While PerkStreet offers and services a range of banking products, we are not a chartered bank. Instead, we partner with FDIC-insured banks to hold the deposits in PerkStreet checking and savings accounts. This allows us to focus on developing great products and providing awesome customer service while your money is insured up to the full legal limit of $250,000.
Currently, we work with two issuing banks, The Bancorp Bank and Provident Bank.
The Bancorp Bank is headquartered in Wilmington, DE and is a publicly traded company (NASDAQ: TBBK) with over $3 billion in assets. The Bancorp Bank is a member of the Federal Deposit Insurance Corporation (FDIC).
Provident Bank is headquartered in Montebello, NY and is a publicly traded company (NYSE: PBNY) with over $3 billion in assets. Provident Bank is also a member of the Federal Deposit Insurance Corporation (FDIC).
The best way to know which bank holds your deposits is to check the bottom of your monthly account statement. In general, if you applied for a PerkStreet deposit account on or after 3/6/2013, your deposits are held at Provident Bank. If you applied before this date, your deposits are held at The Bancorp Bank. Feel free to give us a call if you have questions.