We're migrating from LendingClub Bank/ACBB to JP Morgan Chase as the bank that processes all international wires.
Why are we migrating?
As the number of Brex Cash customers has scaled, we need to use a bank that can handle the volume of payments so that you have a good experience with minimal processing delays. As one of the largest banks in the world, JP Morgan Chase offers the ability to support our scale.
What do I need to do?
You will need to give any vendors that pay you from outside the US new payment instructions. You can find these in your account by going to Transactions and clicking View details under Account details.
No action is required when sending international wires.
Where can I see the new JP Morgan related payment instructions?
You can access your new payment instructions by going to Transactions and clicking View details under Account details. You can click on Details PDF to get a page of instructions that you can provide to your vendors.
What if vendors use the old payment details when sending me money?
Unfortunately, if your remitters use the old wire instructions after 5/19, the wire will be returned by our old processing bank and you will not receive your funds. They will need to send another payment with the new JP Morgan Chase instructions in order for you to receive your funds.
WIll any of my recurring payments be affected?
No, none of your current recurring payments will be affected by this migration.
Are wires still free?
Yes, you can both send and receive wire payments free of charge! The recipient’s financial institution may charge a wire receipt fee.