WISE USD account details changing.

[NoDisplayName]

Received an email from Wise telling me the USD account details will change as of October 31.

Logged onto Wise, noted the new routing number, account number and address.

Set up a link from my credit union to send money to wise using the information provided.

The link for Wise previously was Evolve Bank and Trust.

The new link is with Community Federal Savings Bank.

The SWIFT code is unchanged.

 

Here's an interesting tidbit from the memory hole (2 years ago on reddit):

Quote

Good news! Wise (formerly TransferWise) is moving from Community Federal Savings Bank detail to Evolve Bank & Trust account detail starting June.  

and from yahoo in 2016:

Quote

One of TransferWise's US banking partners had 'unsafe and unsound banking practices'

One of TransferWise's partners in the US is a bank that had "unsafe and unsound banking practices" in the past, according to the US Department of the Treasury.

There is no indication that TransferWise committed any wrongdoing, or broke any laws, by partnering with Community Federal Saving Bank (CFSB). 

 

[Digitalbanana]

2 hours ago, NoDisplayName said:

Received an email from Wise telling me the USD account details will change as of October 31.

Logged onto Wise, noted the new routing number, account number and address.

Logged into mine, the changes come in form 18-Oct:

1. The bank address is unchanged

2 Only the USD domestic acc# and routing# changes, for international USD account#, routing# and SWIFT# no changes.

[NoDisplayName]

12 minutes ago, Digitalbanana said:

Logged into mine, the changes come in form 18-Oct:

1. The bank address is unchanged

2 Only the USD domestic acc# and routing# changes, for international USD account#, routing# and SWIFT# no changes.

Might be important if anyone has automatic transfers set up for their 65K/monthly transfers.

Quote

Your old account details will continue to work until October 31, 2023. After that, any payments sent to these details will automatically be refunded to the sender. And any direct debits using these details will fail.

 

[Pib]

Community Federal Savings Bank (CFSB) was the U.S. partner bank Wise used  up to 2 years ago but then transitioned to Evolve Bank.  I remember it well...and review the 2 year old Reddit post at bottom for more info when Wise sent out a notice back then saying they were switching from CFSB to Evolve.   

 

Now Wise is switching from Evolve back to CFSB.  Flip-flopping.  Apparently Evolve Bank didn't work out well. 

 

Before the partner bank switch. money I would send/push from my U.S. bank to Wise to fund a transfer/top-up my Wise USD acct/wallet using the CFSB routing/acct number worked with no problem...never a problem...I did numerous such transfers. 

 

When Wise switched from CSFB to Evolve two years ago I changed the ACH transfer links from the U.S. bank I use from CSFB to Evolve.  Setting up the a new ACH transfer link to Evolve Bank using the two trial deposits/withdrawals method worked fine.  HOWEVER, whenever trying to do an actual transfer my U.S. bank would reject the transfer the next day and then block/deactivate the ACH transfer link.  The rejection message  given was invalid routing number although the routing was indeed valid as I used the routing number to successfully set the ACH transfer link using the trial deposits method.  When talking to my bank Customer Service they couldn't figure out the problem since the routing number was indeed valid, but I figure the bank's Security Dept was just rejecting Evolve Bank for actual transfers "to Wise."  And when talking to Wise they couldn't understand why the reject occurred either.  

 

So, I deleted the deactivated ACH transfer link and set it all up again....two trial deposits successfully arrived my Wise acct and were successfully pulled back.  I verified the transfers amounts and now my ACH transfer link at my US bank is setup again.  I tried another actual transfer of funds and once again the next day the transfer was rejected and the transfer link deactivated by my bank.  It was like the Ground Hog day movie.  Phone calls to the my bank and Wise trying to figure out the real reason once didn't reveal anything....both couldn't figure out what is going on....but I figure it was just my bank rejecting actual transfers to Wise using the new Evolve Bank account.    Ever since then I have just let Wise do an ACH Pull of money from my bank to fund the transfer....costs a little more that way versus me being able to do an ACH Push but the ACH Pull methods works fine.

