Update 8/1/22: Mercury is offering ex-Brex customers $100 when they deposit $10,000.
Update 6/19/22: Here’s a CNBC article and a Twitter thread explaining Brex’s shift away from small businesses to focus on their core business of start-ups.
Update 6/16/22: Another wave of Brex closures going out now, closure will take place on August 15th. Strangely, this one seems to be going even for some who were active on Brex; seems to be a shift in business plan to only focus in certain types of businesses. Be sure to cash out your points.
Original Post:
We wrote about the expired deal to open a Brex cash account and get 110,000 points bonus. And another expired deal to link payroll and get 100,000 bonus. Personally I just cashed out the points for $2,100, but other people left the points in their Brex account, waiting to transfer to their preferred travel partner.
Brex sent some of us an email indicating they’ll be closing out our accounts due to dormancy. They note that you can make some transactions and possibly keep the account; they’ll review it further if that occurs.
If you’d like to keep your accounts, please start making transactions again within the next 30 days. We will then conduct an internal review to make a determination about account closure.
Most importantly, if you have rewards sitting in Brex you’ll want to transfer them out or cash them out before the account possibly gets shut down.
Anyone else get a recent email stating you have funds or rewards in your Brex account, but you do NOT?
“We noticed that you still have funds and or rewards in your Brex account and wanted to remind you that your account will be closed on August 15, 2022.
Before then, please take the following actions:
Redeem your available rewards points before August 15 to avoid forfeiting them.”
Saw in their (Brex) recent email they listed out a few partner banks. Anyone have experience with Oxygen or Revolut Business. Revolut at least offers cashback so might check them out
Mercury is another neobank offering a bonus for ex-Brex customers: $100 when you deposit $10k. I deposited $10k and got the $100 the following Monday, very easy bonus.
https://mercury.com/switchfrombrex
Didn’t see a post about it, might be worth one
Chuck
do you know for how long need to keep $10k? thanks
I don’t think there’s a requirement to keep the balance
Interesting. Sparse on details.
How did they know you had Brex account? What was the process? What about credit pull? Any fees with this account. Thanks
Just signed up. They use PLAID to cross check your Brex credentials.
I used a mixture of Point Card funding and Cash App reloads to meet the spend requirements.
wow – let me try this one! thanks
mothman69
By point card do you mean the titan card? It accepts debit card funding? And did you have any issues reloading to Cash app?
We’ll have a post tomorrow, thanks
FYI. They are asking for documents to support my business spending, which I have and submitted. So this would be for people who have a REAL business.
I wonder if both offers can be done $100 + $500?
I think so because I applied for one LLC under the $100 promo and was approved. Then applied under a second LLC under the $500 and was approved.
Applied to Bluevine w/ LLC & $75k revenue, entity EIN, my SSN, etc.
“We appreciate your interest in opening a BlueVine Business Checking account. Many factors impact our decision-making process for applications. Based on the information provided, we’re unable to open an account for you at this time.”
These clowns are just begging for a class action. If anyone else is a victim of this shameful rug pull, sound-off. Want to close my account for any reason? That’s your prerogative. Tell me that I can’t withdraw or otherwise redeem my points after following the terms of your promotion? Girl, you’ve just poked the wrong bear.
Closed my account without warning. Now all my funds are locked and can’t be used / moves. Borderline theft by Brex. Completely ridiculous and unprofessional.
In case anyone is curious, our company got a message on who Brex is focusing on serving now. The criteria is any of the following:
• Received an equity investment of any amount (accelerator, angel, VC or web3 token);
• More than $1 million a year in revenue;
• More than 50 employees;
• More than $500k in cash;
• Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner.
I don’t meet any of these criteria yet somehow was spared
I’ve had a really good experience with Revolut Business. I think they’re more popular in Europe, but have a really solid product that seems to get new features basically every month
Question for anyone that has received the shut-down email.
When you login to your Brex account, does it tell you on the website anywhere that you are being shut-down? ie: on the main screen or anything?
The reason I ask is because I think I should be targeted for shut-down, and was concerned I’d missed an email.
Yes, there was a popup on the dashboard. Also (not sure if this is the case for everyone) my two accounts had their ability to add funds disabled.
Thank you. It looks like I have been spared then…. For now!
I received an email from them as below, so it looks like I was spared for some reason. I don’t understand why, as I don’t meet the criteria that they set out.
Last week we made the decision to focus entirely on startups and scaled companies moving forward. Your account remains open, and Brex is fully committed to serving you.
Brexit is bad for people.
I’ve still never figured out how to move my money out of Brex…guess I’ll have to learn quick!
When you log in, look for an orange “send funds” button just to the right of the “Welcome home, (your name here)”. Very easy to set up outgoing ACH.