What is Medici Bank?
Medici Bank is a fully licensed deposit-taking financial institution based in the USA. The bank was founded in 2016 and received our bank license in 2017. After being acquired in 2019, Medici Bank relaunched in 2020 and offers business accounts and consumer time deposits (CDs).
How do I apply for an account?
You can open an account online. For consumers it takes about 5 minutes; for businesses a couple more minutes. If you are in a high-risk industry, you'll need to go through an 'Enhanced Due Diligence' ("EDD") process, which will require sharing of significantly more information, inclusive of phone calls and possibly a site visit.
What do I need to apply for an account?
You will need your ID (eg driver’s license or passport), tax ID number and face (to take a selfie). If applying for a business account, you will also need articles of incorporation and proof of address (eg. a recent utility bill). If you are a Money Service Business, you will need to go through an Enhanced Due Diligence process.
Why do you need my Tax ID number?
USA Federal law requires all financial institutions to obtain, verify, and record information that identifies each US person, and entity, who opens a bank account. We may also need it to provide you tax return information (eg. 1099-Int) if you are a US citizen or resident subject to tax by the IRS. While we do collect Tax ID info for non-US customers, we do not use it for reporting to foreign tax authorities.
Can I open an account for a business?
Yes; Medici Bank is first and foremost a B2B bank; get in touch and let's talk business.
Can I open a personal account?
Yes, you can open a personal Certificate of Deposit (CD) account, also known as a Time Deposit.
Do I need to be a US citizen or resident to open an account?
No. Medici Bank is able to bank people and businesses from over 100 countries around the world.
Are the deposits insured?
Deposits are held at a partner FDIC insured bank while we secure our own deposit insurance.
How much does it cost?
Medici Bank fees vary depending on the type of account you want and the type of customer you are. For example, there is no fee to open a CD account and no fees for a US business to open a US dollar demand account. Wire fees are $25, whether inbound, outbound, domestic or international. Fees for international business accounts, for multi-currency accounts, and for MSB accounts vary. Please contact email@example.com to learn more.
What do you do for security?
Medici Bank utilizes the dot-bank domain extension reserved strictly for licensed and regulated banks, so users don’t get phished to fraudulent .com or .io or .net type of sites hosted by criminals pretending to be your bank. Further, all Medici systems are deployed behind firewalls and hosted on HTTPS pages. We use 32-bit SHA-256 hash encryption to secure sensitive data (such as passwords, Tax IDs, and ID documents) in transit and in storage. We authenticate all user emails and phones and, for any transactions, will require app-based two-factor authentication, such as Authy and Authenticator. In accordance with the National Institute of of Standards and Technology, we do not support two-factor authentication for monetary transactions via insecure methods like SMS.
Where are my funds kept?
Deposits are held at FDIC insured financial institutions in the US.
What is Authy and Authenticator?
Authy and Google Authenticator are the two-factor authentications (2FA) apps we have users use to securely authenticate themselves to the bank when logging in and making transfers.
Do you support text messaging for two-factor authentication?
We will send you a SMS code to authenticate your number during onboarding and will ask you to upgrade to 2FA via 3rd party app (eg Authy, Authenticator) for authorizing transactions.
Can I send wire transfers?
Yes, subject to a $2500 minimum.
Where do I find wire instructions?
Wire instructions can be found by logging into your account and going to Support link and then the wire transfer instructions.
Can I send money via ACH?
Not just yet; we expect to add ACH support in the weeks ahead.
Do you support checks?
No; as a digital-native bank, we don’t plan to support paper based processes.
Do you have debit cards?
We do not have debit cards at this time but plan to add them in the months ahead.
Can I deposit cash?
No; as a digital-native bank, we don’t support paper based products.
Do you have Demand accounts?
Yes; we have Demand Deposit Accounts (DDAs) for businesses. Learn more here. We will add DDAs for consumers by end of year 2020. Stay tuned.
Do you have Savings accounts?
We will have business Savings accounts in Q3 of 2020 and consumer Savings accounts by end of year 2020. Stayed tuned.
Do you have Certificate of Deposit (CD) accounts?
Yes; we offer jumbo CDs ranging from 6 months to 3 years durations with some of the best interest rates in the world. Learn more here.
Can I have multiple users on my account?
Yes, Business DDAs allow for multiple users. Consumer CDs do not support Joint Accounts at this time.
Can different users have different permissions on the account?
Yes, a business DDA can have an unlimited number of users with up to 4 different levels of authorization. In addition, Medici Bank supports workflow approvals between users. For example, a large wire request can be created by User1 and then routed, via email and SMS, to User2, User3, and User4 for approvals. Learn more here.
How do I add users to the account?
To add users, log in to your account and go your account Profile and select ‘Add User’. Input the new User’s email address and we will email them a link to join the account. They will need to go through Know Your Customer (KYC) process.
How do I remove users from the account?
To remove users, please send an email to Support@Medici.Bank to open a request.
What type of clients can you bank?
We bank tech-forward growing small and medium size companies in the USA and outside the USA; we also bank high net worth individuals and family offices, in particular those outside the USA, that want a US dollar account that pays interest.
