Why is the transition happening?

We are transitioning to a new banking partner to provide better services and features for our users. This move will introduce benefits like multi-currency accounts, faster global payments, and enhanced operational efficiency. As part of this transition, Coba will be ending its partnership with Bangor Savings Bank and establishing a new relationship with Monex USA. If you’d like to open a new Coba Business Account through Monex USA, please contact us at [email protected].

Do I need to take any action for the transition?

We strongly recommend that you upload your Constancia de Situación Fiscal and sign the new account opening documentation to open a Business Account under our Monex partnership as soon as possible. If you prefer not to open a Business Account with us, please withdraw your funds and bring your account balance to zero before March 18, 2025, to avoid delays in receiving your funds. If no action is taken by this date, any remaining funds will be automatically returned to you via a paper check sent to your registered address or deposited into your linked default account.

Are my funds secure under Monex USA?

Yes, your funds are safe. Monex USA ensures the security of client funds by holding them in segregated accounts through their banking partner, UMB Bank. Additionally, Monex USA is fully licensed as a Money Services Business (MSB) in all required U.S. states, adhering to strict regulatory compliance standards. To further protect clients, Monex USA is backed by surety bonds, which provide financial guarantees to cover obligations in the unlikely event of non-compliance or operational failure.

What will happen with my Bangor Savings Bank Account?

Your Bangor Savings Bank account will be officially closed on March 18, 2025. To avoid any disruptions, please make sure to withdraw your funds and update any payment details with third parties before this date.

Can I keep both accounts?

No, maintaining multiple banking partners would increase operational costs and complexity. One of our core principles at Coba is to operate as efficiently and cost-effectively as possible. To stay streamlined and focused, we’ve designed our system to work with a single banking partner, ensuring simplicity and smooth operations for all users.

What will happen to scheduled or recurring payments?

Any scheduled or recurring payments set up through your Bangor Savings Bank account will be canceled after March 18, 2025. To avoid payment disruptions, please update any relevant payment instructions with your new Monex USA account or another preferred bank before this date.

What will happen with my transaction history?

You will still have access to your account statements and transaction history for your Consumer Coba Account through the Coba app. Be sure to download any statements you may need before the transition if you require offline access or long-term storage.

Will the transition affect my tax reporting service?

No, your tax reporting service will continue to function as it does currently. While some adjustments may be necessary, any changes will be communicated to you in advance as we progress, ensuring a smooth transition if needed.

Who can I contact if I have questions or issues during the migration?

We’re here to help. Our dedicated support team is available through live chat and via email at [email protected]. Don’t hesitate to reach out with any questions, whether you’re seeking guidance on the transition or need assistance with your account.