Frequently Asked Questions

General

What is Mercury?
Mercury is banking and credit cards designed to help companies bank at their speed, take action from a single source of truth, and accelerate growth. We offer:
  • Checking and savings accounts with no monthly fees
  • The protection of up to $5M in FDIC insurance
  • Debit and credit cards for your whole team
  • Wires, ACH, and check payments
  • Treasury management and venture debt options
  • Time-saving finance automations
  • Customizable permissions that keep you in control
  • The knowledge, network, and connections you need
  • An experience over 100K startups love
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
**The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard.
What do I need to apply for an account?
You’ll need a U.S. company with a federal EIN, your company’s official formation documents, and a picture of your government ID (e.g., a passport or U.S. driver’s license).Customers must have some type of existing or planned operations in the U.S. and a U.S. or international address for their principal place of business. This can be a residential address, but may not be a registered agent, PO box, or UPS box address. Our customer base includes startups and ecommerce companies, as well as venture capital firms with entities in the Cayman Islands, British Virgin Islands, and United Arab Emirates. Upon applying, we’ll review to ensure you have up-to-date formation documents and otherwise satisfy our onboarding requirements.We cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Bosnia & Herzegovina, Botswana, Burundi, Cameroon, Central African Rep, Democratic Republic of the Congo, Congo, Croatia, Eritrea, Ethiopia, Haiti, Iraq, Kosovo, Lebanon, Libya, Macao, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, Pakistan, Somalia, South Sudan, Sudan, Tanzania, Turkey, Venezuela, Viet Nam, Western Sahara, Yemen, Zimbabwe, Belarus, Iran, North Korea, Cuba, Russia, Syrian Arab Republic, Ukraine (specifically, Kherson, Zaporizhzhia, Donetsk, Luhansk, and and Crimea).
Can I apply for an account if I’m not physically in the United States or a United States resident?
Yes, we’re proud to support U.S. companies founded by people across the globe, as well as founders and venture capital firms with an entity based in the Cayman Islands, British Virgin Islands, and United Arab Emirates. Customers must have some type of existing or planned operations in the U.S. and a U.S. or international address for their principal place of business. This can be a residential address, but may not be a registered agent, PO box, or UPS box address.We cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Bosnia & Herzegovina, Botswana, Burundi, Cameroon, Central African Rep, Democratic Republic of the Congo, Congo, Croatia, Eritrea, Ethiopia, Haiti, Iraq, Kosovo, Lebanon, Libya, Macao, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, Pakistan, Somalia, South Sudan, Sudan, Tanzania, Turkey, Venezuela, Viet Nam, Western Sahara, Yemen, Zimbabwe, Belarus, Iran, North Korea, Cuba, Russia, Syrian Arab Republic, Ukraine (specifically, Kherson, Zaporizhzhia, Donetsk, Luhansk, and and Crimea).We’d love to support residents of more countries over time, so let us know at [email protected] if you live in one of the above countries and we’ll let you know if anything changes.
What companies will you accept as customers?
We can accept most U.S. companies that aren’t money services businesses or involved with adult entertainment, cannabis or internet gambling. Our product is geared towards tech companies, so it might not be the best fit for some other businesses, especially ones that frequently deal with physical cash. We cannot open accounts for trusts.
Are my deposits FDIC-insured?
Mercury checking and savings deposits are FDIC-insured up to $5M through our partner banks and use of sweep networks. As a broader effort, we are working on expanding all coverage even further. You can learn more about FDIC insurance here.
What does it cost to use Mercury?
Mercury is free to use, however, certain advanced features may incur fees. These include: making mass payments on our API, accessing Mercury Treasury account management, exchanging money in non-USD currencies, and sending USD internationally with optional premium processing. There are no account minimums, overdraft fees, monthly fees, or account opening fees. Get more details on our Pricing page.
What do you do for account security?
Mercury makes security a top priority. Here are some measures we take to ensure your security:
  • Require HTTPS on all pages, and use HSTS to ensure browsers only ever connect to Mercury over a secure connection.
  • Employ a third party to perform penetration testing each year to check for vulnerabilities.
  • Hash and store all passwords with the bcrypt algorithm — never as plaintext.
  • Use time-based one-time passwords for two-factor authentication. We never send authentication codes via insecure channels like SMS.
  • Encrypt our database and all uploaded images, with additional encryption for sensitive data like social security numbers.
  • Never store your debit or credit card numbers.
Learn more on our Security page.
How does Mercury make money?
Our primary revenue stream comes from interest earned on deposits.Additionally, when you use your debit card or IO credit card, Visa and Mastercard charge a fee to the merchants — we receive a percentage of this fee, known as interchange. We also earn money on foreign exchange processing on international wires, as well as fees paid on Mercury Treasury* and Mercury Venture Debt.

