Each partner bank on the Raisin platform is associated with a specific custodial bank. For tax reporting purposes, Raisin combines the interest you earn from all partner banks under the same custodial bank into a single Form 1099-INT.
Example:
If you earned:
$15 from XYZ Bank (custodied by Bell Bank)
$20 from ABC Bank (custodied by Bell Bank)
$25 from DEF Bank (custodied by Starion Bank)
You will receive two Form 1099-INTs:
One Form 1099-INT from Bell Bank showing total interest of $35 ($15 + $20)
One Form 1099-INT from Starion Bank showing total interest of $25