Re:Swiss Are on the Hook for $13,500 Each on Credit Suisse B...
by kasey_junk on Thursday March 23, 2023 @10:23AM
(#35275281)
It’s a mix. Payment processors holds user funds in fbo accounts at partner banks.
Fbo accounts are technically the banks, the processor keeps the records of whose funds are whose within the account and the fdic limit applies to the beneficiary (the person the processor is holding the funds for).
Source: I worked for the treasury group at a payment processor.
Fbo accounts are technically the banks, the processor keeps the records of whose funds are whose within the account and the fdic limit applies to the beneficiary (the person the processor is holding the funds for).
Source: I worked for the treasury group at a payment processor.