On 1 May 2023, the FDIC and the California Department of Financial Protection and Innovation (DFPI) announced the takeover of First Republic Bank (FRB) and the sale of FRB to JPMorgan Chase Bank.

Money movements to and from FRB remain operational. We do not expect users to need to make updates to their existing bank accounts as a result of the sale of FRB to JPMorgan Chase Bank.

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FAQs

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I have payouts scheduled to FRB. When can I expect my funds to arrive?

Given that money movements to FRB are operational, you should expect to receive the funds at your normal payout speed.

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How do I update my bank account?

We do not expect users to need to make updates to their existing FRB bank accounts as a result of the sale of FRB to JPMorgan Chase Bank. If, however, you would like to amend your bank information with us, here's how you can do it.

• If you have access to the Stripe Dashboard, visit the Payouts section of your Dashboard to configure your payout settings.
• If you are a Stripe Express user, visit the Express Dashboard to update your bank accounts.

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I am a Connect platform using Standard or Express. How do I update my connected accounts' payout bank accounts?

Only the connected account can update their payout bank accounts. You can provide the following instructions to your connected accounts to help them update their own bank accounts:

• Instructions for Standard accounts
• Instructions for Express accounts

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I am a Connect platform using Express or Custom. How do I know if my connected accounts have a FRB account?

The easiest way to do this is with the API. For a given connected account, you can list bank accounts with the bank accounts API. Examine the routing_number field and see if it corresponds to a FRB routing number.

• 026013220
• 121138013
• 122487022
• 211475000
• 321081669
• 121045106
• FRBBUS6SXXX
• FRBBUS6BXXX

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I am a Connect platform using Custom. How do I update my connected accounts' bank accounts?

As a Custom Connect platform, you have the ability to update the bank accounts of your connected accounts directly.

1. Collect new bank account information from your connected accounts
   1. Contact relevant connected accounts and inform them that they need to update their payout bank account.
   2. If your application allows for the editing of bank account information, direct your users to your application to add a new bank account and set it as the default payout method. To ensure that the new bank account is the default bank account, you will need to create a new bank account for the user and set default_for_currency = true.
   3. If your application doesn't allow for the editing of bank account information, provide a way for your users to contact you. You can then add bank accounts for your connected accounts manually through the Stripe Dashboard platform, by following this guide.
2. Delete the old bank account (optional)
   1. Once your user has a new bank account attached, there is the option to delete the old bank account.
   2. Note that you cannot delete the old bank account if it is the only bank account available for a connected account. You must have at least one default bank account on file.