Our partner bank model
Mercury works with several FDIC-insured banks to provide essential banking services such as depository accounts, FDIC insurance through sweep networks, and the ability to send and receive money. Many Mercury customers have active checking and savings accounts with more than one of our partner banks. There are instances where customers may want or need to consolidate their accounts into one partner bank.
This article will walk you through the process of consolidating your accounts, including balances and financial activity, into one partner bank.
What does it mean to consolidate your accounts?
Consolidating your accounts means that your deposited funds held at one of Mercury’s FDIC-insured bank partners will be moved from one bank partner to another, so that all of your accounts are with the same partner bank. You will still have access to the same Mercury experience and features.
How can I tell which partner bank each of my accounts are held with?
Log into your Mercury dashboard and open the Accounts page to view all of your accounts. Click into an account to view its details. On the right hand side of the screen, you will see the name of the Mercury partner bank associated with that account.
To consolidate your accounts, please follow the steps below.
1: Transfer funds into your accounts with the desired partner bank.
- You can get started by clicking the Send Money button in the top right hand corner of your dashboard and clicking Transfer.
- Transfers between Mercury’s banking partners typically take 1-2 business days.
2: Review any ACH debits you currently have set up in your old accounts.
- Create a list of companies that initiate ACH debits from your old accounts, and provide them with your preferred account information so that payroll, benefits, taxes and similar expenses continue getting paid.
- You can use filters on your Transaction page to review recent ACH debits.
- For more information on looking up your account numbers and updating ACH debits, see here.
3: Review scheduled payments.
- Recreate any scheduled payments tied to your old accounts. You can do this by navigating to your Scheduled tab of your Payments page. Click into each scheduled payment, note the details, and recreate the payment from your preferred account. When you are done, delete the scheduled payments in your old account.
- More information on managing scheduled payments can be found here.
4. Replace any physical and virtual debit cards.
- Any debit cards tied to your old accounts will be canceled once they are closed. You can create replacement debit cards tied to your preferred accounts from your Cards page. More information on issuing new debit cards can be found here.
- Please note that if you have any scheduled or recurring payments tied to your old debit cards, you will need to update them with your new card details.
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Any IO credit cards will continue to work as normal. However, if IO payments were formerly made from one of your old account(s), you will need to update your credit autopay account to one of the account(s) into which you are consolidating your funds. You can do this by clicking Edit Autopay from your Credit Card page. More details on editing your autopay settings can be found here.
5: Review your auto-transfer rules.
- Edit any rules that are tied to the old accounts to your preferred accounts. The partner bank is conveniently labeled for you to easily edit these.
- Head to your Auto Transfers page, click the vertical ellipses (…) and then click Edit Rule to change the accounts.
- More information on creating and managing auto transfers rules can be found here.
6: Review your payment requests.
- Head to your Payment Requests page. Click into any outstanding request (these will be marked as Active or Overdue) and edit the “Destination account” to any of your preferred accounts.
7: Close your old accounts.
- Once you’ve completed these steps and your old accounts have a balance of $0, you can close them out by following the steps here.
- You can also do this if there are duplicate or unnecessary accounts open on your preferred Mercury partner bank.
- Once the old accounts have been closed, you’ll still be able to access statements and transaction history. However, new incoming and outgoing payments will fail, so please ensure you’ve followed the steps outlined above.
Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.