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What do I need to know about the bank migration? (Including FAQs)
What do I need to know about the bank migration? (Including FAQs)

Landlord Support

Mohanad A. avatar
Written by Mohanad A.
Updated over a week ago

We are excited to announce a migration to a new bank partner, Thread Bank, to offer you an enhanced banking experience.

Benefits of Migrating to Thread Bank:

Enhanced features
Get access to upcoming features, like check writing, same-day ACH payments, and more -- while continuing to offer a competitive APY on deposits.

Expanded protection for your money
Your money will be more secure than ever, with increased FDIC insurance from up to $250,000 to $2,500,000 provided through the deposit sweep program with Thread Bank, Member FDIC. See here, for more details on Thread Bank's deposit sweep program for FDIC insurance on their accounts.

Migration Timeline:

  • After Nov 16th, we will begin collecting consent via an in-product form for existing users to migrate to Thread Bank (migration will not occur until November 27th). During this period, existing banking customers will not be able to open any new accounts with Blue Ridge Bank. Non-banking customers will be able to apply for and open Baselane Banking accounts at Thread Bank.

  • After November 27th, for users who have consented to the migration, we will begin migrating to Thread Bank. This includes opening up new accounts/cards and transferring funds; the prior accounts with Blue Ridge Bank, NA will be closed shortly thereafter. Any customers who did not consent prior to this date will be able to consent via the product, and subsequently be migrated.

    • Note: during migration, your account may not be accessible for a short period of time. If this lasts longer than 2 hours, please contact [email protected].

  • After December 16th, accounts at Blue Ridge Bank, NA will stop earning interest. If you have not consented to the migration by this date, we encourage you to do so.

  • In Q1 of 2024, any customers who have not consented to the migration will have their Blue Ridge Bank, NA accounts closed: any remaining balance at that point in time will be mailed via check to the address on file.

Action required from you:

  • Consent to the migration: Upon logging into your Baselane account, you will now see a new banner at the top of the page. Review the details and consent when ready.

  • Confirm your mailing address: Please confirm that your contact information is up to date in your Baselane banking account details. Please update the mailing address on each of your bank accounts so that we can ship your new debit card(s) to the correct address. To learn how to update your mailing address, see this article here.

  • Update your banking info with all 3rd parties: Please review transactions on your account to identify where you will need to update your banking/card info. More details are included in this article.

Frequently Asked Questions:

I have multiple LLCs and virtual accounts with Baselane Banking: how will those be treated during the migration?

As part of the migration, we will replicate your account structure with Thread Bank, including naming conventions and tagging rules, and transfer funds from each of your accounts at Blue Ridge Bank, NA to the corresponding, newly created account at Thread Bank.

What will happen to my existing Debit Cards?

All old physical/virtual debit cards will be closed, and new ones will be issued, which will require activation. You will receive your new physical debit card(s) within 10 business days after the migration begins. Virtual cards will be available instantly.

What is the APY with Thread Bank?

All customers migrating to Thread Bank will earn 4.19% APY through February 2024, after which the Tiered APY interest rates outlined in section 1.7 of the Deposit Agreement will be enforced. Early next year, we will be adding a widget within the product so that you can easily track which tier you are on.

See here, for more details on the Tiered APY interest rates and how they are calculated.

How will this affect my rent collection?
Any rent collected via Baselane's native rent collection tool will automatically be updated to be sent to the new account(s) at Thread Bank.

If you use any external rent collection tools or a property manager, please make sure that you provide the updated account information to ensure funds are sent to your new account(s) at Thread Bank.

How will this affect my payments to third parties (e.g., mortgage service providers, utilities, insurance companies)?
You will need to update your bank and card information with all vendors and service providers. We recommend making a list of your regular payments and subscriptions, and login to their online portals after the migration is complete to provide your updated account/card numbers.

I have some outstanding transfers that are still pending: how will they be impacted by the migration?

Any transactions initiated from the Baselane platform before the migration will proceed normally:

  • Outbound transfers initiated before migration will be received by the counterparty as expected.

  • Inbound transfers initiated before migration will be automatically transferred to the new bank account.

If you have any transfers that are initiated by an external platform or vendor, these may fail if the new account information is not used. Please make sure to update the account information with those other platforms/vendors.

What happens to the existing balance on my accounts when I migrate?

Balances will be transferred via ACH from your old accounts to your new accounts. The transfer will take 1-2 business days during which funds will be inaccessible.

What happens to my statements & transaction history?

Statements for prior accounts will continue to be available, and all transactions will continue to be visible in the transaction ledger; transactions from the Blue Ridge Bank, NA accounts will be denoted as such.

What are the withdrawal/deposit limits and fees associated with Thread Bank?

Limits and fees will remain relatively unchanged; in fact, we are actively working with Thread Bank to increase withdrawal/deposit limits for our high-volume customers. A detailed and current view of transfer limits is included in the Deposit Agreement with Thread Bank (see here). Note that long-term, limits and/or fees are subject to change.

Will the Cashback program remain in place with the migration to Thread Bank?

Yes! There will be no change to the Cashback terms when we migrate accounts to Thread Bank. Please note that Cashback terms are subject to change, and may change in the future.

When does the migration start?

November 27th, starting at 9 AM EST.

Will there be any website downtime during the migration?

There may be brief site maintenance, but significant downtime is not expected. We will communicate any expected outages ahead of time.

During the migration period, can I open any new bank accounts or virtual accounts?

From November 9th to the 27th, existing Baselane Banking users with Blue Ridge Bank, NA will not be able to open new accounts or submit new bank applications.

Will I need to apply for a new bank account with Thread Bank?

No. Your accounts (operating and virtual) and cards (physical and virtual), will be automatically migrated to Thread Bank without needing a new application. All details will be transferred over.

What happens if I do not consent to the migration?

If you do not consent to the migration, your Baselane Banking accounts with Blue Ridge Bank, NA will stop earning interest after December 16, 2023. We will keep Blue Ridge Bank, NA accounts open for a short period of time to allow our customers more time to consent to the migration -- however, we do plan to close all Blue Ridge Bank, NA accounts at some point in 2024.

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