Frequently Asked Questions

Updated 9/30/2020

Here, you can search a growing knowledge base of FAQs to learn about the bank, your account, and our API, among other things. If, after searching the FAQ, you can't find the answer you seek, please send us an email at support@medici.bank and we will get back to you directly.

Fees: Business Demand Deposit Account

Item Amount Note
Application/KYC Free Fully digital online application
Account Opening Free
Demand Account Monthly Maintenance Free
Transfers to Other Clients of Medici Bank Free Real-time 24/7
Wire In/Out (US & International) $25 Wire amount minimum = $2500
Wire Investigation $50/hour $50 minimum
Wire Recall $25
Returned Wire $25
Bank Reference Letter $25
Payment Confirmation Letter $10
Audit Request $25
Minimum to Open $10,000
Minimum Balance $2,500 Otherwise, $50 fee (resets monthly)
API Integration Free
API Usages Free

Deposit (Wire Transfer) Instructions

To make deposits into your account, you need to send a Wire Transfer using the below instructions. The same instructions apply when your customers are making payments into your account. All deposits and payments are to be by Wire Transfer and are subject to a minimum transaction amount of $2,500.

It is important that you put your Medici Bank account number inside of the hash-marks (##) in the "reference" (or "memo") comment line of the wire.

The "Correspondent" or "Beneficiary Bank":
Bank Name: Signature Bank
Address 1: 565 Fifth Avenue
Address 2: New York, NY 10017
Swift Code: SIGNUS33XXX
The "Recipient" or "Beneficiary":
Recipient name: SJMBT-Medici BI
Recipient Address 1: 644 Fernandez Juncos Ave
Recipient Address 2: San Juan PR 00907
Recipient Account # 1503981277
Reference* ##account number##
*You must place your Medici Bank account number in the Reference, or Memorandum, field and place two hash-marks both before and after your account number so that our system recognizes it.
Bank Holidays (2020)

Wire transfers and internal transfers subject to bank approval will not be processed on weekends or holidays. Medici Bank will be closed the following holidays in 2020.

WednesdayJanuary 1stNew Year's Day
MondayJanuary 6thThree Kings Day or Epiphany
MondayJanuary 20thMartin Luther King's Birthday
MondayFebruary 17thPresident's Day
SundayMarch 22ndDay of Abolition of Slavery or Emancipation
FridayApril 10thGood Friday
MondayMay 25thMemorial Day
FridayJuly 3rdIndependence Day
ThursdayJuly 25thCommonwealth of Puerto Rico Day
MondaySeptember 7thLabor Day
MondayOctober 12Columbus Day
TuesdayNovember 3rdElection Day
TuesdayNovember 11thVeteran's Day
ThursdayNovember 19thDiscovery of Puerto Rico Day
ThursdayNovember 26thThanksgiving Day
ThursdayDecember 24thChristmas Eve (Half Day)
FridayDecember 25thChristmas Day
ThursdayDecember 31stNew Year's Eve (Half Day)
Money Service Businesses

If you are a Money Service Business (MSB), we look forward to banking you and you should expect to go through an Enhanced Due Diligence (EDD) process when opening an account.

Medici Bank, in our efforts to comply with bank laws and to prevent money laundering and terrorism financing, will ask MSBs for more information about their business, such as:

  • A detailed description of your business, owners, clients, countries of operation, etc
  • What regulations you are subject to and what licenses you may have
  • Your own compliance policies and procedures, including how you handle KYC, AML and the like
  • ...and more, depending on the type of business you are in.

MSBs include, but are not limited to, businesses that facilitate the movement of value for others (e.g. their customers). Money transfer services (e.g. Venmo), remittance services (e.g. MoneyGram), prepaid card program managers (e.g. Chime), foreign currency exchange services, and more, would all be considered MSBs. Stock markets, stock brokerage firms, cryptocurrency exchanges, crypto wallets, OTC trading desks and even some " prop trading " firms can also be considered MSBs. Bitcoin ATM operators are MSBs. Basically, any company that trades a unit of value for the same or another unit of value (as opposed to trading for goods or services) is a MSB.

If you are an MSB and looking to open a bank account with Medici Bank, you should expect to go through an EDD process. The better prepared you are for EDD, the faster the process goes. It is our objective to complete EDD within a week from when all requested information is provided.

FAQs regarding CDs (Time Deposits)

What is the minimum deposit amount required to open a Certificate of Deposit ("CD")?

See current minimum deposits here: https://open.medici.bank/consumer/cd

What are the rates you offer on CDs?

You can see current rates at: https://open.medici.bank/consumer/cd

How do I open a CD?

Go to https://open.medici.bank/consumer/cd

How long does it take to apply for a CD?

