States government corporation providing deposit insurance to depositors in American commercial banks and savings banks. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a penny of insured funds as a result of a failure.

Monorail's Checking and Saving (which includes "Spend", "Tracks", and "Wishlist") accounts are held with Hills Bank and are FDIC insured up to $500K. Please note that the Checking and Saving features are no longer available in the Monorail app (except for existing accounts).