Stripe is transitioning your Stripe Issuing card program from Regions Bank to a new bank sponsor, Celtic Bank, effective as of June 30, 2021 (the “Transition Date”). Through this partnership, we will be able to support a broader set of businesses, including sole proprietorships. As part of transitioning the card program, Stripe will move your card accounts and any associated funds to the new bank sponsor. While new cards will be issued by Celtic Bank following the transition, you will still be able to use cards issued to you by Regions before the Transition Date through September 2022. Virtual cards will be migrated by Stripe through a BIN transfer from Regions to Celtic Bank and will not require any action by the user at this time.
As part of transitioning your card program to a new issuing bank, you will need to accept a new card program agreement. Once you accept these terms, and complete a streamlined onboarding process through your dashboard, you will have access to the new card program with Celtic Bank. We are writing to provide you with some additional information about the new card program agreement, and explain a bit more about how the program will work with the new issuing bank.
Your Stripe Issuing card program will continue to operate substantially the same way as the existing card program. The new program will continue to be a Visa commercial credit card program managed by your administrators through the Stripe dashboard. API functionality should be unchanged and should not require re-configuration. The program will be subject to the same use case limitations (for example, no consumer use) and the same standard pricing, as reflected on the Pricing Page.
We encourage you to carefully review the terms of the new program. If you are a platform user, your platform companies also will need to accept these terms. Additionally, all authorized users will need to accept the revised user terms. To avoid any interruption to your program services, please accept these terms no later than the date in your notification. If you have any questions or need any assistance, please contact your firstname.lastname@example.org.
Frequently asked questions
Will I have to pay for replaced or reissued cards?
No. Stripe will cover the cost of any reissued cards (excluding expedited shipping charges). As existing cards expire, are terminated or are lost/stolen, we will issue replacement cards with the new bank partner. All cards will be replaced by Sept. 30, 2022.
Why do I need to re-attest my business information?
As we transition bank partners, it’s important to confirm that the information you provided is accurate. You’ll be asked to confirm your business information in the dashboard as part of the transition.
Why do my connected accounts need to provide a Social Security number?
As we transition bank partners, it’s important to confirm that the information provided for all accounts is accurate and that further information is provided as necessary. Information we request is needed in order for Stripe and our bank partner to comply with legal and regulatory requirements. This information for your connected account is required by June 1, 2021 for your transition to be complete. You can find all required fields for connected accounts here. To learn more about how we handle data, please visit the Stripe Privacy Center.
What happens if I don’t transition my account to a new bank partner?
Your cards will continue to work in the near term. However, after June 1, 2021, your cards will no longer function.
Will I need to adjust my Issuing balance or program funding?
No. Stripe will transfer your funding to the new bank partner. There is no action needed from you.
When will my program be migrated?
There are two phases to the migration:
- First, you need to onboard with the new bank partner. We will reach out in Q1 2021 with a link to start onboarding. To onboard with the new bank, you need to sign a new card program agreement that is similar to our previous program agreement. We will also re-collect and verify identifying information. If you are a platform user, that means your connected account holders will need to provide a full Social Security number. Once you’ve agreed to the new terms and re-verified all relevant information, your cards will automatically be issued by the new bank partner.
- Second, we will need to migrate your existing cards. This will be done in June 2021. There is no action needed from you.