MoneyLion uses WebBank and Customers Bank to hold customer deposits

MoneyLion is a fintech platform, not a bank itself. When you open a MoneyLion account, your money sits at one of two institutions: WebBank (a Utah-based bank) or Customers Bank (a Pennsylvania-based bank). Which one holds your account depends on when you opened it and which product you're using. Both are real banks with FDIC insurance, which means your deposits are protected up to $250,000 per account holder per institution.

This matters because it determines where your money physically lives, how long transfers take, and what happens if something goes wrong. MoneyLion itself is the interface you see—the app, the customer service, the features—but the actual banking happens at one of these two institutions behind the scenes.

Key Takeaways

  • MoneyLion deposits are held at either WebBank or Customers Bank, both FDIC-insured institutions, depending on your account type and when you opened it.
  • You can find which bank holds your account by logging into MoneyLion, checking your account settings, or contacting their support team directly.
  • Both WebBank and Customers Bank are real banks regulated by the Office of the Comptroller of the Currency, so your money has the same protections as at any traditional bank.
  • The bank holding your account does not change how you use MoneyLion—transfers, bill pay, and debit cards work the same way regardless of which institution is behind it.

How to find out which bank holds your specific account

Log into the MoneyLion app or website and go to your account settings or profile section. Look for "Bank Information," "Account Details," or "Institution Information"—the exact label varies depending on which version of the app you're using. The bank name should appear there alongside your account and routing numbers.

If you cannot find it in the app, contact MoneyLion support through the in-app chat or by calling their customer service line. They can tell you when ready which bank holds your account. You can also check any statements or account documents you received when you opened the account; the bank name is usually listed there.

Why MoneyLion uses partner banks instead of being a bank itself

Becoming a bank requires federal and state licensing, significant capital reserves, and ongoing regulatory oversight. MoneyLion chose to partner with existing banks instead—a model called a "fintech partnership" or "banking-as-a-service." This lets MoneyLion focus on building the app and features while WebBank or Customers Bank handles the actual deposit-taking and regulatory compliance.

This is common in fintech. Companies like Chime, Varo, and SoFi all use partner banks to hold customer money. The advantage for you is that your deposits are insured by the FDIC just as they would be at a traditional bank, because they are held at a real bank. The disadvantage is that if MoneyLion shuts down or stops operating, your money does not disappear—it stays at the partner bank—but you may need to contact the bank directly to access it.

FDIC insurance and what it covers

Both WebBank and Customers Bank are FDIC-insured institutions. This means deposits up to $250,000 per account holder per bank are protected if the bank fails. If you have $50,000 in a MoneyLion account held at WebBank, that $50,000 is covered. If you also have $100,000 at a different fintech using WebBank, the two accounts are combined for insurance purposes—you would have $150,000 covered and $0 covered on the excess.

The FDIC insurance is automatic; you do not need to do anything to set up it. It covers the balance in your account as of the date the bank fails. It does not cover losses from fraud, theft, or poor investment choices—only the failure of the bank itself.

Transfers and timing when your bank is WebBank or Customers Bank

Transfers in and out of a MoneyLion account work the same way regardless of which partner bank holds it. ACH transfers (the standard way to move money between banks) typically take one to three business days. Wire transfers are faster but may have fees. Transfers between MoneyLion and another account at the same bank (if you also bank directly with WebBank or Customers Bank) may be faster—sometimes same-day or next-day.

The routing number you use to send money to your MoneyLion account depends on which bank holds it. You can find your routing number in the app under account details or by asking MoneyLion support. Using the wrong routing number will send your money to the wrong place, so double-check before initiating a transfer.

What happens if MoneyLion closes or stops operating

If MoneyLion shut down, your money would not disappear. It would remain at WebBank or Customers Bank, whichever holds your account. You would likely receive notice from the bank itself, along with instructions on how to access your account directly. You might need to set up a login with the bank or contact them by phone to regain access, but your deposits would be safe and insured.

This has happened before with other fintech companies. When Varo became a bank itself, customers had to transition their accounts. When some smaller fintechs closed, customers' money stayed at the partner bank and they were notified how to claim it. The FDIC does not take over individual accounts; the bank holding the money does.

Differences between WebBank and Customers Bank for MoneyLion users

From a user perspective, there is no practical difference. Both are FDIC-insured, both are regulated by the Office of the Comptroller of the Currency, and both process transfers at the same speed. MoneyLion's features, fees, and customer service are the same regardless of which bank holds your account.

The difference matters mainly if you are comparing MoneyLion to another fintech that uses a different partner bank. If you already bank with WebBank or Customers Bank directly, having your MoneyLion account at the same institution might make transfers slightly faster, but this is a minor advantage. Most people will not notice a difference in daily use.

Frequently Asked Questions

Is my money safe at WebBank or Customers Bank?

Yes. Both are real banks regulated by the Office of the Comptroller of the Currency and insured by the FDIC. Your deposits are protected up to $250,000 per account holder per bank, the same as at any traditional bank like Chase or Bank of America.

Can I move my money to a different bank if I do not like MoneyLion's partner bank?

Yes. You can transfer your money out of MoneyLion to any other bank at any time using an ACH transfer or wire transfer. There is no lock-in period. The transfer typically takes one to three business days.

Does it matter which bank holds my account if I am comparing MoneyLion to another fintech?

Not significantly. The main difference is if you already have an account at WebBank or Customers Bank directly—transfers between accounts at the same bank may be slightly faster. Otherwise, the partner bank does not affect your experience with MoneyLion's features or fees.

What is my routing number if my account is at WebBank or Customers Bank?

You can find your routing number in the MoneyLion app under account details, or by contacting MoneyLion support. The routing number depends on which bank holds your account and which type of account you have, so do not assume it is the same as another person's.

If MoneyLion goes out of business, do I lose my money?

No. Your money stays at the bank holding your account (WebBank or Customers Bank) and remains FDIC-insured. You would be notified by the bank how to access your account directly. The bank does not disappear just because MoneyLion does.