 

Yesterday I initiated the setup of an ACH transfer link with CFSB using the trial deposit methods.  Will take around 3 business days for that process to complete.  Then I will try to do an actual transfer again...hopefully, it will not be rejected next day since CFSB use to work fine for such transfer to Wise.  Time will tell.

 

2 year old reddit post below talking about the Wise's switch from CFSB to Evolve Bank.  What goes around comes around with Wise announcement a few days ago they are now switching from Evolve Bank to CFSB.  A flip flop.

 

Edited October 15, 2023 by Pib

[NoDisplayName]

1 hour ago, Pib said:

Community Federal Savings Bank (CFSB) was the U.S. partner bank Wise used  up to 2 years ago but then transitioned to Evolve Bank.  I remember it well...and review the 2 year old Reddit post at bottom for more info when Wise sent out a notice back then saying they were switching from CFSB to Evolve.   

 

Now Wise is switching from Evolve back to CFSB.  Flip-flopping.  Apparently Evolve Bank didn't work out well. 

 

Before the partner bank switch. money I would send/push from my U.S. bank to Wise to fund a transfer/top-up my Wise USD acct/wallet using the CFSB routing/acct number worked with no problem...never a problem...I did numerous such transfers. 

 

When Wise switched from CSFB to Evolve two years ago I changed the ACH transfer links from the U.S. bank I use from CSFB to Evolve.  Setting up the a new ACH transfer link to Evolve Bank using the two trial deposits/withdrawals method worked fine.  HOWEVER, whenever trying to do an actual transfer my U.S. bank would reject the transfer the next day and then block/deactivate the ACH transfer link.  The rejection message  given was invalid routing number although the routing was indeed valid as I used the routing number to successfully set the ACH transfer link using the trial deposits method.  When talking to my bank Customer Service they couldn't figure out the problem since the routing number was indeed valid, but I figure the bank's Security Dept was just rejecting Evolve Bank for actual transfers "to Wise."  And when talking to Wise they couldn't understand why the reject occurred either.  

 

So, I deleted the deactivated ACH transfer link and set it all up again....two trial deposits successfully arrived my Wise acct and were successfully pulled back.  I verified the transfers amounts and now my ACH transfer link at my US bank is setup again.  I tried another actual transfer of funds and once again the next day the transfer was rejected and the transfer link deactivated by my bank.  It was like the Ground Hog day movie.  Phone calls to the my bank and Wise trying to figure out the real reason once didn't reveal anything....both couldn't figure out what is going on....but I figure it was just my bank rejecting actual transfers to Wise using the new Evolve Bank account.    Ever since then I have just let Wise do an ACH Pull of money from my bank to fund the transfer....costs a little more that way versus me being able to do an ACH Push but the ACH Pull methods works fine.

 

Yesterday I initiated the setup of an ACH transfer link with CFSB using the trial deposit methods.  Will take around 3 business days for that process to complete.  Then I will try to do an actual transfer again...hopefully, it will not be rejected next day since CFSB use to work fine for such transfer to Wise.  Time will tell.

 

2 year old reddit post below talking about the Wise's switch from CFSB to Evolve Bank.  What goes around comes around with Wise announcement a few days ago they are now switching from Evolve Bank to CFSB.  A flip flop.

 

Maybe it's your bank.  I've had no problems sending dollars to Wise using the Evolve account.

 

I set up the new link with my credit union.  They sent a confirmation code to activate the CFSB account, no trial deposits, at least not yet.  I'll do a $1 test transfer to confirm.

[Pib]

On 10/15/2023 at 10:26 PM, NoDisplayName said:

Maybe it's your bank.  I've had no problems sending dollars to Wise using the Evolve account.

 

I set up the new link with my credit union.  They sent a confirmation code to activate the CFSB account, no trial deposits, at least not yet.  I'll do a $1 test transfer to confirm.

