Avoid account restrictions as we transition to our new card issuer

In order to avoid restrictions and Revolut Prepaid Card Account (“Account”) account closure, please read this blog carefully.

We’ve previously informed our customers that we’re transitioning our card issuer and bank partner for US customers from Metropolitan Commercial Bank (MCB) to Lead Bank, on November 12, 2024 (the Transition Date).

To keep using Revolut services without restrictions, you’ll need to complete the below Eligibility Requirements. If you haven't completed the Eligibility Requirements by November 8, 2024 at 11:59pm Eastern Time (ET), your account will be closed:

• Give us consent, or ‘opt-in’ to transitioning to Lead Bank
• Make sure your personal information is up to date. This may require additional identity verification and eligibility confirmation

We’ll start implementing restrictions on October 22, if you haven’t completed the steps, and eventually we’ll have to close your Account.

Please note: any restrictions we put on your Account will be lifted once the Eligibility Requirements are met, which may take up to 48 hours to take effect.

How will my account be restricted?

From October 22, you’ll no longer be able to:

• Add money to your account
• Receive inbound transfers or direct deposits — be sure to provide senders with different account details to avoid interruptions (or complete the Eligibility Requirements)
• Receive transfers from other Revolut accounts

From October 31, in addition to the above limitations, you’ll no longer be able to:

• Make card payments
• Make ATM withdrawals
• Send money to other Revolut accounts
• Buy securities 

From November 7, in addition to the above limitations, you’ll no longer be able to

• Make outbound wire payments

Here's what you need to do:

1. Make sure you're using the latest version of the app (v10.38)
2. Log in to your app
3. Review and accept the new Lead Bank Prepaid Cardholder Agreement and other documents
4. Follow any in-app steps to make sure we have the most up-to-date information from you

That’s it — you’re now ready 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 we will have to close your account. If you have a negative balance prior to the Transition Date, your account will not be transitioned and we will close your account.

Metropolitan Commercial Bank disclaims all liability for the terms of the new cardholder agreement and other Lead Bank documents.

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.

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 Account held at MCB which will also be closed on the Transition Date and a check issued within 30 days for the balance in your account. 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, a check for the remaining balance will be mailed to the address saved in your Revolut profile within 30 days of account closure.
3. For stocks accounts, you can sell your stocks up to the day prior to the Transition Date, 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 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 the day prior to the Transition Date, 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 after November 11 at 11:59pm Eastern Time. We’ll get in touch regarding your options to make payments on your credit accounts before the Transition Date.

If there’s any remaining balance in your account after the above actions are completed, a check for the remaining balance will be mailed to the address saved in your Revolut profile within 30 days after the Transition Date.

An additional email will be provided once your check is issued. Please ensure all your personal information, including your address, has been updated before November 12.

Have questions? You can always contact us using our in-app chat for support.