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Mercury does not charge any account fees or require a minimum deposit to open a business checking and savings account. There are also no fees for check or ACH transfers or for receiving a domestic or USD international wire.
Another advantage to Mercury is that it takes a software-first approach to banking. You get access to Mercury’s API, which enables you to build custom integrations to link your bank accounts to the rest of your business software. Mercury also supports premade integrations for Plaid, Stripe, Gusto, Quickbooks, and eCommerce payment processors like PayPal and Shopify.
Mercury has several high-tech features, including the ability to create virtual debit cards for your employees. These cards can easily be used for online purchases and are simple to activate and deactivate from your account dashboard. You also have tight control over users’ access to your online account, and can use Mercury’s API to write custom rules for how employees can use your virtual debit cards.
Mercury also offers a feature known as Mercury Treasury³, which enables eligible customers to invest funds in short-term bonds and government securities. You can also set up custom rules to control how money flows between your Treasury portfolio, savings account, and checking account.
Mercury does not offer any traditional banking services. The company does not have physical locations but does offer fee-free access to Allpoint ATMs.
Mercury doesn’t charge any monthly fees or transaction fees and doesn’t require a minimum deposit to open an account. There is a flat 1% currency exchange fee.
New member can reach out through email only. The company typically responds to messages within several hours during weekdays and within 24 hours on weekends. Members can chat with the Mercury team Monday-Friday, 6am to 5pm PT.
Email: help@mercury.com
Mercury has a mobile app for iOS devices and Android devices. The app enables you to monitor your account balances, track and search your transactions, and create and manage virtual debit cards on the go. You can also deposit paper checks using the mobile app and transfer money between your checking and savings accounts.
Mercury uses encryption on all web pages and stores your account password using the ultra-safe bcrypt algorithm. The company never stores your debit card number in your account dashboard and uses additional encryption for sensitive information like social security numbers. Mercury also requires that you use an authentication app for two-factor authentication instead of SMS, which could be compromised.
Mercury offers up to $5 million in FDIC insurance through their partner banks and their sweep networks.
Mercury offers high-tech business checking and savings accounts built with startups in mind. The banking* services platform doesn’t require a minimum deposit to open an account, and there are no account fees. Mercury doesn't offer any physical locations or traditional banking services. However, the platform makes it easy to manage your company’s spending with virtual debit cards, flexible user permissions, and an API for custom integrations. Companies can also get access to Mercury Treasury, which offers high-yield investment options.
This review was created based on Mercury’s website and an email to Mercury’s customer support team.
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC.
¹ Up to $5 million in FDIC insurance through their partner banks/sweep networks.
² Free wire transfers in USD. Mercury is a fintech company, not an FDIC-insured bank.
³ Mercury Treasury is not insured by the FDIC. Mercury Treasury are not deposits or other obligations of Choice Financial Group or Evolve Bank & Trust, and are not guaranteed by Choice Financial Group or Evolve Bank & Trust. Mercury Treasury products are subject to investment risks, including possible loss of the principal invested. See mercury.com/treasury for additional disclosures.
⁴ Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group 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.