Yes, as I talked in my post I would bet it was my bank vs Wise.  And at bottom is a AseanNow post from early 2019 where this person's US bank (USAA in this case) began blocking transfers to Wise (i.e., an ACH "Push" transfer)....and this is when Community Federal Saving Bank (CFSB) was still Wise's partner....a couple of years before Wise switched  from CFSB to Evolve.   

 

At this time in 2019 I also had ACH Push/Pull setup to Wise from USAA and mine continued to work fine to ACH Push funds to my Wise acct.  But in 2021 when Wise switched from CFSB to Evolve I no longer could get an "actual" transfer to go thru to Enolve after verifying the new ACH transfer link via the trial deposit method or the other method which didn't use trial deposits.  Yeap, could get the link setup fine/activated but an actual transfer would be thrown back in my face the next business day.

 

Now an update to me setting up my new ACH Push/Pull link to CFSB with my US bank which also happens to be USAA.  The two trial deposits arrived Wise yesterday and were immediately pulled back by my bank....all normal...the way it's suppose to work.  Then also yesterday I  verified those trial amounts on my bank's acct to validate/verify the new ACH transfer link to CFSB....the transfer link changed to active....ready to use...all normal....just like I had done with Evolve in 2021 and many other times over the years when setting up a transfer link to other  US banks. 

 

Anyway, with the new ACH transfer link validated/active it was time to do the acid/operational test....do an actual transfer and see if it goes thru to Wise or gets rejected next day along with the bank blocking/deactivating the transfer link and sending me a notice of such action.  I did the actual transfer and this morning I got notification from Wise of the funds arriving my Wise acct and checking my bank acct the transfer link is still active.....not block/deactivated....didn't get any notice of the transfer being rejected like before.  

 

So, at least for me, USAA is OK-fine with transfers to Wise partnering with CFSB although USAA was "not OK-fine" with transfers to Wise partnering with Evolve Bank.   Just a security policy at my bank that was affecting me...and probably others also. 

 

I'm not sure how many US folks have setup up a borderless acct with Wise...it's free...and instead they just use an ACH "Pull" transaction initiated from the Wise end like I had to start doing for transfers when ACH Push transfer to Evolve didn't work for me.   But if the folks did setup a borderless acct and ACH "Push" money into it (ACH is free at the great majority of US banks) when they do accomplish a Wise transfer to Thailand, say $5000 worth of baht instead of a Wise fee of $37.74 for doing an ACH debit (Pull) transaction (not to be confused with debit card) to fund the transfer the fee would be reduced to $30.32....almost a 20% reduction in the Wise fee.  Plus, if you already have the money setting in the Wise borderless acct the transfer occurs faster since Wise already has the money....no need to wait until it arrives from your bank.

 

 

 

[NoDisplayName]

Set up the new account with Navy Federal to Wise thru Community Federal.

No trial deposits needed, just an email confirmation.

 

Just sent a $250 test.  Is good.

[TheAppletons]

12 hours ago, NoDisplayName said:

Set up the new account with Navy Federal to Wise thru Community Federal.

No trial deposits needed, just an email confirmation.

 

Just sent a $250 test.  Is good.

Humor me.....why does one need both Navy Federal and Community Federal to transfer cash with WISE?  

 

Why not ACH from one or the other to WISE?  

[Pib]

47 minutes ago, TheAppletons said:

Humor me.....why does one need both Navy Federal and Community Federal to transfer cash with WISE?  

 

Why not ACH from one or the other to WISE?  

A person's borderless/multicurrency acct is actually a subaccount of the Wise master acct maintained at a financial institution such as Community Federal and/or another partner bank Wise may use like Evolve for a US based acct.  Now that Wise is switching from Evolve Bank back Community Federal that will change the ACH routing number (and possibly the acct number) of the person's borderless acct with Wise. 

 

It's not like Wise is a bank as they are not and they make that clear on their website....they are only a money services transmitter.  They partner with various banks across the world which can give the illusion of being a bank but as mentioned they are not.

