LendingClub ended the purchase of new Notes on December 27, 2020, and retired the Notes platform on December 31, 2020. This doesn't affect the existing Notes you own, but we no longer issue new Notes or allow the exchange of Notes in secondary markets.
When LendingClub acquired Radius Bank's bank charter, we reviewed our products and determined that offering Notes under a banking framework wasn't economically practical for the company. That’s why we made the difficult decision to retire the Notes platform.
What can I still do with my Notes?
Though we stopped issuing Notes, you'll continue to receive principal and interest payments on the Notes in your account. Depending on your account type, you have a couple of options for the cash balance on your account.
LendingClub Bank has developed the high-yield Founder Savings account available exclusively to our Notes investors as a sincere thank-you for your dedication to the community. The account includes an auto-save feature, which lets you automatically transfer your available Notes cash account balance to your Founder Savings account every week. If you don’t choose to open a Founder Savings account, your Notes account cash position will continue to build until you transfer those funds to another financial institution.*
* If your Notes investments are part of an individual retirement account (IRA), transferring those funds to a Founder Savings account or another financial institution may be considered a taxable event. If you set up a Founder Savings account as an IRA investor, you can only transfer funds from an external account. Please consult with your tax or financial advisor for more guidance.