Message from Travis Smith, Tribevest CEO
Business Account Updates
Updated on September 6, 2024
1. Debit Cards and Check Deposit
Good news! You can now order debit cards. Ordering a debit card remains a seamless processes on our platform, just as it was with Blue Ridge Bank. Simply head over to the Business Account tab to get started. Here is a quick overview of how to order Debit Cards for your Tribe.
We are currently testing the new Check Deposit functionality and it should be ready by the end of next week. Thank you for your patience here.
2. Additional FDIC Insurance Eligibility
We have been hard at work securing an additional banking option at a second partner bank within the Stripe experience. This additional banking option will allow for expanded FDIC Insurance eligibility from $250,000 per business account today, to $500,000, and we cannot wait to provide more information as we launch this additional feature by November 15th.
3. Contributions Solution with Stripe
We’ve heard your concerns about the challenges of initiating electronic ACH contributions to Evolve Bank & Trust. We’re excited to announce a partnership with Stripe to provide an immediate solution for contributions. Our goal is to have this feature live by November 15. While we are in the early stages, partnering with Stripe gives us confidence in delivering the best solution for you.
4. Same-Day Inbound and Outbound ACH
All Tribe accounts now have same-day inbound and outbound ACH! ACH payments have benefits over wires such as: they are reversible unlike wires, pay bills or vendors faster, and increase or improve cash flow.
5. Yield Solution
We understand many of you miss the leading interest rate accrual from Blue Ridge Bank accounts. We are actively working on a solution that will calculate yield for our customers based on the Effective Federal Funds Rate (EFFR). This will take some time, but we’ll keep you updated with more information in Q4. The interest accumulated at Blue Ridge Bank was an added bonus to using Tribevest during that time frame and we simply passed on the interest to you. With our transition to Stripe, this will no longer be the case and we will have more information forthcoming on our Yield product to keep you in the loop.
Contributions
Historically, Tribevest members have enjoyed multiple methods to contribute capital, including wiring funds, initiating ACH pulls from the Tribevest account, or pushing funds via ACH from an external account.
With our new banking partner, ACH pulls initiated from Tribevest accounts are unavailable. Currently, all capital contributions must be initiated through a wire or ACH push from your external bank account.
We have received feedback that pushing an ACH from your external bank account is prohibitive to contributing to your Tribe's account and in many cases a check is being sent. We are working with Stripe to understand what our options for contributions moving forward as we know this is affecting numerous Tribe's business operations.
In the meantime, we have prepared a resource guide detailing the new methods for making capital contributions.
Thank you for your understanding and cooperation as we work with Stripe to prioritize contributions.
Tribevest's Commitment to Stability
August 27, 2024
It’s been one week since we have completed the migration to Stripe Payments Company and Evolve Bank & Trust.
Our main priority before August 15 was to ensure your funds were safe and secure while giving you the ability to continue your Tribe operations and transactions. We believe we have achieved that goal. Now that we are on the other side, we want to reinforce our commitment to you.
Our Commitment to You
We recognize that the transition might have felt sudden, and we’ve learned valuable lessons from this experience. Moving forward, you can expect us to be fully transparent and provide you with regular updates of progress being made. Whether it’s conversations we are having with Stripe or features we are releasing, you will always be in the loop. A few items that we are already working on:
- Debit cards and check deposit will be available by the end of August
- We are meeting with Stripe this week to discuss the challenges with sending in contributions and are working towards an immediate solution
- Yield will be available by the end of this year
Why We’re Here
Our decision to make this switch was driven by shifts in the banking industry, specifically changes and challenges with our previous partner. These developments left us with limited options in terms of timing, and we needed to act swiftly to ensure that your services remained uninterrupted. Although this was not the ideal timeline, our priority was to maintain the highest standard of service for you.
Why We Chose Stripe
After evaluating multiple solutions, we decided on Stripe as our new partner. This decision wasn’t just about finding a quick solution—it was about finding a long-term partner that could support our growth and, more importantly, provide stability and flexibility for both us and our clients. We’re confident that Stripe is the right choice for us, and we look forward to a strong partnership with them for the next decade and beyond.
A Sincere Thank You
We also want to take this opportunity to express our deep gratitude for your continued support and trust during this migration. Your patience and understanding have been invaluable to us, and we are truly thankful to have clients like you who stick with us through transitions like these.
Our team is here to support you every step of the way, so please don’t hesitate to reach out if you have any questions or concerns.
Thank you for being a valued partner. We’re excited about what the future holds and are committed to ensuring that it’s a stable and prosperous one for all of us.
