To support a smoother financial experience, Bonsai is migrating financial accounts from Evolve Bank & Trust to Fifth Third Bank in collaboration with Stripe. Below are answers to frequently asked questions about this migration.
When will the migration take place?
The migration will take place on February 11th, 2025. You will be notified in advance before your accounts is migrated.
What notifications will I receive during the migration?
You will receive email notifications from Bonsai detailing the migration process and confirming when your account has been successfully migrated.
Will my account and routing numbers change?
Yes, you will receive new account and routing numbers as part of the migration. If you’ve shared your current account and routing numbers with clients or vendors, you’ll need to update them after migration.
Will there be any downtime during the migration?
There is no expected downtime during the migration process. All payments and banking operations should continue without disruption.
What happens if I receive payments to my old Evolve account?
For a temporary period, your old financial accounts will continue to accept credits and debits. However, this feature will eventually be phased out.
Will the old account be closed?
Not immediately. The previous Evolve Bank account and routing numbers will remain active for at least two months after the migration, allowing you time to transition.
Will the money in my financial account be moved automatically?
Yes, Stripe will move the funds in your financial accounts from Evolve Bank & Trust to Fifth Third Bank as part of the migration process. No action is needed on your part.
Will I need a new card?
No, your existing cards will remain valid.
Will my money be moved from Bonsai Payments to my Bonsai business account automatically?
Yes. Payouts will continue to be redirected to your Bonsai business account, without updating any account/routing numbers.
Will I lose access to my transaction history?
No, you will retain access to your complete transaction history even after the migration.
What happens to my Bonsai business account features during migration?
All existing features of your Bonsai business account, such as virtual and physical cards, Envelopes, and integration with Bonsai Payments, will remain unaffected.
Will there be any benefits in using Fifth Third Bank?
Yes:
Payouts sent from the Bonsai Payments to the new Fifth Third Bank account will be faster compared to payouts to external bank accounts or the old Evolve accounts.
Fifth Third Bank offers extended cutoff times for wire and ACH transfers compared to Evolve Bank.
Are there new compliance requirements?
Yes, Fifth Third Bank access requires:
A URL or product description with at least 10 characters.
An account representative based in the US.
Additional compliance information as outlined by Stripe.
If additional information is needed, you will receive an email from Bonsai and be redirected to Stripe to update your details.
Why wasn’t my account migrated?
Accounts may not be eligible for migration if additional information is required. We will provide instructions to address this.
Can I opt out of the migration?
No, the migration is mandatory. If you do not want your funds transferred to Fifth Third Bank, you can close your Bonsai business account by contacting our support team.