Security & Privacy

What do you use my social security number for?
We use your social security number solely to verify your identity. We do not check your credit score or perform any credit checks.
Where are my funds kept?
Mercury works with two FDIC-insured banks, Choice Financial Group and Evolve Bank & Trust. You can locate your Mercury account’s banking provider by logging in and viewing the banking partner listed on your Mercury statements.Through each of our partner banks, Mercury customers get access to a sweep network of trusted banks. This sweep network provides up to $5M in FDIC insurance by automatically spreading your deposits across up to 20 different banks, without requiring you to open and manage separate bank accounts.Our Treasury* product is offered through an additional partner, Apex Clearing Corp, who is a FINRA-regulated broker-dealer. The mutual funds that you can invest in through Mercury Treasury are managed by Morgan Stanley and Vanguard.
How does Mercury keep my money safe?
Your checking and savings deposits are held in your name across a sweep network of multiple regulated banks. Through this program, we’ve upgraded the FDIC insurance on Mercury checking and savings accounts to up to $5M — 20x the per bank limit.In addition to working with our banking partners to keep your funds secure, Mercury’s world-class fraud engineering and compliance teams work together to build tools and processes that spot suspicious activities and stop them in their tracks.
What do you do for account security?
Mercury makes security a top priority. Here are some measures we take to ensure your security:
  • Require HTTPS on all pages, and use HSTS to ensure browsers only ever connect to Mercury over a secure connection.
  • Employ a third party to perform penetration testing each year to check for vulnerabilities.
  • Hash and store all passwords with the bcrypt algorithm — never as plaintext.
  • Use time-based one-time passwords for two-factor authentication. We never send authentication codes via insecure channels like SMS.
  • Encrypt our database and all uploaded images, with additional encryption for sensitive data like social security numbers.
  • Never store your debit or credit card numbers.
Learn more on our Security page.
Is Mercury SOC 2-compliant?
Mercury is SOC 2-compliant, meaning you can have confidence in our operations and service commitments — and peace of mind that we take pride in them. If you need our SOC 2 report for your own compliance records, reach out to us at [email protected] and we’d be glad to help.
What’s Plaid?
Plaid makes a product that allows users to securely connect bank accounts to apps. They’re used by companies like American Express and Venmo to authenticate and verify bank accounts instantly. We use Plaid to allow users to connect their other business bank accounts with Mercury. This enables us to facilitate quick transfers between accounts and centralize your financial data on one dashboard. Head here to learn more about Plaid.
What are Authy and Google Authenticator?
Authy and Google Authenticator are apps for two-factor authentication that we use to make logging into your account more secure. They work by generating codes that are unique to the device they’re downloaded on, providing an extra layer of verification when you attempt to log in.
Why don’t you support SMS two-factor authentication?
Two-factor authentication by SMS can be compromised by hackers who port your phone number (referred to as a “port-out scams”). We require Authy or Google Authenticator as an alternative as they can’t be compromised in this way.
I found a security issue with the site. Who should I talk to about this?
Please email [email protected].