 

 

 

 

 

[NoDisplayName]

On 10/17/2023 at 4:34 PM, TheAppletons said:

Humor me.....why does one need both Navy Federal and Community Federal to transfer cash with WISE?  

 

Why not ACH from one or the other to WISE?  

Actually..........i use two ACH transfers to get to Wise.

ACH from my brokerage cash sub-account to my Navy Federal checking.

ACH from Navy to the Wise account at Community Federal.

 

Navy account is a separator.  In case Wise gets hacked, the baddies only get my $0 balance Navy checking account info.

[TheAppletons]

13 hours ago, NoDisplayName said:

Actually..........i use two ACH transfers to get to Wise.

ACH from my brokerage cash sub-account to my Navy Federal checking.

ACH from Navy to the Wise account at Community Federal.

 

Navy account is a separator.  In case Wise gets hacked, the baddies only get my $0 balance Navy checking account info.

I use a similar concept but all within the confines of NFCU.

 

One NFCU checking account where my direct deposit lands (and I use to pay bills) and then another NFCU checking account that I use to ACH funds to WISE.  I transfer from the main account to the WISE-linked account just prior to initiating a transfer via WISE.  

[NoDisplayName]

13 minutes ago, TheAppletons said:

I use a similar concept but all within the confines of NFCU.

 

One NFCU checking account where my direct deposit lands (and I use to pay bills) and then another NFCU checking account that I use to ACH funds to WISE.  I transfer from the main account to the WISE-linked account just prior to initiating a transfer via WISE.  

In that case, I don't understand what you meant by:

 

On 10/17/2023 at 4:34 PM, TheAppletons said:

Humor me.....why does one need both Navy Federal and Community Federal to transfer cash with WISE?  

 

Why not ACH from one or the other to WISE?  

You yourself are using two accounts.............NFCU and CFSB (or Evolve), to move your money to Wise.

[TheAppletons]

12 hours ago, NoDisplayName said:

In that case, I don't understand what you meant by:

 

You yourself are using two accounts.............NFCU and CFSB (or Evolve), to move your money to Wise.

As far as I know, I don't use CFSB or Evolve....WISE takes the money from my NFCU account and then it ends up in my Thai bank account as Thai baht.  

 

If WISE somehow uses CFSB or Evolve to make that happen, it isn't visible to me.  (Thus, my question to your original statement.)

[NoDisplayName]

4 minutes ago, TheAppletons said:

As far as I know, I don't use CFSB or Evolve....WISE takes the money from my NFCU account and then it ends up in my Thai bank account as Thai baht.  

 

If WISE somehow uses CFSB or Evolve to make that happen, it isn't visible to me.  (Thus, my question to your original statement.)

That's how it's done.  Wise is using their CFSB/Evolve accounts to collect USD from your  US bank.  Then they use their Kasikorn/BKK Bank accounts to send bath to your Thailand account.

 

Try this............check the routing number that is associated with your Wise account.  Mr. Googles can tell you which bank it corresponds to, and which bank your credit union account is linked to.

[JohnOFphon]

This change from Evolve to Community has created a huge problem for me.

I have 2 direct deposits that were going into Evolve. And now with the new bank CFSB I have new routing and account numbers.

Wise says that deposits to Evolve will be rejected after Oct. 18th.

Social Security Admin says they can not change my Nov. deposit. But the Dec. direct deposit will go to CFSB.

What the heck is going to happen when Evolve sends back my Nov deposit???

Almost 2,000 dollars... 

And what will SS do when that happens. Maybe they will stop my monthly deposits. 

That would be disasterous. 

I sent Wise a message, but no answer yet....

Any ideas??

 

  

 

[Ohyesuare]

12 minutes ago, JohnOFphon said:

This change from Evolve to Community has created a huge problem for me.

I have 2 direct deposits that were going into Evolve. And now with the new bank CFSB I have new routing and account numbers.

Wise says that deposits to Evolve will be rejected after Oct. 18th.