Any currencies other than the US dollar?
Presently we bank just US dollars; we plan to add other major currencies in Q3 of 2020. And, no, we do not bank cryptocurrencies.
Do you have custody accounts?
Yes, Medici Bank has a Trust division that offers Custody accounts.
Do you do Escrow?
Yes, Medici Bank’s Trust division provides Escrow services to select clients in select industries—typically ones with frequent use that appreciate highly automated real-time processing and lower fees.
How can I open a Business account with Medici bank?
To open a Business account please go to the following link: https://open.medici.bank/
What are the bank’s hours of operation?
Clients may submit transactions at any time (24x7x365) via the Web or API. Internal transfers (from one Medici Bank client to another Medici Bank client) may happen instantly regardless of time of day and day of week and others may be held up for risk or compliance review. Those that need to be reviewed, and any external transfers, would be processed typically Monday to Friday between 9am and 6pm Eastern USA time.
Where is the bank's headquarters?
The bank maintains an office at B7 Tabonuco Street (suite 1504) in Guaynabo PR, 00968, on the outskirts of downtown San Juan, the capital of Puerto Rico, USA.
How do I make a deposit into my account?
You can make deposits to your accounts at Medici Bank by sending a Wire Transfer. For wire transfer deposit instructions, click to see Wire Transfers.
How can I fund my account with an ACH transaction?
ACH processing is not available at this time. Check back later as we expect to add ACH processing later in the year (2020).
How do I send money to a bank account outside the US?
Funds to/from a Non-US Bank must be sent/received by wire transfers.
How can my customers make a payment to my account by wire transfer?
To receive payments to your account through a wire transfer please provide the wire transfer instructions to your customer/supplier; those instructions can be found by clicking here.
How do I pay people or companies from my account?
Your receivers can be paid either by wire transfer or, if they have an account with Medidi Bank, via internal transfer. Internal transfers that do not require bank approval are instant.
What information do I need to send money to a non US Account?
To send a payment to a Non-Us account (international) please ask your vendor/recipient for the following information:
- Intermediary US Financial Institution, if any
- Beneficiary Bank BIC/Swift Code
- Beneficiary Bank name and address
- Beneficiary/Recipient's name and address
- Beneficiary/Recipient's account number
I was asked for an IBAN number—what is that?
IBAN is short for "International Bank Account Number” and is the number attached to all bank accounts in the European Union. An IBAN consists of letters and numbers indicating country, bank, and account number.
I was asked for BIC Code—what is that?
BIC is short for "Bank Identification Code" and is also known as the "SWIFT Code". It's a code assigned by the Society for Worldwide Interbank Financial Communication (SWIFT) to facilitate messaging between participant banks.
How do I send a wire transfer to recipients located in the US
- Log in to your OLB account.
- Confirm balance availability
- Go to Send Money tab
- Select Add recipient
- Select the Type of Account (Personal or Business)
- Click "In the USA" in the Recipient Location
- Create the recipient bank details: Bank name, ABA/Routing number and bank address
- Create beneficiary customer details: Name, Account number and customer address
- Save template for future payments to this customer
- Open My Recipients tab and select the customer template you will send funds to.
- Click on External account, add amount of payment and purpose of payment in the respective fields
- Click send money
- Type your OLB account password and 2FA code and click 'submit'
How do I send an international wire transfer?
- Log in to your OLB account.
- Confirm balance availability
- Click "Send Money" in the left navigation column
- Select "Add recipient"
- Select the Type of Account (Personal or Business)
- Select the Recipient Location (In the USA or Outside the USA)
- Input the recipient bank and account details
- Save recipient for future payments
- Click "My Recipients" tab and select the customer template to send funds
- Input the amount of payment
- Click on "External account"
- Input your account password and 2FA code and click 'submit'
What if the intended recipient says that they never received the funds?
Please allow 3 business days for funds to be received by the beneficiary. If for whatever reason the recipient has not received the funds please send us an email to firstname.lastname@example.org and our we will investigate.
Can I cancel a payment?
Approved payments cannot be cancelled by customers. If the payment is pending approval, please email email@example.com to request to have the payment cancelled. If payment was already sent, Medici Bank can submit a wire Return request at an additional cost to the customer.
What does "cut-off time" mean?
Transactions Cut-off times is the time of day the outgoing payments, ACH and Wire transfers, are settled by the bank. All transactions submitted after the cut-off time will be processed the next business day.
What are the Medici Bank cutoffs?
Wire transfers are processed Mon through Friday on a first-in, first-out basis. Wire transfers OUT received after 3:00pm (15:00) Eastern Time USA will be processed the next business day.
Where Can I learn more about the Medici Bank API?
Medici Bank has published documents and provisioned a robust REST/JSON API to enable you to integrate your financial, accounting and/or payments systems into the systems of the bank. API documents can be found here. https://api.medicibank.ioHow do I get access to the API?To get access to the API, see instructions at https://api.medicibank.io or contact us at firstname.lastname@example.org
How can I contact customer service?
You can reach the customer service department by email at email@example.com
Or, you can call us at: