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Mercury Business Checking Accounts Review

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Founded in 2017, the San Francisco-based Mercury is an online fintech company focused on building and developing banking for startups. Its business banking services include checking and savings accounts as well as a variety of tools and features to help small- and medium-sized businesses scale their growth.

Although not a bank itself, Mercury partners with FDIC-insured financial institutions to store and manage deposits.

Account Features

Mercury’s business banking service is geared toward startups and includes both checking and savings accounts. Customers can add as many team members as needed to the account and includes debit cards for all selected members. Debit cards can be used for purchases or for withdrawals in any ATMs belonging to the Allpoint network.

Payments and transfers are unlimited and include ACH payments, check payments, domestic and international wire transfers. 

Customers fund the accounts by transfer or by depositing checks on the Mercury dashboard. The account, however, does not support cash deposits at this time.

Since it’s designed for startups, Mercury’s dashboard and account features are scalable to the businesses growth and needs, as well as being completely customizable. This allows companies to tailor the accounts’ functions and features to their way of business.

Fees and Restrictions

Mercury accounts are free of charge and require no minimum balance. The account does not carry maintenance, overdraft, monthly, wire, account opening, or transfer fees of any kind. 

The website does state that some advanced features—mass payments on its API and treasury management—might generate charges.

Although having an account does not require a minimum balance, customers who have over $250,000 in deposits are entered into the Mercury Tea Room. Tea Room members obtain additional perks related to bookkeeping and servers, as well as getting free tea sent to them. This additional service is completely free to eligible accounts.

To be eligible to open a Mercury business account, companies must be from the U.S. and have a federal Employer Identification Number (EIN). Mercury will also require your company’s formation documents and a valid, government-issued picture identification.

Several types of businesses are ineligible for a Mercury account, such as those involved in adult entertainment, gambling, and marijuana. Sole proprietors and trusts will not be able to open an account either.

Account Management and Support

Customers can manage their Mercury accounts online via the Mercury dashboard or on its mobile app. Although many services and features are included on the app, the online dashboard is the more complete platform of the two.

Support is available via the online dashboard or by email, but the company does not have customer service over the phone as of yet. Nonetheless, the website includes a Help Center with articles related to discussion topics and explainers on how to use various of the accounts features.

Reputation and Financials

Although Mercury is not a bank, it works with FDIC-insured partner banks that hold your deposits, such as Evolve Bank & Trust. FDIC insures non-invested money up to $250,000 per account per program bank.

Mercury is not currently registered with the Better Business Bureau but does have a 4.4 out of 5 (Excellent) rating on Trustpilot.


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Our Partner

Earn up to 5.38% APY in Mercury Treasury1

  • Unlimited payments & transfers including ACH and wires
  • No monthly fees or minimum opening deposit
  • Insured by the FDIC up to $250,000
  • Banking services provided by Choice Financial Group & Evolve Bank & Trust

1. Rate as of 04/15/2024. Terms Apply.