From what i understand, raisin is a middleman and a “servicing type agent” for various banks and credit unions looking to increase their deposit base by offering higher rates. All customer service is via raisin and from the reviews i read, is generally poor. Your money along with others is deposited in a Lewis and Clark Bank custodial account which is then deposited at the bank/or credit union that you had selected. You receive a 1099INT from the Lewis & Clark Bank . I personally don’t have a problem with Raisin’s platform EXCEPT the reviews i read about the lack of customer service. I opened a account to see how it will work for me but have not had a need to contact customer service
Perhaps Clark will review Raisin for the community
2 Likes