Moving Money

Where can I find my wire details?
You can find wire details for each of your accounts by going to your Accounts page or through the Add Funds flow.
Can I send money via ACH (electronic transfer)?
Yes, you can send money via ACH for free through your Mercury dashboard by going through the Send Money flow.
Can I send wire transfers?
Yes, you can send domestic and international wires through your Mercury dashboard by going through the Send Money flow.
Can I send wire transfers internationally?
Yes, you can send international wires in 30+ currencies by going through the Send Money flow in your Mercury dashboard. As a Mercury customer, USD international wires are free for you to send, and for $15, you also have the option to send a type of wire designed to cover any transaction fees your recipient incurs. Non-USD wires incur a transparent 1% currency exchange fee to help cover the cost of processing.Companies formed outside the US are not able to use the international wire features at this time
Can I send checks?
Yes, you can send checks for free through your Mercury dashboard by going through the Send Money flow. For now, we don’t issue checkbooks and third-party checks can’t be drawn on Mercury accounts.
Can I deposit checks in my account?
Yes, you can deposit checks via remote deposit through your Mercury dashboard by going through the Add Funds flow. Note initial check deposit limits are determined based on business verification and transaction history, but can be adjusted. We cannot currently accept eChecks.
Can I deposit cash in my account?
We don’t currently support cash deposits. Email us at [email protected] if you’d like us to add this feature.
Is wiring USD internationally really free?
Yes, as a Mercury customer, USD international wires are always free for you to send. We offer two options for how those wires are processed. The first, coded as SHA, is standard among most banks and while free to you, may result in intermediary bank fees that are absorbed by your recipient. The second, coded as OUR, gives you the option to pay a flat fee of $15 so that any intermediary fees will be charged back to Mercury, making it more likely your recipient will receive the full amount.

IO Credit Card

How often do I need to pay off my IO balance?
You will need to pay off your full IO balance every month. We’ll automatically deduct your full balance from your chosen Mercury account on a date of your choosing. You can also pay off your card early at any time.
Can I get the IO Card if I don’t have a Mercury account?
Not currently, but Mercury checking and savings accounts are free for your business, and they’ll help you manage all your business’ spend from a single dashboard as you scale.
Does applying for IO affect my personal credit score?
No, we do not consider your personal credit score or run a credit check during the application process.
Is the IO Card a secured credit card?
No, similar to most business credit cards on the market, IO is a charge card product that requires payment in full every month — with a limit determined by your Mercury account balance. Before issuing customers IO cards, we do not require a security deposit or personal guarantee. Secured credit cards, on the other hand, are commonplace in consumer banking for customers looking to build credit, and they do require a security deposit that the bank holds as collateral in case of default.
Does IO build business credit?
Yes, using IO may help your company establish a strong credit history and improve your business credit score. Mercury reports positive IO payment history to Dun & Bradstreet, one of the three major business credit bureaus. We only report payments – e.g. we do not report late payments or credit utilization rate – so this change can only benefit you and your business. Reporting your IO payments can help your company establish a strong credit history, improve your credit score, and open doors to more opportunities for growth and financing.
Does Mercury charge foreign transaction fees?
Mercury does not charge additional foreign transaction fees. However, if you make a purchase in a currency other than USD, the amount of the transaction will be converted into USD, and you may be subject to a foreign exchange fee for the conversion.
How do I earn cashback?
Each time you make a payment, you’ll receive 1.5% cashback for all settled transactions. We’ll deposit it instantly into your payment account.
What is my credit limit?
Your credit limit is determined by your Mercury account balance. Your limit might increase as your Mercury balance increases, but your credit limit may also decrease. Currently, we reassess your business limit following large withdrawals and deposits.
How do I receive my physical card?
You can start spending immediately with your virtual cards, which can be added to any mobile wallet. We’ll ship your physical cards immediately after approval — they usually arrive within 7-10 business days.
My card isn’t working. What should I do?
We’d recommend checking that you have a high enough balance on your IO card to cover the purchase. You should also make sure your card isn’t frozen. If you are not an admin and the card still isn’t working, please reach out to your account’s admin. Otherwise, send us an email at [email protected] and we’ll be happy to help.
Am I protected from fraudulent transactions?
Yes, IO offers zero liability protection for unauthorized purchases. If you ever notice a suspicious transaction that you suspect may be fraudulent, please reach out to us at [email protected]. You may also want to freeze or cancel your card as an added layer of protection.
I’ve lost my card. Now what?
You can report your card as lost or stolen from your Mercury dashboard. Once you make this report, our system will automatically reissue a new physical and virtual card to you with a new card number.
Is there a minimum balance required for IO?
Yes, your business must maintain $25K in a Mercury account to qualify for IO and keep your credit account active. Your credit limit is determined by your Mercury account balance. Your limit might increase as your Mercury balance increases, but your credit limit may also decrease.
Can I get cards for my whole team?
Yes, you can issue one physical card per team member and as many virtual cards as you need to optimize your spending without worrying about limits. Easily invite your team and issue employee cards in bulk to your entire org with our Google Workspace integration.

Debit Card

When, where, and how will my debit card arrive?
Your physical debit card will arrive in a white envelope to your business address after your account is approved. You can also create and use virtual debit cards immediately.
How do I activate my debit card?
Go to app.mercury.com/activate and set a PIN for your card once you’ve received it.
How do I set my debit card PIN?
Go to your Mercury dashboard and find your debit card under its associated account page. You’ll be able to change your PIN from that page.
There’s a charge I don’t recognize on my card. What should I do?
Login to your Mercury account and check our support page to find contact details for us. You may also want to replace or cancel your debit card by going to your Mercury dashboard, finding your debit card under its associated account page, and clicking Replace Card.
I’ve lost my card. Now what?
You can replace your card by going to your Mercury dashboard, finding your debit card under its associated account page, and clicking Replace Card.
Can I withdraw cash from ATMs?
Yes, our debit cards can be used at ATMs. We don’t charge any fees on top of what the ATM operator charges. This includes cash withdrawals in non-USD currency - Mastercard will handle the conversion rate. You can get a rough idea of Mastercard’s conversion rates here.
Can I deposit cash at ATMs?
We don’t currently support cash deposits. Let us know at [email protected] if this is something you want to do.

Savings Account

Do I get a savings account?
Yes, you do.
How many transfers can I make out of my savings account per month?
Your savings account doesn't currently have a limit to the number of transfers you can make. This federal regulation was changed during the COVID-19 pandemic from an original limit of 6 transfers per month.

Mercury Treasury

What is Mercury Treasury?
Mercury Treasury secures and scales your runway through lower-risk, highly liquid portfolios with Vanguard and Morgan Stanley — all in a few clicks. Manage your funds in one place and set up custom rules to automatically move excess funds from your Treasury account to your operating accounts.Personalized portfolio management is also available to customers with account balances over $25M through an additional product, Mercury Treasury Solutions with Morgan Stanley. Reach out to [email protected] or contact your personal relationship manager for more details.
How are my funds in Treasury secured?
Investments made in Mercury Treasury ensure that your money is protected beyond any FDIC insurance amount — at any deposit size. Mercury Treasury offers secure investment options:
  • Vanguard Treasury Money Market Fund is ultra-conservative and 99.5% invested in U.S. government-backed securities.
  • Morgan Stanley Ultra-Short Income Portfolio is a lower-risk fund that invests in ultra short-term instruments like commercial paper and certificates of deposit.
Your Treasury accounts are held 100% in your name through our partner, Apex Clearing Corp, a FINRA-regulated broker-dealer that has been in business for over 40 years. As a broker-dealer, Apex is prohibited from using customer funds or securities for its own purposes or even from commingling those funds and securities with its own. In the unlikely event that Mercury or its diversified network of partner banks suffers liquidity risk, your funds would be fully safeguarded at Apex. In the unlikely event that Apex were to fail, your funds would simply be transferred to another broker-dealer. What this means is that regardless of what happens at your bank, funds and securities held at Apex will remain safe and accessible.
Is there a maximum balance?
There is no maximum, but if you are planning on investing over $200M, please check with us first.
How is Mercury Treasury insured?
Mercury Treasury investments are held at Apex Clearing Corp, which is insured by the Securities Investor Protection Corporation (SIPC). In the unlikely event that Mercury’s brokerage firm fails, the SIPC will insure customers up to $500K in securities and cash.

