Mayfair itself, our money transmission partner, and our banking partner are all aware of individual customer accounts and associated balances. This would allow us to claim the amounts at banks in the sweep network on behalf of our customers.
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The most likely scenario is not that Mayfair and its partners would need to claim amounts at banks, but that the sweep partner would file for protection under Chapter 11 of the United States Bankruptcy Code, which allows for reorganization while operations continue, meaning our customers can continue to access funds.
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Furthermore, as part of entering the sweep network, you as a customer will have received a list of the banks in the network.
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The sweep partner does not own deposits in the sweep program for any purpose, including a bankruptcy scenario, which means customers are not required to make claims on the bankruptcy estate of the sweep partner.