Mercury new banking partner switch

[Alexmorgan]

Seems mercury is switching away from Evolve bank and Trust and Choice bank to Column N.A bank

This switching lead to changing your account and Routing number

The case here that there will be new policies for and new KYC with the new banking

I guess mercury did this because of the disturbance that Choice and Evolve banks are making

The case here is that there is a transition period with deadlines for this which making me nervous and a disturbance in financials of our companies

Is there anything i need to be worried about here?

 

[ilke]

As far as I know, the transition is not from Choice Financial, only from Evolve.

Evolve had a large scandal with the Synapse Brokerage bankruptcy, and from what I have seen, it is experiencing correspondent issues as a result – and also losing trust among its existing FinTech client base.

With the clearing issues, it would cause problems on international wires to continue with Evolve. My expectation is that they will phase it out as a banking partner fully.

My opinion is that you don't need to worry, just accept the migration to the new bank.

 

[Alexmorgan]

As far as I know, the transition is not from Choice Financial, only from Evolve.

Evolve had a large scandal with the Synapse Brokerage bankruptcy, and from what I have seen, it is experiencing correspondent issues as a result – and also losing trust among its existing FinTech client base.

With the clearing issues, it would cause problems on international wires to continue with Evolve. My expectation is that they will phase it out as a banking partner fully.

My opinion is that you don't need to worry, just accept the migration to the new bank.

Mine is with Choice if what you saying then i should be fine

But they sent me Email to update my information so i guess its about people who are not US citizens and living over seas owned companies

 

[JohnnyDoe]

No worries. If your account is to be moved to the new bank, you will just be asked to confirm KYC, in a very simple and quick (1 min) online process.

 

[Alexmorgan]

No worries. If your account is to be moved to the new bank, you will just be asked to confirm KYC, in a very simple and quick (1 min) online process.

Are they are quitting Choice bank?

 

[JohnnyDoe]

Are they are quitting Choice bank?

No, only Evolve