Latest News from Truss

Important Announcement: Banking Partner Change & Enhanced Benefits

Matthew avatar
Shared by Matthew • July 25, 2023

Dear Valued Customer,

We are excited to inform you of an important change at Truss that will significantly improve our banking and payment services.

Effective August 9th 2023, we will transition our banking partner from Blue Ridge Bank to Thread Bank.

We are currently working diligently to finalize the new launch date, and we will inform you as soon as possible once we have the updated information.

What this means for you

Enhanced FDIC insurance

Thread Bank is a member of the FDIC, and we are excited to announce that with this change, we can offer you enhanced FDIC insurance coverage of $2.5 Million on your account with us – no action required by you. When we open your account on Thread, it will automatically have $2.5M of FDIC coverage.

Increased flexibility for tier limits

We have increased limit tier flexibility to make sure you're able to run and grow your business, without worrying about limits. Please contact your account manager if you would like to learn more about increasing your account limits.

Faster withdrawals and payables

Our partnership with Thread Bank allows us to start processing outgoing ACH payments on the same day as initiated, which accelerates deposit times of outgoing payments by up to two business days.

Reissuance of cards

As a result of this banking partner change, we will need to reissue all existing cards for our users. Your current cards will stop working after the transition on August 9th.

We will contact all cardholders directly to assist with the transition.

Updated service agreements

We are updating our Business Deposit Account and Cardholder agreements to support banking partner changes. These agreements will be available online for review.

All users are required to approve the new agreements by August 3rd, 2023. You will be prompted to review and accept the updated agreements upon logging in to your Truss account.

If you would not like us to transition your account to the new partner, please notify us immediately, as this will require us to close your account with Truss.

Note: We will close accounts setup with our previous bank partner. To keep using Truss and ensure a smooth transition, you are required to agree to open a new account with Thread Bank.

Launch of highly requested features

The change in banking partners unlocks the development of new, highly requested features, such as

  • Mobile check deposits – estimated August 2023
  • Sending checks to pay invoices – estimated September 2023
  • Lines of credit – estimated Fall 2023

We continuously strive to improve our services, and this transition marks a significant step towards delivering the industry's best banking and payment solution.

We value and listen to all feedback you share with us. Please don't hesitate to book a call with our team to learn more about this upcoming improvement or send us a message as we develop and launch new features.

Thank you for choosing Truss as your banking and payments solution. We are genuinely excited about the benefits this banking partner change brings to you and your business.

Best regards,

Matthew Smith

CEO & Co-Founder