MSB Friendly Banks (USA)
I try to maintain a list of MSB Friendly Banks. If you know of a Bank (Federal, State, Community, Credit Union), that provides access to banking for Money Services Business, please get in touch with me and let me know.
Needless to say, banks keep changing their policies, so your mileage may vary.
Certainly, here’s the list of banks alphabetically:
- Axos Bank (https://www.axosbank.com)
- Bank of the Sierra (https://www.bankofthesierra.com)
- BOK Financial (https://www.bokfinancial.com)
- Citizens Bank of Edmond (https://mycitizens.bank)
- City National Bank (https://www.cnb.com)
- Community Federal Savings Bank (https://www.cfsb.com)
- Crew Bank & Trust (https://www.crews.bank)
- Cross River Bank (https://www.crossriver.com) – Currently under an FDIC Consent Order2
- Evolve Bank (https://www.getevolved.com)
- Fifth Third Bank (https://www.53.com)
- Finwise Bank (https://www.finwise.bank)
- First American Bank (https://www.firstambank.com)
- First Century Bank (https://firstcenturybank.com)
- First MidWest Bank (https://www.onemidwest.com)
- Fortress Trust (https://fortresstrust.com) – will do B2B based MSB Banking and international wire services.
- Kansas State Bank (https://www.ksstate.bank)
- KeyBank (https://www.key.com)
- Lead Bank (https://www.lead.bank)
- Main Street Bank (https://www.bankmainstreet.com)
- Main Street Bank (https://mstreetbank.com)
- Metropolitan Commercial Bank (https://mcbankny.com)1
- Mission National Bank (https://www.mnbsf.com)
- Mission Valley Bank (https://www.missionvalleybank.com)
- MVB Bank (https://mvbbanking.com)
- M.Y. Safara Bank (https://www.mysafra.com)
- Nizari Credit Union (https://www.nizaricu.org)
- Old National Bank (https://www.oldnational.com)
- Pathward (https://www.pathward.com)
Prime Trust Bank(Put into Receivership)- Republic Bank of Chicago (https://republicebank.com)
Reserve Trust Bank(License Revoked)- Rockland Trust (https://www.rocklandtrust.com)
- Royal Business Bank (https://www.royalbusinessbankusa.com)
- Silver Lake Bank (https://www.silverlakebank.com)
- SouthState Bank (https://www.southstatebank.com)
- Spectra Bank (https://www.spectra.bank)
- State Bank (StateBnk) Texas (https://statebnk.com)
- Stonegate Bank (https://stoneandcentral.com)
- Surety Bank (https://www.mysuretybank.com)
- Torrey Pines Bank (https://www.westernalliancebancorporation.com/torrey-pines-bank) – The group has quite a few banks, you might want to check if the other banks are offering MSB-related services.
- Unity Bank (https://www.unitybank.com)
- WSFS Bank (https://www.wsfsbank.com)
Puerto Rico (IFC – International Financial Entity) Servicing Banks
- Quaint Oak Bank (https://www.quaintoak.com)
- CBiBank (https://www.cbibank.com) – Caters to a lot of Chinese companies, but I believe (as I could be wrong here), they always seem to be having trouble with correspondent banking in the United States.
MSB Friendly Banks (Canada)
- People’s Bank (https://www.peoplesbank.ca) – Not the easiest of people to work with, but they do open and have quite a few MSBs on board.
- Digital Commerce Bank (https://www.dcbank.ca)
- Toronto Dominion Bank, better known as TD Bank (https://www.td.com/ca/en/) – Again, not the easiest of people to work with, depending on whom you connect with.
Banking-as-a-Service (BaaS) Bank Providers
- Evolve Bank (https://www.getevolved.com)
- Community Federal Savings Bank (https://www.cfsb.com) – Nice people, but of late, someone sprinkled a dash of arrogance onto them. Hope it evaporates.
- Cross River Bank (https://www.crossriver.com)
- Stearns Bank (https://www.stearnsbank.com)
MSB Friendly Banks (International)
- Bank Austria (UniCredit) (https://www.bankaustria.at)
- Crown Agents Bank (https://www.crownagentsbank.com) – UK Based – One of the most “unprofessional” organizations to work with when it comes to email communication. I honestly don’t what wtf is wrong with them.
- Dukascopy Bank (https://www.dukascopy.bank/swiss/) – Switzerland Based. This is the website of their brokerage arm: (https://www.dukascopy.com).
- EM Bank (European Merchants Bank) (https://em.bank) – Lithuania Based
- iFAST Global Bank (https://www.ifastgb.com)
- Indian Overseas Bank (Hong Kong) (https://www.iobhongkong.com)
- LHV (https://www.lhv.ee/)
- PNB (Philippines National Bank) Europe (https://www.pnb.com.ph/europe/)
Non-Banking Financial Institutions
- 3S Money (https://3s.money) – KYB is excellent, however, many invoices are questioned.
- Apaylo (Canada) (https://apaylo.com) – Be acutely aware of their payment details, it is mostly a miss, very few hits, meaning, when you provide instructions on how to receive money to your clients, it will be a hair-pulling experience.
- Banking Circle (https://www.bankingcircle.com)
- Harbour & Hills (https://www.harbourandhills.com) is based in Hong Kong. It is one of the best companies to work with. The person at the helm is an absolute gem. They are excellent, and I highly recommend them. They are China specialists.
- Raymond James (US) (https://www.raymondjames.com)
Offshore Banks & Related Financial Institutions
- Caye International Bank (https://www.cayebank.bz)
- Migom (https://migom.com)
- Vauban International Bank (https://vauban.online)
Banks that are no longer serving Fintechs
- Blue Ridge Bank (https://www.mybrb.bank) – Consent Order4
- Piermont Bank (https://www.piermontbank.com) – Consent Order3
- Sutton Bank (https://www.suttonbank.com) – Consent Order3
Footnotes:
- https://www.bankingdive.com/news/metropolitan-commercial-bank-exits-baas-crypto-voyager-fed-nydfs-prepaid-card-blue-ridge-lineage/709200/
- https://www.consumerfinancemonitor.com/2023/05/04/fdic-consent-order-with-cross-river-bank-indicates-heightened-scrutiny-of-bank-fintech-partnerships/
- https://www.emarketer.com/content/two-more-banks-with-baas-partnerships-hit-with-fdic-consent-orders
- https://finance.yahoo.com/news/troubled-blue-ridge-bank-enters-111826577.html
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This page was last updated on April 16, 2024.
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