Is my Eco account covered by the FDIC?

Since Eco is not a bank, your balance is not covered by the FDIC—and that’s the point! When holding money in PayPal or Venmo, most users trade away FDIC coverage for convenience. When you hold money in some money market funds, you trade away FDIC coverage for increased interest return. With Eco, the tradeoff brings you both: better spending rewards and better rewards on your sitting balance, with the convenience of having everything in one place.