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The ability to search and filter all past transactions by merchant, account, category, or even amount is always right up top the dashboard for instant results. Sending money via wires or ACH transfers can be done with no more than three clicks. The date picker, meanwhile, makes it easy to search historical transactions. There’s also a list of recent transactions, and lists showing all mo ney out and all money in for a given period. The dashboard offers an instant glance at your savings balance, which could be adjusted to show the balance for any past day. It has the look and feel many of us are accustomed to from using other tech platforms and apps. Mercury was designed to be much more user-friendly than standard online banking platforms. Bookkeepers can also be granted access to the accounts, where they can view everything, but won't be able to transact. Accessįinally, it’s easy to add or remove access to the account for new team members. These are some highly practical features for budding companies when scarce funds have to be allocated as wisely and efficiently as possible, and every wasted buck means wasted opportunities down the line. Other services include a block on overdrafts and an auto-notification feature when account balances go into the red. In fact, the only fees are for wire transfers, which cost $5 for domestic transfers and $35 for international ones. You can also send and deposit checks for free. There are also no monthly fees and no account fees. Your team gets a debit card (there's no credit card or line of credit lending as of yet), for which Mercury charges zero fees (only ATM fees apply). Not too shabby in today’s post-2008-hangover QE climate. With Mercury, you get a guaranteed 1% rate on whatever’s in your savings account, and 2% if you keep a balance above $250K. Interest, which could be thought of as the degree of the integrity of money, is often considered something only huge institutional investors or cavalier speculators can benefit from. It’s still a noble institution which offers peace-of-mind and security to businesses going through precarious growing pains. Quick history lesson: The Federal Deposit Insurance Corporation (FDIC) was started by FDR in the wake of the Great Depression as part of his New Deal, to shore up against bank runs and the threat of banks running out of cash. Working right off your laptop, Mercury opens up FDIC insured checking and savings bank accounts for your team, meaning your funds are insured for up to $250K. The cost and benefits of a Mercury account Insurance It includes other add-on services like analytics, estimates, and access to a wealth of Silicon Valley community wisdom (unlike big banking power structures which enforce insider/outsider dynamics to guard their trade secrets)
#MERCURY BANK FREE#
It’s free and easy to set up a checking account, debit card, and savings, and super cheap to use (unlike the costly byzantine banking service-fee system) Mercury is easy to use (unlike trying to constantly navigate between banking statements and homemade spreadsheets) Of course, beyond the above two more institutional reasons for Mercury’s rise, there are plenty of other great selling points to keep in mind: We want to be a technology-first bank that actively helps your business succeed.” “Business needs have evolved and existing banks are not keeping up with that change. The second reason is that the banking industry itself-these days dominated by but a fistful of behemoths in the US-have had little incentive to innovate modern products geared for light, lean and tech-savvy startups. In fact, it’s likely most core members of a startup team-well-versed in everything from coding to creativity to networking-have near-zero know-how when it comes to business money management. The first is that almost all real startups- smaller companies which are just getting started-don’t have CFOs, don’t have banking connections, and don’t have the balance sheet bluster to get financial institutions bending over backwards to meet their specifically-modern needs. There are two good reasons why Mercury, an online banking platform, is the bank for startups we've been waiting for.