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Mercury Bank Verification after 3 years

#25
Mercury uses "Evolve Bank & Trust" as its banking partner.
And today Wise reported that "Evolve Bank & Trust" banking details will stop working and has upgraded to a new banking partner.

Is "Evolve Bank & Trust" restricting non-resident customers?
 
#30
GalacticGazelle said:
So perhaps it's more likely that Mercury will also make changes regarding the bank used and not affected at all non-residents as they said users and video above. What are your thoughts on this?
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Its not on those EMIs hand

They were using Evolve Bank & Trust and now this bank changed it mind

They dont want non residents because of witholding taxes


Thats why wise stopped USD account for some users

Mercury now asking for form W9 and same with relay after asking for the update of the company real address or home address
 
#31
Thank you guys for this great thread
@berseker how did it go? did you provide home address?

GalacticGazelle said:
Evolve Bank & Trust is used by both Mercury and Relay. If they were to reject non-residents, it would likely result in the loss of a significant number of customers. However, I don't believe that will happen.
Click to expand...
Mercury also uses choice financial group bank, one of our account in mercury using that instead of evolve bank.
Evolve is a cunt of a bank, if I can recall, there were a website called every.io and they closed our account because Evolve Bank cut the relation with them.
 
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#32
abraham said:
Thank you guys for this great thread
@berseker how did it go? did you provide home address?


Mercury also uses choice financial group bank, one of our account in mercury using that instead of evolve bank.
Evolve is a cunt of a bank, if I can recall, there were a website called every.io and they closed our account because Evolve Bank cut the relation with them.
Click to expand...
Hey sorry for late reply, I did pass the verification as the video that @saintjohnny shared, i unfortunately signed that w9 without really knowing or really had a choice as i still need to have those evolve banking details. I passed the verification with my foreign address, as for taxes next year i will see how that will play out i have an idea in mind on how to pass that but we will see. quite sneaky ******** mercury for not clearly explaining that was a w9. You always need to be on your toes with us banks.
 
#33
berseker said:
Hey sorry for late reply, I did pass the verification as the video that @saintjohnny shared, i unfortunately signed that w9 without really knowing or really had a choice as i still need to have those evolve banking details. I passed the verification with my foreign address, as for taxes next year i will see how that will play out i have an idea in mind on how to pass that but we will see. quite sneaky ******** mercury for not clearly explaining that was a w9. You always need to be on your toes with us banks.
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Odd. I went through my Commercial Deposit Account Agreement and there's nothing in there about tax / withholding tax or anything resembling a W-9. My accounts were part of an "upgrade" they did with Evolve, so the agreement is fairly new (12th of Sep, 2023). I even asked Mercury about the video and they said they weren't requiring W-9s. Seems this is only for newer customers? The fact that Wise and Relay dropped Evolve, yet Mercury "upgraded" the banking relationship makes me wonder if there's something fishy going on here.
 
#34
berseker said:
Hey sorry for late reply, I did pass the verification as the video that @saintjohnny shared, i unfortunately signed that w9 without really knowing or really had a choice as i still need to have those evolve banking details. I passed the verification with my foreign address, as for taxes next year i will see how that will play out i have an idea in mind on how to pass that but we will see. quite sneaky ******** mercury for not clearly explaining that was a w9. You always need to be on your toes with us banks.
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I postponed it for a month

Should i move my funds to another bank?
 
#35
Alexmorgan said:
I postponed it for a month

Should i move my funds to another bank?
Click to expand...
if you're a foreign non us citizen i hardly know any good enough bank like mercury, that has high threshold for big transaction and withdrawal. You should just see how to pass the verification, mercury is still a solid bank by all accounts.
saintjohnny said:
Odd. I went through my Commercial Deposit Account Agreement and there's nothing in there about tax / withholding tax or anything resembling a W-9. My accounts were part of an "upgrade" they did with Evolve, so the agreement is fairly new (12th of Sep, 2023). I even asked Mercury about the video and they said they weren't requiring W-9s. Seems this is only for newer customers? The fact that Wise and Relay dropped Evolve, yet Mercury "upgraded" the banking relationship makes me wonder if there's something fishy going on here.
Click to expand...

I did read the pdfs they sent i also didn't see anything about a w-9, but what raised a red flag for me is when i got the verification that i posted for business address and if i qualify as US. person, if you clic on "No, I don't plan to" you get a red message saying that you need be a us. person or you will have a limit of 60 days to find a new bank and take your money out essentially not supporting any businesses that do not have any income inside usa or suppliers at the very least. This kind create a problem of taxation for foreign owned llc or corp.
 
#36
berseker said:
if you're a foreign non us citizen i hardly know any good enough bank like mercury, that has high threshold for big transaction and withdrawal. You should just see how to pass the verification, mercury is still a solid bank by all accounts.


if i qualify as US. person, if you clic on "No, I don't plan to" you get a red message saying that you need be a us. person or you will have a limit of 60 days to find a new bank and take your money out essentially not supporting any businesses that do not have any income inside usa or suppliers at the very least. This kind create a problem of taxation for foreign owned llc or corp.
Click to expand...


This is different

If they gonna treat me as a US person thats a real problem

If they want me to make an income from a US entity then fine i will make an income from US and this is completely different as they going to tax me only on this income


Which situation me and you are on?
 
#37
Hello,
I would like to confirm that both myself and many others I know have received only one upgrade request from Mercury. This request was related to confirming our physical addresses. Additionally, Mercury inquired whether we have US consumers or not, and if we plan to confirm US operation within 6 months. If all of these criteria are met, everything is in order.

Regarding the W9 you mentioned, could you please clarify when it should be provided? Is it required after our addresses are verified, or only if we no longer have clients in the US? Because I didn't have such request
 
#38
GalacticGazelle said:
Hello,
I would like to confirm that both myself and many others I know have received only one upgrade request from Mercury. This request was related to confirming our physical addresses. Additionally, Mercury inquired whether we have US consumers or not, and if we plan to confirm US operation within 6 months. If all of these criteria are met, everything is in order.

Regarding the W9 you mentioned, could you please clarify when it should be provided? Is it required after our addresses are verified, or only if we no longer have clients in the US? Because I didn't have such request
Click to expand...
Seems it will come after the step you done
 
#40
hi i have a US LLC + mercury acocunt for the past 2 years, and today i received an email about closure, i do not understand how mercury can just close my account without any warning, it was one of my favorite banks, i am lost can someone please guide what wrong did i do, or how to best use the mercury account, since they closed my LLC account, can i make a new LLC under the same principal holder and open a new mercury account?

the email received:
We’re writing to inform you that we can no longer offer you services at Mercury.

Periodically we conduct additional reviews on accounts. After a review of your account, due to the nature of your activity, we will be closing your account.

Please proceed with moving the funds in your account to another bank through wire or ACH by December 15, 2023. Scheduled and expected incoming funds may still process, however we encourage you to reach out to clients and vendors with new payment instructions as soon as possible.

You may also provide us with details of a U.S. bank account in your name or your company's name and we will send the remaining funds to you. If this is not done by the date specified above, our bank will mail a physical check to the U.S. address we have on file (which you can confirm or change via your settings page) for any funds remaining in your account at that time.

We’re sorry for any inconvenience that this may cause.

@JohnnyDoe really need your 2 cents.

Thank you
 
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