Update regarding First Carolina Bank partnership

Disbursements Team
October 17, 2023

We have some exciting news regarding the future of BMTX, and we are sharing this news with you and our Vibe account holders. Earlier this year, we announced a new bank partnership with First Carolina Bank (FCB). We’ve been hard at work preparing for a seamless continuation of your service following the December 1, 2023 closing date of the transaction with FCB. The BMTX team, the service, the processes we all follow and the high expectations we set for ourselves will not change. We do not anticipate any service interruptions. We will continue to provide a reliable disbursement service compliant under all federal regulations.

Our routing number and account number have not changed. Continue to use the current ABA routing transit number, 113024588. At your convenience, please notify your bank that the name and address associated with this number is now First Carolina Bank, 171 N. Winstead Avenue, Rocky Mount, NC 27804.

Wire Information:

    • Beneficiary Name: BM Technologies, Inc.
    • Beneficiary Account Number: [Enter Clearing account #]
    • Beneficiary Address: 201 King of Prussia Rd, Suite 650, Radnor PA, 19087
    • Bank Name:First Carolina Bank
    • ABA Routing Number: 113024588
    • Bank Address: 171 N. Winstead Avenue, Rocky Mount, NC 27804

BMTX’s Guaranteed Schedule of Events (per official banking day)

‍

Prior to 12:00 p.m. your local time:

    • BankMobile Disbursement’s server receives institution refund disbursement data file.
    • BankMobile Disbursements receives funds via wire transfer to clearing account.
    • BankMobile Disbursements approves file for processing.
  •             BankMobile Disbursements guarantees file processing prior to daily ACH deadline if file and funds are received by 12:00 p.m. your local time.

By 3:00 p.m.:

    • BankMobile Disbursements completes processing of institution refund disbursement data file.

At 4:00 p.m.:

    • BankMobile Disbursements submits ACH payment file through ACH network to meet daily ACH deadline.

Existing Program Materials (storefront.bankmobiledisbursements.com):

    • Please remember to replace all existing electronic and paper program materials with updated versions available in the Storefront on December 1, 2023, to ensure you have the most current versions available to your students.

‍