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https://mercury.com https://mercury.com

by CalChris 4y ago

bushbaba 4y ago
Why shouldn’t I use this for personal banking. Sounds great
- shapefrog 4y ago
  > Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
- SebRollen 4y ago
  Betterment's Cash Reserve[1] might be of interest to you. It's a similar concept, where they spread your deposits among multiple program banks to give you a higher level of FDIC insurance. [1]: https://www.betterment.com/cash-reserve https://www.betterment.com/cash-reserve
udevrandom 4y ago
I was* a Mercury customer for >1 year, and their product really is excellent. It behaves reliably, has good features. After SVB they enhanced their existing deposit insurance to spread your money across more bank accounts, giving you effectively $5MM of insured deposit coverage. Setup was a snap with them too. Generally, if Stripe etc claimed the money was on the way, Mercury's app already saw the funds and made them available by the time I received the Stripe email. Underneath the hood its Evolve Bank and Trust (or at least my bank account was).. Mercury is merely the smart software layer on top of the actual bank account they open on your behalf behind the scenes. * The only slight negative is that they did terminate my account last week - they immediately suspended all in/out transactions with no warning, and said they'd either wire or cut me a check to get my balance out in a few weeks. I think it's because I asked their support a question about bringing one of our other much larger businesses across and so asked some ACH related questions which probably spooked them due to lack of understanding. I'd use them again quite happily in other businesses though.. just be mindful if they do shut you down you might find yourself unbanked for a period of time... and the wire to get your funds out if they suspend you requires manual approval by someone in Mercury Compliance. The account in question is a SaaS for Franchisor Operations and Franchise Compliance, so we're usually considered quite low risk.. I regret losing my Mercury account, as the alternative (RelayFi) is 'good' but not as good unfortunately.
- exhibitapp 4y ago
  I wouldn't call this a slight negative
  - blitzar 4y ago
    Sounds like at least a medium sized negative to me.
- jlangenauer 4y ago
  What the hell? This isn't a slight negative, it's a compelling reason to avoid them completely. A low-risk SaaS business has their account terminated for no reason at all? Good lord, that's not what you want in a bank.
- kortilla 4y ago
  This is one of the worst reviews I’ve read for mercury, despite your positive points. A bank that shuts you down for asking questions is not reliable to do large business with.

https://mercury.com https://mercury.com

bushbaba 4y ago

Why shouldn’t I use this for personal banking. Sounds great

shapefrog 4y ago
> Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
SebRollen 4y ago
Betterment's Cash Reserve[1] might be of interest to you. It's a similar concept, where they spread your deposits among multiple program banks to give you a higher level of FDIC insurance. [1]: https://www.betterment.com/cash-reserve https://www.betterment.com/cash-reserve

udevrandom 4y ago

I was* a Mercury customer for >1 year, and their product really is excellent. It behaves reliably, has good features. After SVB they enhanced their existing deposit insurance to spread your money across more bank accounts, giving you effectively $5MM of insured deposit coverage. Setup was a snap with them too. Generally, if Stripe etc claimed the money was on the way, Mercury's app already saw the funds and made them available by the time I received the Stripe email. Underneath the hood its Evolve Bank and Trust (or at least my bank account was).. Mercury is merely the smart software layer on top of the actual bank account they open on your behalf behind the scenes. * The only slight negative is that they did terminate my account last week - they immediately suspended all in/out transactions with no warning, and said they'd either wire or cut me a check to get my balance out in a few weeks. I think it's because I asked their support a question about bringing one of our other much larger businesses across and so asked some ACH related questions which probably spooked them due to lack of understanding. I'd use them again quite happily in other businesses though.. just be mindful if they do shut you down you might find yourself unbanked for a period of time... and the wire to get your funds out if they suspend you requires manual approval by someone in Mercury Compliance. The account in question is a SaaS for Franchisor Operations and Franchise Compliance, so we're usually considered quite low risk.. I regret losing my Mercury account, as the alternative (RelayFi) is 'good' but not as good unfortunately.

exhibitapp 4y ago
I wouldn't call this a slight negative
- blitzar 4y ago
  Sounds like at least a medium sized negative to me.
jlangenauer 4y ago
What the hell? This isn't a slight negative, it's a compelling reason to avoid them completely. A low-risk SaaS business has their account terminated for no reason at all? Good lord, that's not what you want in a bank.
kortilla 4y ago
This is one of the worst reviews I’ve read for mercury, despite your positive points. A bank that shuts you down for asking questions is not reliable to do large business with.