# Frequently Asked Questions ## General ### What is Mercury? Mercury was founded with the idea of making banking better for startups. We spent our first five years creating a powerful bank account that made banking feel less like an obstacle and more like a catalyst. Now, we’re building software to run all your financial operations from that powerful bank account so your company can perform at its best — that means more precision, more control, and more focus. We call it “operational excellence.” We offer: - Checking and savings accounts with no monthly fees - The protection of up to $5M in FDIC insurance through our partner banks and their sweep networks - Debit and credit cards for your whole team - Reimbursements for out-of-pocket expenses - Wires, ACH, and check payments - Treasury management and venture debt options - Time-saving finance automations, including bill pay, invoicing, accounting automations, and expense reimbursements - Customizable permissions that keep you in control - The knowledge, network, and connections you need - An experience over 200K startups love ### What do I need to apply for an account? You’ll need your company’s official formation documents, your IRS-issued EIN document, and a government ID for at least one person with operating control of the business, as well as any owner with at least 25% ownership of your company. Once you apply, we’ll review to ensure formation documents are up-to-date and that your company otherwise satisfies our onboarding requirements. ### Can I apply for an account if I’m not physically in the United States or a United States resident? Yes, we’re proud to support U.S. companies founded by people across the globe. Customers must be formed and registered in the United States or a U.S. territory. ### What companies will you accept as customers? Mercury supports all types of businesses — from SaaS and ecommerce companies, to agencies, consultants, law firms, and real estate developers. We accept most U.S. companies that aren’t money services businesses or involved with adult entertainment, cannabis or internet gambling. ### Are my deposits FDIC-insured? Mercury checking and savings deposits are FDIC-insured up to $5M through our partner banks and their use of sweep networks. ### Is it secure to use Mercury? Yes, security is a top priority at Mercury. Here are some measures we take to ensure your security: - Require HTTPS on all pages - Employ a third party to perform penetration testing each year to check for vulnerabilities. - Hash and store all passwords with the bcrypt algorithm. - Use time-based one-time passwords for two-factor authentication. - Encrypt our database and all uploaded images, with additional encryption for sensitive data like social security numbers. - Never store your debit or credit card numbers. ## Pricing ### What does it cost to use Mercury for businesses? Mercury business banking is free to use. There are no account minimums, overdraft fees, monthly fees, or account opening fees. However, certain advanced features may incur fees. Customers have the option to select a paid plan (starting at $35/month) for access to these advanced payment workflows, including more invoicing features. ### What does it cost to use Mercury for personal use? Mercury Personal gives you powerful personal banking for one all-inclusive subscription of $240/year. If you have a Mercury Business account, Mercury Personal is included at no additional cost as long as your account remains active and in good standing. ### How does Mercury make money? Even though opening a Mercury account is free, we make money in various ways including earning interest on deposits, foreign exchange processing on international wires, and fees paid on Mercury Treasury and Mercury Venture Debt. ### Is wiring USD internationally really free? As a Mercury customer, you have the option to send USD international wires for free with certain processing options. ## Security & Privacy ### How does Mercury keep my money safe? Your checking and savings deposits are held in your name across a sweep network of multiple regulated banks, with upgraded FDIC insurance. ### Is Mercury SOC 2-compliant? Yes, Mercury is SOC 2-compliant. ### What’s Plaid? Plaid makes a product that allows users to securely connect bank accounts to apps. We use Plaid to facilitate quick transfers between accounts and centralize your financial data. ### What are Authy and Google Authenticator? Authy and Google Authenticator are apps for two-factor authentication that we use to make logging into your account more secure. ## Moving Money ### Can I send money via ACH (electronic transfer)? Yes, you can send money via ACH for free through your Mercury dashboard. ### Can I send wire transfers? Yes, you can send domestic and international wires through your Mercury dashboard. ### Can I deposit checks in my account? Yes, you can deposit checks via remote deposit through your Mercury dashboard. ### Can I deposit cash in my account? We don’t currently support cash deposits. ## IO Credit Card ### How often do I need to pay off my IO balance? The IO Card is a charge card, meaning you will need to pay off your full balance every pay period. ### Can I get the IO Card if I don’t have a Mercury account? Not currently, but Mercury checking and savings accounts are free. ### Does applying for IO affect my personal credit score? No, we do not consider your personal credit score during the application process. ### Does IO build business credit? Yes, using IO may help your company establish a strong credit history and improve your business credit score. ## Debit Card ### How do I activate my debit card? Go to app.mercury.com/activate and set a PIN for your card once you’ve received it. ### Can I withdraw cash from ATMs? Yes, our debit cards can be used at ATMs. ## Savings Account ### Do I get a savings account? Yes, you do. ### How many transfers can I make out of my savings account per month? Your savings account doesn't currently have a limit to the number of transfers you can make. ## Mercury Treasury ### What is Mercury Treasury? Mercury Treasury secures and scales your runway through lower-risk, highly liquid portfolios with J.P. Morgan Asset Management and Morgan Stanley. ### Are there any maximum balance requirements? There is no maximum, but if you are planning on investing over $200M, please check with us first. ## Mercury Invoicing ### What is Mercury Invoicing? Mercury Invoicing lets you send professional invoices, track what you’re owed, and get paid. ## Mercury Bill Pay ### What is Mercury Bill Pay? Mercury Bill Pay is an automated accounts payable solution allowing you to manage your company’s bills with precision. ### How do I get Mercury Bill Pay? Mercury Bill Pay is only available to Mercury customers. ### What payment options are available with Mercury Bill Pay? You can schedule and send payments directly from your Mercury account via ACH, domestic and international wire, or check. ## Accounting Automations ### Which accounting software providers does Mercury integrate with? Mercury currently supports direct integrations with QuickBooks Online, NetSuite, and Xero. ### Who has access to your accounting automations set-up? We limit access to a company’s accounting automations set-up to the account’s admins and bookkeeper roles. ## User Accounts ### Can I control the permissioning on user accounts? For now, we have several types of access including admin access, bookkeeper access, custom access, and card only access. ### How can I add team members to my account? You can add team members through the Team tab in your Settings page. ### Are you compatible with Xero or QuickBooks? We’re fully integrated with QuickBooks Online and Xero and can automatically sync your transactions.