* Tribevest partners with Stripe Payments Company for money transmission services and account services with funds held at Evolve Bank & Trust, Member FDIC. Celtic Bank Visa® Commercial Credit cards are issued by Celtic Bank.
** The accounts are eligible only to the extent pass-through insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor, per financial institution, for deposits held in the same type of account, such as a business versus a personal account . Stripe is not a federally insured deposit institution. FDIC insurance applies only in the event of the failure of an FDIC-insured bank.
Frequently Asked Questions
Tell me more about Stripe as a company.
Stripe is a technology company that builds economic infrastructure for the internet.
Stripe started by making it easier for online businesses to accept payments, but their current opportunity is much broader. They help people start, run, and grow their businesses online.
Think of Stripe’s products in three broad categories:
1. Global Payments - At the heart of Stripe is their Global Payments and Treasury Network, which is the infrastructure for moving, storing, and managing money. On top of that infrastructure, they have built, and continue to build, a number of products to make their users’ lives easier.
2. Embedded Payments and Finance - As online businesses seek more ways to expand their value to customers, Stripe helps their users access and distribute financial services by providing the modular components needed to build full-featured, scalable services, like loans, treasury accounts, and credit cards.
3. Revenue and Finance Automation (RFA) - Finally, Stripe builds software that helps companies of all sizes manage their businesses online. Their tools can help businesses calculate taxes, set up recurring revenue plans, and answer revenue data questions.
Tell me more about Evolve Bank & Trust.
Evolve Bank and Trust has been a trusted financial institution since 1925; bringing nearly a century of banking expertise to our partnership.
They have grown from $2.65B in 2020 to over $12B in 2022, showcasing their capability and reliability in managing significant assets.
Evolve Bank & Trust is a recognized leader in providing banking as a service solutions, partnering with over 400 fintech companies to deliver cutting-edge financial services.
Can you tell me more about Stripe's BaaS offering?
Stripe's banking as a service (BaaS) offering enables organizations, like Tribevest, to build commercial financial services directly into their products. This includes money storage accounts, expense cards, and financing. Stripes product offering includes Stripe Capital, Issuing, and Treasury.
Stripe is the only BaaS provider that can partner with their customers on the entire money movement journey. They are processing $5B every month and work with users of every size and industry from early-stage startups to global billion-dollar businesses.
How big is Stripe?
Stripe is processing billions of dollars every month and works with users of every size and industry. For BaaS, Stripe has a large team spanning Issuing, Treasury, and Capital, and benefit from Stripe scale across all cross-functional teams (e.g. compliance, legal, marketing) and common infrastructure.
What kind of customers does Stripe have?
Stripe processes $5B every month and work with users of every size and industry.
Some of their customers include:
- Software platforms like Shopify and Housecall Pro
- Expense management companies like Ramp and Emburse
- Online travel agencies like Navan
- On-demand marketplaces like Shipt
- Buy Now Pay Laters like Klarna
- Fleet companies like AtoB and Coast
How is Stripe BaaS different from other providers?
Stripe BaaS has two key differentiators.
1. Stripe is the only BaaS provider that can partner with its customers across the entire money movement journey. This streamlines funds flow and simplifies interoperability for its users, creating compounding efficiencies across acquiring, holding, financing, and spending.
2. Stripe's product structure is unique. Tribevest is Stripe's direct customer, not the bank's. Stripe works with banks on behalf of its customers, and they have a network of strong, long-standing relationships, like Evolve Bank and Trust, across their business.
What is Stripe's perspective on the latest regulatory and compliance actions happening in BaaS? How is Stripe responding?
Stripe hopes the fintechs and founders that have been impacted can find a solution that suits their needs and allows them to focus on growth and product differentiators rather than stability.
Stripe has built their compliance program with a long-term perspective because they are also a regulated financial partner, so the stakes are even higher. Unlike other BaaS providers, Stripe is accountable to implementing their own KYC/KYB, AML, and Financial Crime compliance programs, which will be at Tribevest's disposal for all of our customers.
What is happening to my Tribe business account?
Your Tribe business account will need to be migrated from Blue Ridge Bank N.A. to Evolve Bank and Trust. How you access your account through the Tribevest platform will remain the same.
You will receive clear instructions from Tribevest of what you need to do to accept the Stripe terms and conditions, open your new account, and authorize Tribevest to move your funds to the new account.
The transition will be easy and seamless and should have minimal disruption to your business transactions.
Why are Wallets going away?
If you are a Wallet holder, we are no longer supporting individual accounts with the transition to Stripe and Evolve Bank and Trust.
Wallets will need to have funds withdrawn by June 30 or a physical check will be sent with the account balance to the address Tribevest has on file.