In a controlled wind-down, we clearly wouldn’t leave our customers in the dark and would help wind down our own company. This would include time for you to move your cash to new banks.
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Both our own and our money transmission partner’s ledger hold a record of your balances. Furthermore, as part of your account setup with our underlying banking partners, you are assigned a sponsoring bank. This means that even in a “doomsday” scenario in which all Mayfair staff disappears overnight, our banking partner and money transmitter would have a record of your balances and transactions, and would contact you to help you move your cash to new banks.
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In the case of a bankruptcy, this would be similar to the above. A trustee, appointed by the bankruptcy court, would access our ledger since it would still be part of the estate. Furthermore, the trustee could easily check the information with Mayfair’s money transmission provider.
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Since the underlying assets are regulated bank accounts at FDIC-insured banking entities, the information is clearly structured and individual claims are easily identifiable. This helps to complete an orderly and swift resolution.