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At first they needed some documents so I provided them, after that they would take 3-6 weeks to complete the process due to some extra compliance checks, I said okay it's fair enough that you guys complete your procedure. I applied for the account on 22nd of February 2022. I waited very long for them to solve my issue but now I am totally frustrated by their behavior and false promises. PS: The 1 star in the rating is because Mercury did open our account quickly - within 24 hours of our application in Dec 2021. Do not entrust significant sums of money to startup online banks like Mercury. Or hire a US representative to help you open a traditional bank account. and open an account at a traditional bank in person. If your business is well-funded, it's worth it to spend the money to fly to the U.S. Get a traditional business bank account at a traditional bank. But it's always best to NEVER use Mercury bank at all. Of course, we will be closing the account as soon as we can. We were lucky that we tested the account with a small sum of money. My advice is - If you insist on using Mercury, DO NOT fund your account with any large amounts of money. We only discovered that this was common practice at Mercury when we started reading reviews online, in which hundreds of Mercury accounts were suddenly locked without explanation to clients. We have been waiting over 30 days so far with no further communication from Mercury.
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And they would not tell us how long the review would take. Compliance refused to explain why it was suddenly under review after $55 in payments. But then Customer Service called Mercury Compliance, and Compliance said that the account was under a review. Customer Service initially thought it was a problem at their partner bank Evolve Bank & Trust. We called Mercury Customer Service and they were confused too. I've been an entrepreneur for 15+ years and never had my bank accounts locked before, so I was confused. We just tried to log in and noticed it was locked. Within 3 days of making the 2 payments, Mercury locked the account. The other payment was to a contractor in Canada via PayPal. One payment was to Moniker for a domain name renewal. We then made 2 small payments of $55 total. But we only funded the account with a small test amount of $5,000 in April 2022. We opened a new Mercury account in Dec 2021. We've found out in this forum that our negative experience is similar to the experiences of many other entrepreneurs worldwide. I have never left a review online but I had to set up this Trustpilot account to warn other entrepreneurs to NEVER USE Mercury bank.