Review of identity or address at Mercury

What is happening

Mercury describes itself as "a fintech company, not an FDIC-insured bank". Your deposit account is held at a partner bank, Choice Financial Group or Column N.A., both Members FDIC.

Your address or US operations are being checked. Mercury may ask, before or after approval, for proof of your address or of your business's US operations. Without qualifying documents, "your account may be locked or eventually closed". While locked, incoming payments may still process, but you cannot start new activity.

Your account is moving to another partner bank. You accept the new bank's terms and answer any extra verification requests. The transition usually lasts 60 to 90 days, then old accounts are disabled. An account not unlocked in time may be closed.

Your account was closed. Access is disabled. Mercury says details about fund disbursement "will typically be included in your closure notice", and that funds may be "held, returned, or unavailable based on regulatory obligations". The Choice agreement says remaining funds may be returned by check mailed to the address on file, unless you are told otherwise. The Column agreement says by ACH to an external account on the bank's records, or by check to the address on file.

Common triggers

Mercury names these in its own pages:

• An address it does not accept: a PO box, virtual address, mail receiving agency, mail center or registered agent address as the company's physical address; a PO box or virtual office as its legal address; anything other than the home address for each owner.
• No proof of a "legitimate connection to the U.S."
• Customer information that is "out of date, incomplete, or inaccurate", or unanswered information requests.
• Unsupported geography, restricted industries, third-party payments, negative balances or unpaid fees.
• Long inactivity (restriction after 22 months without activity).

What to do in the next 72 hours

1. Find Mercury's email, often marked "[Action Required]". Note its date.
2. Log in and open Mercury Command (the >_ icon) to message Support. If you cannot log in, email [email protected] from the address linked to the account.
3. Check your addresses in Settings > Company Profile (admins only). A legal address change needs updated formation documents, sent through Mercury's secure link.
4. Be honest and consistent with Mercury and your formation documents. Answer before each deadline.
5. If the account is closed, read the closure notice for how your balance will be paid. Ask Support to confirm the address on file and the external account on record.
6. If you still have access, download your statements. If you plan to leave, move funds out by ACH, wire or check.

Documents to gather

For an address check, documents showing the company or owner's name and full physical address:

• Government-issued ID, a signed lease or coworking proof.
• A utility bill, or a bank statement (not Mercury), from the last 90 days.
• Recent tax documents.

For US operations, documents that match activity in your Mercury account:

• A sale record, invoice or contract with a US customer, partner or supplier.
• A signed SAFE or investment agreement, or US payroll records.
• A US lease, or your latest federal tax return.

Before a refund, the Column agreement says you may need identification, external account and address verification.

Letter template (editable)

Copy it, replace the parts in braces, and send it yourself through the official channel. The free plan fills in your own facts.

Subject: {business_name} - account review and balance return

Hello {platform} Support,

I am writing about the Mercury account of {business_name},
registered with {account_email}.

Since {started_on}, {amount} has been unavailable. The reason I was
given: {reason_given}. I was told funds would be available on
{announced_release_on}.

Could you please tell me:
1. The reason for this decision, if you are able to share it.
2. The exact balance held for the account.
3. When you expect to release or return it.
4. Which documents would allow you to review the account.
5. How the balance will be returned: by check to the address on
   file, or by transfer to an external account, and what you need
   from me.

I will answer any request promptly and honestly.

Thank you,
{your_name}

Keep selling while you wait

• Open a backup account with a provider that accepts your real company, address and country.
• Update payment details on invoices and your website.
• Tell customers and suppliers, briefly, that your bank details are changing.