The process to apply for a CD takes about 5 minutes

How long does it take to get approved?

CD approval timeframe is 1-2 business days.

When I open a CD, how much time do I have to fund it?

You will have up to 10 business days from your CD opening date to fund your CD to get the interest rate you applied for; after that the rate is subject to change. You start earning interest from the day your funds are received and are credited to the CD.

Can I add more funds to a CD after I have funded it?

No, you cannot add funds to your CD once it is already open and funded. If, at the end of the term, you elect to 'rollover' your CD, you may deposit additional funds at that time. You can always open a separate CD whenever you like. A good idea is to have multiple CDs that mature at different timings, for example, if you opened a 6-month, a 12-month, an 18-month, and a 24-month CD, you would have funds maturing every six months and could elect to take out your money if needed or rollover, knowing you'd have another CD maturing in just 6 months.

When will my CD start earning interests?

Your CD starts earning interests the date your funds are credited to the account, typically the day they are received at the bank.

Will you send me tax reports?

Tax Reports will be sent once per year to those customers that are required to receive it. Typically, this is just customers subject to IRS tax of the United States.

What are my options at the end of the CD term?

We will notify you 30 days before your CD's maturity date. You will have two options:

  • Withdraw your funds
  • Rollover your funds into a new CD at the current interest rate

What happens if I don't tell you my decision at end of term?

If you fail to advise us what to do with your CD within five (5) business days after its initial termination, we will automatically rollover the funds into a new CD of the same duration at the then-current interest rates.

Are there any fees or penalties associated with my CD?

If you withdraw the balance from your CD prior to maturity, you will be charged an early withdrawal penalty. Penalty rates vary by term of CD.

General FAQs

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 government issued ID (e.g. driver's license or passport), tax ID number or equivalent and face (to take a selfie). If applying for a business account, you will also need articles of incorporation and proof of address (e.g. a recent utility bill). If you are a Money Service Business, you will need to go through an Enhanced Due Diligence process. Additional documentation may be required.

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 with tax forms (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, unless required.

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 at not directly insured at Medici Bank as we have not as of yet secured deposit insurance. 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 join@medici.bank 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 Google Authenticator. In accordance with the National Institute 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, both incoming and outgoing transfers are 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 clicking on "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 our identification 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 soon. 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 5pm Eastern USA time.

Where is the bank's headquarters?

The bank maintained 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. However, during COVID, we are working virtually.

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 Medici Bank, via internal transfer. Depending on the amount, most internal transfers 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

  1. Log in to your account online
  2. Confirm balance availability
  3. Go to Send Money tab
  4. Select Add recipient
  5. Select the Type of Account (Personal or Business)
  6. Click "In the USA" in the Recipient Location
  7. Create the recipient bank details: Bank name, ABA/Routing number and bank address
  8. Create beneficiary customer details: Name, Account number and customer address
  9. Save template for future payments to this customer
  10. Open My Recipients tab and select the customer template you will send funds to
  11. Click on External account, add amount of payment and purpose of payment in the respective fields
  12. Click send money
  13. Type your OLB account password and 2FA code and click 'submit'

How do I send an international wire transfer?

  1. Log in to your account online
  2. Confirm balance availability
  3. Click "Send Money" in the left navigation column
  4. Select "Add recipient"
  5. Select the Type of Account (Personal or Business)
  6. Select the Recipient Location (In the USA or Outside the USA)
  7. Input the recipient bank and account details
  8. Save recipient for future payments
  9. Click "My Recipients" tab and select the customer template to send funds
  10. Input the amount of payment
  11. Click on "External account"
  12. Input your account password and 2FA code and click 'submit'

What if the intended recipient says that they never received the funds?

Please allow at least 3 business days for funds to be received by the beneficiary. If the recipient has not received the funds by then, send us an email to support@medici.bank and we will investigate.

What does "cut-off time" mean?

Cut-off is the time of day the bank processes the last batch of transactions. All transactions submitted after the cut-off time will be processed the following business day.

Can I cancel a payment?

Once approved, payments cannot be cancelled by customers. However, if the payment is still pending approval, please email support@medici.bank prior to 2pm EST to request cancellation. If the payment was already sent, Medici Bank can submit a wire return request at an additional cost to the customer.

What are the Medici Bank cut-off times?

Wire transfers OUT must be received by 3:00pm (15:00) Eastern Time (USA) to be processed the same-day.

How can I contact customer service?

You can reach the customer service department by email at support@medici.bank

Or, you can call us at:

USA: (+1) 888 290 6008

Ireland: (+353) 1800 90 850
UK: (+44) 800 808 5170
France: (+33) 805 080 507
Mexico: (+52) 800 461 0074