banks and credit unions' they mention?ĭo you even know which bank it is? Do you have an individually identifiable account in your own name at the bank where your FDIC-insured deposit is held? Do you know the account and routing numbers? If SaveBetter or Raisin or Deposit Solutions encounters some kind of issue, such as glitches in its website, can you bypass them to get your money out of the bank-or are you reliant on the quality of SaveBetter and its website, IT, and customer service?Ī lot of FUD but the bottom line is the money is held at Lewis and Clark BankĢ.5% now. Where is your money being held, exactly-Sallie Mae Bank, Central Bank of Kansas City, or Lewis and Clark Bank? At none of them, but rather at one of the 'numerous U.S. What is Lewis and Clark bank ('Custodian services are provided by Lewis and Clark Bank?') What is Central Bank of Kansas City ('the Service Bank?').
What is the role each of these performs, and how are they interconnected? I don't say this is the complete list, I might have missed some. Here are some of the entities mentioned that are involved somehow. In theory, you to ought do some due diligence and figure out exactly who is taking care of your money.
This is a third party business that is linked to banks, but isn't a bank.
