RegulationĮvery Mercury Bank account is FDIC regulated and insured for up to $250,000 with up to 14 sub-accounts included. The savings accounts offer a low interest rate of return, and businesses are better off upgrading to the Tea Room account and using the Mercury Treasury program to invest their additional savings.Īlso, per Federal Reserve regulation established after the 2008 economic crisis, only six transfers can be made out from the savings account, further limiting money movement. Mercury is not the type of bank to leave your savings in if you hope to grow it without investment. They will only be available for accounts with an established funding and transaction history on their account. Unlike its competitors, Mercury Bank doesn’t support cash deposits and has services focused on digital transactions.Īlthough check deposits are supported and an alternative to cash deposits, they must be enabled on a case-by-case basis by Mercury. Mercury doesn’t support sole proprietors or trusts, and their services are limited to companies formed and registered in the U.S. This focus extends to who may open an account with them. Part of Mercury’s business model was born from its focus on a specific customer niche and partnership with Evolve Trust & Bank. Information about their offered services may seem sparse on their website, but they offer an extensive FAQ about their company and available options. Virtual cards are available as an alternative and are created, as necessary, by the account administrator for online services. This no-fee model translates to a physical Mastercard debit card for every user, allowing access to withdraw cash from the Allpoint network of ATMs with no additional transaction fees.
Mercury’s banking model includes that most account transactions are entirely free, so start-ups can focus on building their business.
Mercury bank registration#
All features are available to new account holders upon registration with the option of upgrading to a Tea Room Account, an option for those that wish to take advantage of the Mercury Treasury portfolios. Opening an account requires no minimum monthly balance or initial deposit. Mercury allows different layers of access to all its accounts, including bookkeeper access which provides all the information necessary for accounting and posting transactions without having access to the funds.
Mercury bank for free#
Option to upgrade to the Tea Room Account (requires $250,000 minimum in deposits) for free domestic and international wires.Savings and checking account included together automatically with controls in one place.No minimum deposit to open an account no monthly fees or hidden fees.venture capital firm and partner bank Evolve Bank & Trust, created Mercury Bank as a new kind of digital bank platform, aiming to provide for a particular clientele: the tech company and growing start-up.Īs a mobile banking app affiliate, I earn from qualifying purchases. In April 2019, Immad Akhund, Max Tagher, and Jason Zhang, backed by lead investor Andreessen Horowitz, a U.S. Other companies can apply but may not get as much out of their services. Currently, their services are not available to sole proprietors or trusts, and businesses cannot deposit cash into their accounts.īy offering low-cost, customizable banking services for their customer niche, Mercury fills a gap in the digital banking marketplace.
Mercury bank full#
Mercury Bank provides all the usual digital banking services, including a checking account and savings account automatically to each user, various financial tools, and full developer API access to customize their account. Does your company primarily deal with online transactions as opposed to physical cash? If so, you may want to read through this Mercury Bank review to learn about their no-fee, customizable platform.
Mercury offers digital banking services aimed at start-ups and tech-based businesses.