Switching Mercury partner banks

Our partner bank model

Mercury works with several FDIC-insured banks to provide essential banking services, such as depository accounts, debit cards, expanded FDIC insurance through our partner banks’ sweep networks, and the ability to send and receive money. As Mercury expands its network of bank partners, customers may have the option to switch partner banks. 

This article will walk you through what it means to switch accounts to another partner bank, introduce Mercury’s account transfer tool, and explain what happens during the process.

How does switching Mercury partner banks work?

Switching Mercury partner banks means opening new account(s) at a different FDIC-insured partner bank and using our account transfer tool to transfer your balances and activity to those new accounts. Aside from getting new account numbers and being issued new debit cards, switching does not change how you use and experience Mercury. Your logins, settings, recurring payments, and, if applicable, IO credit cards & Mercury Treasury account will remain unchanged.

What are the steps involved in switching Mercury partner banks?

1. Accept terms and review your company information: Making the switch involves first reviewing and accepting the terms & conditions for the Mercury partner bank you’re switching to. You’ll also need to review and update your company information.
2. Our team verifies your information: Our team will verify the company information you provide. This may take up to a few weeks. We recommend keeping an eye on your inbox for more communication from us, as we may ask for additional information about your company before we can verify.
3. We open your first new account and invite you to start transitioning your old accounts:
   • After your company information has been verified, your first Mercury account at the new partner bank will be opened automatically. From there, we strongly recommend using our account transfer tool. When you use this tool, all of the following will be done automatically:
     • We’ll create copies of your existing accounts at the new partner bank
     • We’ll help transfer your balances, recurring payments, and other activity to the new accounts
     • We’ll issue new debit cards for you and your team
     • We’ll provide a personalized list of recommendations for transferring any remaining activity, including a list of counterparties we recommend providing with your new account information based on your transaction history
   • Your Mercury accounts and debit cards at your old partner bank will remain open and active during this dedicated “transition phase,” which generally lasts between 60–90 days. This is designed to give you ample time to fully transition to your new accounts and update payment information with vendors while keeping your day-to-day operations running smoothly.
   • Note: During this transition phase, you cannot deposit checks into or send check payments out of your old accounts to prevent check holds or recalls. Please deposit checks and make check payments using your new accounts.
4. Old accounts are disabled: Once the transition phase is over, your old accounts will be disabled, and any corresponding debit cards will be canceled
   • If any balances remain in your old accounts, we will transfer them to your new accounts
   • At this point, you won’t be able to send or receive money from the old accounts, and automatic routing of inbound funds to new accounts will stop
   • Payments sent to the old accounts after this date will be returned to sender with the exception of ACH retuns and wire returns, which will continue to process until the accounts are closed
5. Old accounts are closed: A few weeks later, on your account closure date, your old accounts will be permanently closed. In the event that any balances remain in these accounts, we will transfer them to your new accounts. You will no longer be able to use your old accounts, but you’ll still have access to your transaction history and statements on the Documents & Data page.

We will send you emails and notifications within Mercury with all key dates & deadlines for your transition. Please complete the required actions by the specified deadlines in order to avoid disruptions to your financial operations within Mercury.

FAQs

When will my debit cards be canceled and replaced?

When you use our account transfer tool, we’ll automatically create new debit cards for you, but some team members may be required to complete their profile and/or provide their mailing address before receiving them. They will receive email notifications and tasks in Mercury if this is necessary. Your debit cards associated with your old Mercury partner bank will be disabled at the end of your transition period, on the same date your old accounts are disabled.

Will my IO credit cards be replaced? 

Your IO credit cards will continue to work and won’t be replaced. Once you use our account transfer tool, all IO payments will be made from your new primary account at our new partner bank, instead of the account at the previous partner bank.

What happens if an incoming payment is sent to my old account? 

If you use our account transfer tool, incoming payments will be automatically routed to your new accounts during the transition period, up until your old accounts are disabled. Based on your transaction history, we’ll provide a personalized list of counterparties you may want to notify about your updated account details. 

Note: If you send invoices through Mercury, we’ll automatically update the payment instructions on your invoices with your new account information once your old accounts are disabled.

Do I need to update my outgoing payments? 

As long as you use our account transfer tool, scheduled outgoing payments will also be updated to send from your new accounts, except for ACH debits (also known as ACH pulls), which you will need to update with the companies that pull funds from your accounts. We’ll share a personalized task to help you with that.

Do I need to update the payment method for my Mercury Plus or Pro subscription? 

If you are a Mercury Plus or Pro subscriber, future subscription payments will be debited from your new accounts. Your payment date will not change.

What will happen to my Mercury Treasury Account?

There will be no changes to Treasury accounts. Any automatic transfers rules between Treasury and operating accounts will automatically be moved to your new accounts when you use our account transfer tool. 

What is the account called "Welcome to [Mercury Partner Bank]"? 

This is your first account that is automatically opened as soon as you are approved at the new partner bank. Even though you can use this account immediately, you should use our account transfer tool for the smoothest transition to your new partner bank. This tool copies all your existing accounts and settings at the new partner bank. It also enables auto-forwarding of any new funds sent to your old accounts.  

Your welcome account will remain open even after you use our account transfer tool and finish transitioning to the new partner bank. If you’d like to close it after using our account transfer tool, you can find instructions here.

How will my team be notified of these changes?

• When you use our account transfer tool, we will notify all users whose physical or virtual debit cards were reissued through email and in-app notifications. Some team members may be required to complete their profiles before receiving their new virtual and physical cards. They will be notified via email and will receive a task in Mercury.
• Your Accounts and Account Details pages will show key information about the upcoming changes to your accounts. A badge with a countdown will appear on your old accounts, indicating when they are scheduled to be disabled.

My Mercury account is locked, what do I do? 

To unlock your account, simply log in to Mercury from a web browser and follow the steps on your screen. You may be asked to review the terms and conditions of your new bank accounts or update your company information.

If your account is locked, we recommend unlocking it at your earliest convenience. If your account is not unlocked in a timely manner, we may have to close your account. 

Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are provided through our bank partners Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.