The account is yours
When you set up Lorica, a clearing account is opened in your name — an individually-titled, FDIC-insured account at Legend Bank, set up for you through Infinant. It's your account. Lorica automates money moving through it; Lorica never holds your money.
How money flows
The path is always the same:
Your bank → your clearing account → your creditors.
Lorica pulls your contribution from your linked bank into your clearing account, then sends payments out to your creditors from there. Your money is only ever in accounts that belong to you or your creditors.
Where your money sits while it waits
Between the pull and your creditor due dates, your contribution sits in your clearing account. It stays there, in your name, until it goes out to a creditor.
Lorica can schedule payments from that account and nothing else. It can't spend the money, move it somewhere else, or lend it out. No one else's money is pooled in there with yours.
Your money is FDIC-insured
Because the clearing account is a real deposit account at Legend Bank, the funds in it are FDIC-insured up to the legal limit — the same protection as any bank account.
Why a separate account?
Keeping your payoff money in its own account makes the automation clean and predictable. Your contribution goes in, your creditor payments go out, and you can see exactly what moved and when.