Switch is committed to building the best money sharing app possible, and to do so, we are upgrading our banking partnership and announcing a new relationship with Thread Bank, member FDIC! We chose to make this transition to support powerful new features like virtual debit cards for instant spending, and more.

We have created this guide to help you navigate any and all changes to the Switch platform. We will provide regular updates here so you know what’s happening with your accounts.

Overview ****

We will provide regular updates here with details on the timing and specifics related to your personal information, account funds, and more.

<aside> 🎯 The most important thing is for you to maintain access to your funds at all times during this transition.

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Introducing Switch’s New Partner! Meet Thread Bank

• Thread Bank: Member FDIC
  • As you know, Switch is financial technology company, not a bank. Currently, all banking services are provided by our banking partner, Dwolla. We are excited to announce our new partnership with Thread, which will enable greater flexibility, security, and FDIC insurance coverage for our users.
  • Like us, Thread Bank believes the future of banking is digital, connected, contextual, and customer-first. We are proud to be a part of their financial ecosystem of simplified banking solutions that weave seamlessly into your business and your life.
  • Deposits made into Switch, as a partner in the Thread Bank Sweep Network, are covered by Federal Deposit Insurance Corporation (“FDIC”) Insurance up to a minimum of $2,500,000 inclusive of deposits you may already hold at the bank in the same ownership capacity.

Information for Customers who verified their identity on Switch after October 7, 2022:

Information for Customers who verified their identity on Switch before October 7, 2022:

Timeline

June 28th, 2023

All users who have verified their identity via Cognito will be prompted, via SMS and email, to consent to the transfer of their personal information and account funds from Dwolla to Thread Bank. Users will have until July 11th to consent and ensure a seamless transition. Each user will be sent a personalized consent capture form unique to their Switch user profile.

Users who do not opt-in to this consent declaration by July 11th will receive direct disbursements of their account funds from Dwolla/Switch.

Switch will continue to follow up routinely with users via SMS, Email, and Phone Calls to ensure a seamless transition of account services, personal information, and account funds.

June 28th-July 28th, 2023

Switch will continue to communicate directly with all customers who have verified their identity to ensure a smooth and seamless transition of customer funds and personal information.

July 28th, 2023

Transition day! All new accounts opened through Switch will be opened and held at Thread Bank, member FDIC.

• If you have verified your identity through Switch partner Cognito after October 7th, 2022: