Is Relay affiliated with Silicon Valley Bank?
Relay’s banking services are not affiliated with Silicon Valley Bank (SVB). We also do not process any payments or hold deposits with SVB. Additionally, Relay does not hold any of our own business assets in SVB.
Who is Relay's partner bank?
Relay currently has two partner banks. For customers on Relay 2.0 (which includes all customers registered as of January 1, 2023), our partner bank is Thread Bank, which holds customer deposits and provides FDIC* insurance up to $250,000 for each business on Relay. You can read more about Relay 2.0 here.
For customers on Relay 1.0, our banking partner is Evolve Bank & Trust, which holds customer deposits and provides FDIC insurance up to $250,000 for each business on Relay.
Is Relay a bank?
Relay is a banking technology platform that works with two partner banks—Thread Bank and Evolve Bank & Trust—to offer business checking accounts, FDIC insurance and other financial services to businesses in the U.S. Customer deposits are held at Thread Bank and Evolve Bank & Trust and are covered with FDIC insurance up to $250,000.
Where are customer deposits held?
We currently do not have a sweep program in place with either of our partner banks; however, we are evaluating a sweep program with Thread Brank to increase FDIC insurance coverage beyond the industry standard of $250,000.
Will the news about Silicon Valley Bank being placed under receivership with the FDIC impact banking transactions?
There may be some delays on incoming and outgoing wires over the next week due to a high volume of transactions our banking partners are seeing. Our partners have confirmed to us they are working diligently to minimize delays or disruptions. Additionally, there may be delays for customers moving money out of Silicon Valley Bank due to it being placed under receivership by the FDIC on Friday, March 10, 2023. For more information on how the closure impacts customers and next steps, please visit the FDIC.
How else does Relay protect customers?
Your trust in Relay is critical to us. In addition to the FDIC insurance provided by our partner banks, Relay has a number of processes and practices in place to keep your account safe and protect against fraud. We employ industry-standard encryption to ensure secure and protected transmission of data. Two-factor authentication (2FA) is required for Relay accounts. We consistently monitor our platform, log all points of access, and immediately alert our security team to unusual behavior. Our transaction monitoring systems alert customers to unauthorized spending activity in their accounts. For more information about how Relay works to keep your money and your data safe, see this article.
*Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided by Evolve Bank & Trust and Thread Bank; Members FDIC. Relay customers that signed up for an account before January 1, 2023 and have not yet been invited to upgrade to Relay 2.0 are insured up to $250,000 by the FDIC through Evolve Bank & Trust. Relay customers that have upgraded to Relay 2.0 or signed up for a Relay account on or after January 1, 2023 are insured up to $2,500,000 per business by the FDIC through an insured cash sweep program managed by Thread Bank, Member FDIC.