Raisin is not a bank and your money is always handled by a federally insured financial institution — whether in transit, stored in the Cash Account, or in a Deposit Bank Account. The Custodial Bank keeps records of all funds held in our platform for added security.
In the unlikely event that Raisin goes out of business, our FDIC-insured Custodian Bank would lead a process to determine whether our Partner Deposit Banks and Credit Unions will choose to self-custody your funds and therefore add you as a customer of their institution, or to otherwise return your funds to your external linked bank account. The Custodian Bank has access to complete records of the customer relationship including all information necessary to determine each customer’s deposit position at each Product Bank on the platform, as well as to facilitate return of funds if necessary.