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 CBW Bank to Blue Ridge Bank N.A.
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 April 18, 2022, we will be switching our bank partner from CBW Bank to Blue Ridge Bank N.A.
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 Blue Ridge. 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 (CBW Bank) to our new partner (Blue Ridge Bank N.A) here.
If you prefer not to continue using Catch or don't take action by May 31, 2022, we will close your Catch CBW account and will return your balance via check.
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 Blue Ridge 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 Blue Ridge 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 CBW.
What happens if I don't take any action?
If you don't take action by May 31st, the money you saved will be returned back to you via check.
When do I need to do this by?
May 31st. If you don't authorize the migration of your account by the deadline means your Catch CBW account will be closed and your money will be returned 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.