TL;DR: We're switching bank partners. This won't impact your ability to use Catch or introduce any new fees/costs, but we do need your consent to transfer your information and balance from BBVA to CBW Bank.
What do you mean by a bank migration?
We work with a bank partner to put the money you save into an FDIC-insured Demand Deposit Account (DDA). On August 15, 2021, we will be switching our bank partner from BBVA to CBW Bank.
What will happen to my Catch account?
If you already have a Catch account, we need your authorization to transfer your information and funds to a new account held with CBW. This doesn't add any new costs or fees. Everything will function exactly the same way. You can read more about where your money goes here.
What do I need to do?
To continue using your Catch account, you need to authorize the migration of your account from our current partner (BBVA) to our new partner (CBW Bank) here.
If you prefer not to continue using Catch or don't take action, we will close your Catch BBVA account and will return your money via check.
You must verify your mailing address and contact information are up to date here.
What is changing exactly?
The only thing changing is the actual bank that holds your Catch account balance. There aren't any new costs or fees. Again, the purpose of the back-end account with a partner like CBW is to securely hold your savings. Any access to that account is always done through Catch.
What does it mean to authorize my account?
Authorizing us to open a bank account with CBW means opening a new account for your Catch account. This includes sharing your information to open the account under your name and transferring your funds currently held with BBVA.
What happens if I don't take any action?
If you don't take action by August 15th, you won't be able to continue using your Catch account. Don't worry, money you saved will be returned to you via mail in the form of a check. Please update your mailing address in your user profile.
When do I need to do this by?
August 15th. If you don't authorize the migration of your account by the deadline means your Catch BBVA account will be closed and BBVA will return your money to you via check.
What happens once I authorize my account?
Once you authorize your account migration, we'll take care of the rest. Again, we're just changing things on the back end and it won't affect you or your funds in any way.
How can I trust that my data and money are secure?
If you need a refresher on how we handle and manage your data and security, see here.