User Accounts

Where can I find my account details?
You’ll be able to find your accounts and their associated routing and account numbers from the Accounts tab on your dashboard.
Can I have multiple users on my account?
Yes, you can invite as many team members as you want to your Mercury account.
Can I control the permissioning on user accounts?
For now, we have four types of access: admin access, bookkeeper access, custom access, and card only access. Users with admin access can receive a debit card, can move money, and can add team members or change their permissions. Users with bookkeeper access won’t receive a debit card, can’t move money, and can’t add or edit users. Users with custom access can either move money around unrestricted, not at all, or with admin approval. They can be issued a debit card but cannot access security settings or manage the team. Users with card only access can be issued a debit card and are only able to view their own transactions. They cannot view account information or transactions outside of their debit card.We have more granular permissioning in our roadmap. Please send us an email at [email protected] if you have an urgent need for this or want to give us feedback about what user permissions would be useful.
How can I add team members to my account?
You can add team members, including bookkeepers, to your Mercury account through the Team tab in your Settings page.
How can I remove a user from my account?
Email us at [email protected] and we’ll get it sorted for you.
Are you compatible with Xero or QuickBooks?
We’re fully integrated with QuickBooks Online and Xero and can automatically sync your transactions to both tools.
Do you generate monthly statements?
Yes, you can download your statement through the Documents tab in your Mercury dashboard.
Can I add my bookkeeper to my Mercury account?
Yes, we have bookkeeper accounts which give access to your transaction history and statements, but cannot initiate any money movements or change user permissions.
What platforms does Mercury integrate with?
Mercury is fully integrated with accounting tools like QuickBooks Online, Xero, and NetSuite, allowing you to automatically sync your transactions. Additionally, you can authorize wire drawdowns, most commonly used for payroll processing, with payroll providers such as Gusto, Sequoia One, ADP, and TriNet. Mercury is also compatible with payment processors like Stripe, Square, Shopify, and Paypal.

Pricing

What does it cost to use Mercury?
Mercury is free to use, however, certain advanced features may incur fees. These include: making mass payments on our API, accessing Mercury Treasury account management, exchanging money in non-USD currencies, and sending USD internationally with optional premium processing. There are no account minimums, overdraft fees, monthly fees, or account opening fees. Get more details on our Pricing page.
How does Mercury make money?
Our primary revenue stream comes from interest earned on deposits.Additionally, when you use your debit card or IO credit card, Visa and Mastercard charge a fee to the merchants — we receive a percentage of this fee, known as interchange. We also earn money on foreign exchange processing on international wires, as well as fees paid on Mercury Treasury* and Mercury Venture Debt.

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Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.

Mercury Advisory, LLC (the “Firm”) is an investment management firm that offers a wrap fee program that allows small businesses to invest idle cash in relatively low-risk, short-term instruments. Please see the ADV Wrap Fee Brochure for further information regarding fees and conflicts.

The performance discussed herein is historic and reflects an investment for a limited period of time. It should not be assumed that future investors would experience returns, if any, comparable to those illustrated herein. Past performance is not indicative of future returns. Investment results will fluctuate. Returns are not guaranteed. All investments are subject to the risk of loss, including the loss of principal. No representation is being made that an investment account has, will, or is likely to achieve profits or losses equal to the profits or losses shown. Actual returns will vary greatly and depend on personal and market conditions. Before investing, consider your financial goals and the costs of using the program.

Furthermore, the information set forth has been obtained from sources that the Firm believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness. The information contained herein is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities. The information has been prepared solely for the purpose of determining your level of interest in Mercury Treasury and to provide general background information on such algorithmic investment program.
This information contains certain “forward-looking statements,” which may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms.

Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of the depicted investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting operations that could cause actual results to differ materially from projected results.

Targeted returns (e.g., forward-looking statements of performance up to a stated return) reflects the returns that the Firm is seeking to achieve over a particular period of time. Projected returns reflect the Firm’s performance estimate – i.e., the returns that the Firm believes can be achieved using the advertised investment services. Target returns are presented to inform clients or potential clients about the Firm’s risk tolerances when managing the Mercury Treasury strategy and to provide information useful to a client or potential client when assessing how the Firm’s strategy fits within the investor’s overall portfolio. Target returns are not guarantees or promises of future return.

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.
Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

Footnotes

  1. The Mercury Debit Cards are issued by Choice Financial Group and Evolve Bank & Trust, Members FDIC, pursuant to licenses from MasterCard. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from MasterCard.
  2. To receive cashback, your Mercury accounts must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default. Learn more about cashback.