FAQs

What is Unit’s financial position?

Unit is in a very strong financial position and is unaffected by recent events. We’re well-capitalized with over $100 million in cash, spread across multiple FDIC-insured bank accounts and money market funds. Given the recent developments, Unit will be monitoring this situation and further diversifying its funds if needed.

Who are Unit’s bank partners?

Unit works with four different partner banks as part of our multi-bank approach to enable companies to go to market quickly, launch new products, and scale: Piermont Bank, Thread Bank, Blue Ridge Bank, Choice Financial Group, and Pacific West Bank; Members FDIC. We are working on multiple additional bank launches in the coming quarters.

What is the state of Unit’s bank partners?

Unit’s bank partners have not been impacted by the recent events at SVB. Unit’s bank partners are rooted in local community banking and have a large mix of deposits that sit outside of the fintech ecosystem. 

All our partner banks are well-capitalized with capital levels above regulatory requirements, and have well-diversified deposits across different industries, strong balance sheets, and access to additional liquidity if needed. 

Financial strength and leadership experience have always been areas of focus as we evaluate new bank partners. We encourage you to reach out to your bank directly with any questions. You can find contact information for each bank below:

• Piermont Bank - Rodrigo Suarez - RSuarez@piermontbank.com
• Thread Bank - John Bearden - john.bearden@thread.bank
• Blue Ridge Bank - Brett Taxin - brett.taxin@mybrb.bank
• Choice Financial Group - Brooklyn Barrett - b.barrett@bankwithchoice.com
• Pacific West Bank - Jason Wessling - JWessling@bankpacificwest.com

What percentage of end-customers at Unit bank partners are FDIC insured?

The vast majority (99%) of end-customers hold deposit accounts with our partner banks that are fully FDIC insured. 

Unit is currently working closely with our bank partners and a sweep network to increase FDIC insurance coverage for end-customer accounts (available in April). 

Is there a way to increase FDIC insurance coverage for my end-customers?

We have been working closely with our bank partners and a deposit sweep network to enable a simple way to protect funds in both your corporate accounts (including operational accounts) and your end-customer deposit accounts with a sweep network at your partner bank.

Depending on the bank partner, the timing and coverage may vary. Generally:

• Corporate accounts may be eligible for up to $100-$150 million in FDIC insurance with a sweep network at your partner bank.
• Customer accounts may be eligible for up to $2 million+ in FDIC insurance with a sweep network at your partner bank 

Please check with your success manager for specifics for how it will work for your bank partner. 

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