Changes for Revolut US: What you need to know

Revolut US is changing our card issuer and bank partner from Metropolitan Commercial Bank (MCB) to Community Federal Savings Bank (CFSB) effective later this year. We’ll be providing more details on the exact date of transition from MCB to CFSB (‘Transition Date’), but keep reading to understand how this will affect you and your access to Revolut and Revolut Business services.

This transition comes with a few essential steps that US customers must take to ensure uninterrupted access to their Revolut or Revolut Business account.

To continue enjoying the full range of features and services with Revolut, you’ll be required to ‘opt-in’ to the transition process prior to the Transition Date. If you have an existing account without a card, you'll be issued a virtual card on the Transition Date, which will be subject to the new CFSB Prepaid Cardholder Agreement.

You’ll still be able to use all the Revolut services as normal, but the transition means that your Revolut card will be subject to a new CFSB Prepaid Cardholder Agreement and other terms.

You must 'opt-in' to the new agreement and terms within the Revolut app and provide Revolut with updated personal information to keep your Revolut account.

What ‘opting-in’ means for you

As part of this change, your card number won’t change so you will be able to continue to spend with your Revolut card everywhere Visa or Mastercard are accepted. However, the rest of your account details will be changing. If you want to use ACH, wire transfers, and early direct deposits (payroll) you will need to use these new account details. We’ll inform you of these new account details as we get closer to the Transition Date.

Account transition is subject to identity verification and eligibility confirmation. If unsuccessful, your card and card account will not be transitioned and Revolut will close your account. If you have a negative balance as of the Transition Date, your account will be unable to be migrated and Revolut will close your account.

Any declined, or not transitioned, customer will receive a check for any balance in their card account after the Transition Date.

Funds in your Revolut Prepaid Card Account are currently held at MCB, Member FDIC, and are insured up to $250,000 by the FDIC in the event MCB fails. After the Transition Date, the funds in your Revolut Prepaid Card Account will be held at CFSB, Member FDIC, and similarly insured up to applicable limits by the FDIC. As before, your funds in your Savings Vault are held at Sutton Bank, Member FDIC, and funds there are insured up to $250,000 in the event Sutton Bank fails.

What are the steps to ‘opt-in’?

• Make sure you’re using the latest version of the Revolut or Revolut Business app
• Log into your app and follow the prompts to review the new CFSB Prepaid Cardholder Agreement and other documents
• Click or tap Accept to provide your consent to the transition
• Follow the prompts to complete any additional steps to ensure Revolut has the most up-to-date information from you

Account transition is subject to identity verification and eligibility confirmation. If unsuccessful, your card and card account will not be transitioned and Revolut will close your account.

Customers with personal accounts can 'opt-in' to this change here.

Customers with business accounts can 'opt-in' to this change here.

What if I don’t respond in time, miss the transition deadline, or want to ‘opt-out’?

If you don’t 'opt-in' to the migration or don’t respond prior to the Transition Date, the following will occur:

1. All Pockets and Savings Vaults that you created will be closed and the funds transferred into your main account.
2. All foreign currency balances will be converted into US dollars at the applicable exchange rate at the time of conversion.
3. If there is any remaining balance in your account, a check for the remaining balance will be mailed to the address saved in your Revolut profile.

Please ensure your Revolut profile has the most up-to-date information. If you do not want a check to be issued, you will need to transfer any balance out of your Revolut account prior to the Transition Date.

If you don’t want to 'opt-in' to this transition, you may transfer out any of your remaining funds and close your account. If you don’t do so by the Transition Date, Revolut will close your account. If you have a negative balance as of the Transition Date, your account will be unable to be migrated and Revolut will close your account.

Still have questions?

We understand that you may have questions during this transition. If your queries are not answered here, you can reach out to our customer support team through the in-app chat.

Final comments

Revolut's transition to a new card issuer and bank partner signifies its commitment to improving and expanding services. By following the outlined steps and staying informed, you can seamlessly navigate this change and continue enjoying the benefits of your Revolut account.