Changes for Revolut US: What you need to know

News · August 26, 2024Team Revolut

Revolut US is changing our card issuer and bank partner from Metropolitan Commercial Bank (MCB) to Lead Bank effective November 12 (‘Transition Date’). If you’re a US customer, this will affect you and your access to Revolut and Revolut Business services — and there are a few important steps to take.

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 November 8, 2024 11:59 PM Eastern Time (ET).

On the November 12, provided you’ve given us your consent and passed identity verification and eligibility checks, you’ll still be able to use Revolut services as normal. The transition means your Revolut Prepaid Card and Cardholder account and/or Revolut Business Prepaid Card and Cardholder account will become subject to a new cardholder agreement with Lead Bank, and other Lead Bank terms and conditions. Metropolitan Commercial Bank disclaims all liability for the terms of the new cardholder agreement with Lead Bank.

What ‘opting-in’ means for you

This won't change your card number. You can still use your Revolut card everywhere Visa or Mastercard is 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'll 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 won't be transitioned and Revolut will close your account. If you have a negative balance as of November 11, your account won't be moved 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 date listed above.

Funds in your Revolut Prepaid Cardholder account are currently held at Metropolitan Commercial Bank, 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 Lead Bank, Member FDIC, and similarly insured up to applicable limits by the FDIC. As before, any funds in Savings are held at Sutton Bank, Member FDIC, and are insured up to $250,000 in the event Sutton Bank fails.

How do I 'opt-in'?

Here's what you need to do:

  • Make sure you're using the latest version of the app (v10.21)
  • Go to your app or tap the button in this email
  • Review and accept the new Lead Bank Prepaid Cardholder Agreement and other documents
  • Follow any in-app steps to make sure Revolut has the most up-to-date information from you

That’s it! Once your account is approved by Lead Bank, you will beready to continue using Revolut with the new partner bank.

Please note: Account transition is subject to identity verification and eligibility confirmation. If unsuccessful, your card and card account won't be transitioned and Revolut will close your account. If you have a negative balance as of November 11, your account will be unable to be transitioned and Revolut will close your account.

Any customer who’s opted out or not transitioned will have a check for any balance in their card account mailed within 30 days of the Transition Date.

Revolut US personal account holders can‘opt-in’ to this change here.

Revolut US Business account holders 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 consent to the transition, or take no action prior to the Transition Date, or are not approved to transition to Lead Bank, your Revolut Prepaid Cardholder account held at Metropolitan Commercial Bank will close and the following will occur:

  1. All Pockets and Savings that you created will be closed and the funds transferred into your main Revolut Prepaid Cardholder account held at Metropolitan Commercial Bank. All foreign currency balances you hold will be converted into US dollars at the applicable exchange rate at the time of conversion.
  2. If there is any remaining balance in your account as of the November 12, a check for the remaining balance will be mailed to the address saved in your Revolut profile within 30 days of the Transition Date.
  3. For stocks accounts, you can sell your stocks up to November 11, otherwise all securities will continue to be held in your DriveWealth account. Cash held in the investment pocket will be transferred into your main USD Revolut Prepaid Cardholder account. We’ll get in touch regarding your options to access your portfolio at DriveWealth.
  4. For Robo-Advisor accounts, you can liquidate your portfolio up to November 11. Otherwise, all securities and cash will continue to be held in your DriveWealth account. We’ll get in touch regarding your options to access your portfolio at DriveWealth.
  5. For credit accounts, you’ll still have access to your account details through the Revolut app, including all applicable documents and agreements. You won’t be able to make payments through the Revolut app November 11 at 11:59pm ET. We’ll get in touch regarding your options to make payments on your credit accounts before the Transition Date.

If you have a Revolut Business account:

  1. All currency accounts you've created will be closed and the money will be moved to your Revolut Business Prepaid Cardholder account. All foreign currency balances will be changed to US dollars at the exchange rate at time of conversion.
  2. If you have any money left in your Revolut Business Prepaid Card account, a check for the remaining balance will be mailed to the address you set up in your Revolut Business profile within 30 days of the Transition Date.

Please ensure your Revolut profile has the most up-to-date information. If you don't want a check, you'll need to transfer any money from your Revolut account before November 7, 5pm ET.

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 November 7, 5pm ET, Revolut will close your account.

If you have a negative balance at this date, your Revolut or Revolut Business Prepaid Cardholder account will not be transitioned, and Revolut will close your account.

Still have questions?

We understand you may have questions during this transition. If you need any more information on this transition, get in touch with our customer support team through the in-app chat.

Final comments

Our transition to a new card issuer and bank partner shows our commitment to improving and expanding services. By following the steps and staying up-to-date, you can easily deal with this change and keep using your Revolut account.

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