When you process payments through Plane, they are flow through a number of financial institutions to reach your team members and vendors.
Our primary banking partner in the U.S. is Veridian Credit Union. Almost all ACH payments made to Plane will initially flow through Veridian. Funds are held at Veridian in a sub-account held in your name and for the benefit of Plane’s customers. They’re completely separate from Plane corporate funds and protected by NCUA insurance.
To move money around the world, we use a number of different banks and payment processors, including:
CurrencyCloud, which uses Community Federal Savings Bank in the U.S. and Barclays in the UK.
dLocal, which uses Citi Bank in the U.S. and a number of local banks in different countries around the world.
Blue Ridge Bank for ACH payments to W-2 employees.
Whenever you have funds deposited into your Plane balance, they’re held at either Barclays (UK) or Veridian Credit Union and protected by their respective insurance schemes (FSCS for Barclays and NCUA for Veridian).
Funds moving between these two accounts may temporarily be held at Community Federal Savings Bank, which is insured by FDIC.