Thread Bank is Relay's partner bank, an FDIC-insured community bank that holds your deposits and provides the banking services behind every Relay Account.
Who is Thread Bank?
Thread Bank is an FDIC-insured community bank headquartered in Rogersville, Tennessee, and Relay's partner bank for all banking services. Relay is a financial technology company, and Thread Bank holds the banking charter that makes every Relay Account possible.
How does Relay work with Thread Bank?
Thread Bank provides the underlying banking infrastructure, and Relay provides the software layer on top. The split runs cleanly along product lines:
Thread Bank holds your deposits, issues your Relay Visa® Debit Card and Relay Visa® Credit Card, and clears your ACH transfers, wires, and check deposits.
Relay handles the app, the multi-account structure, integrations, team permissions, and your day-to-day experience.
You interact with Relay. Your money sits with Thread Bank.
Are Relay Accounts FDIC-insured through Thread Bank?
FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC. Because Thread Bank participates in a deposit sweep program, funds deposited via Thread Bank can qualify for FDIC insurance coverage of up to $3,000,000 across program banks. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
How does Thread Bank's sweep program work?
Thread Bank places a portion of your deposits at other FDIC-insured program banks so that your combined FDIC insurance coverage can reach up to $3,000,000. Each program bank provides FDIC insurance up to $250,000, inclusive of any other deposits you already hold at that bank in the same ownership capacity.
You can view:
The sweep program terms and conditions at thread.bank/sweep-disclosure
The list of program banks at thread.bank/program-banks
What does Thread Bank do for my Relay Account?
Thread Bank issues your Relay Visa® Debit Card and Relay Visa® Credit Card, holds your deposits, sends and receives ACH transfers and wires, and processes your check deposits. Every transaction that moves money into or out of your Relay Account settles through Thread Bank.
Where can I contact Thread Bank?
Thread Bank's public site is thread.bank. For questions about your Relay Account (transfers, cards, team permissions, statements), contact Relay's Customer Experience team, since your day-to-day account is managed inside Relay. For questions specifically about the deposit sweep program, you can reach Thread Bank at customerservice@thread.bank.
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