Social Security Admin says they can not change my Nov. deposit. But the Dec. direct deposit will go to CFSB.

What the heck is going to happen when Evolve sends back my Nov deposit???

Almost 2,000 dollars... 

And what will SS do when that happens. Maybe they will stop my monthly deposits. 

That would be disasterous. 

I sent Wise a message, but no answer yet....

Any ideas??

 

  

 

If/once Evolve rejects the deposit, it will be returned to the sender. I noticed for some users, they said the old account will work until the 30th so hopefully yours will still go through, even after the 18th. If not, ideally, once they see it was returned, they will note your account details recently changed and direct the failed deposit to your new account details but nobody can predict or guarantee that. At best, your money will be delayed.

[Pib]

Ditto to what Ohyesuare said.   If/when the Nov payment is rejected back to SSA then SSA should look and see you updated your direct deposit info and then resend the payment to the new acct.  This process will probably take a couple of weeks.  Yea, SSA actually locks in next payment details and sends it to the US Treasury weeks before actual payment is made.

 

But it wouldn't be a bad idea to follow-up with the SSA again "after" you are sure the Nov payment was rejected back just to make SSA is resending the payment to the new acct.   

 

It's a durn shame Wise did not give customers at least 60 days notice.  I too got the notice about Wise dumping Evolve...switching back to CFSB...and I also was given an 18 Oct date after which any payments sent to the Evolve acct would be rejected back to sender.  Now I don't have any direct deposits going to Wise but if I was you I would definitely let them know the amount of notice given (only about 35 days for me) is not long enough lead time to get direct deposit iinfo changed with some payers....like U.S. govt agencies which normally require about a 3 week advance notice to ensure the upcoming monthly payment goes to the new acct.

 

About 2.5 years ago when Wise switched from Evolve from CFSB they gave approx 90 days notice...but as mentioned this time they only gave around 35 days (at least for me).  Expect Wise needs to transition from Evolve quickly due to whatever reasons....they must have had a fallen-out, problems in using Evolve, etc.  Or maybe it's as simple as Wise re-competes their contracts for partner banks every few years, awarded the new contract to CFSB, and it's just Wise that set the quick change over....not Evolve.   

 

Wise webpage talking the changing USD acct details:

https://wise.com/help/articles/2G69Jf6EEvf5TvYSlA8XjQ/were-changing-your-usd-account-details

 

Edit:  just found this SSA POMS (instruction/regulation) that takes how they handle rejected payments...open the webpage for full details...I also included a partial quote from it.  Bottomline if they see new direct deposit info in the system that replaced the old info causing the rejection they will resend to the new acct info.  Process will take 2 to 3 weeks.

 

https://secure.ssa.gov/poms.nsf/lnx/0202402100

 

 

 

Edited October 23, 2023 by Pib

[JohnOFphon]

3 hours ago, Pib said:

Ditto to what Ohyesuare said.   If/when the Nov payment is rejected back to SSA then SSA should look and see you updated your direct deposit info and then resend the payment to the new acct.  This process will probably take a couple of weeks.  Yea, SSA actually locks in next payment details and sends it to the US Treasury weeks before actual payment is made.

 

But it wouldn't be a bad idea to follow-up with the SSA again "after" you are sure the Nov payment was rejected back just to make SSA is resending the payment to the new acct.   

 

It's a durn shame Wise did not give customers at least 60 days notice.  I too got the notice about Wise dumping Evolve...switching back to CFSB...and I also was given an 18 Oct date after which any payments sent to the Evolve acct would be rejected back to sender.  Now I don't have any direct deposits going to Wise but if I was you I would definitely let them know the amount of notice given (only about 35 days for me) is not long enough lead time to get direct deposit iinfo changed with some payers....like U.S. govt agencies which normally require about a 3 week advance notice to ensure the upcoming monthly payment goes to the new acct.

 

About 2.5 years ago when Wise switched from Evolve from CFSB they gave approx 90 days notice...but as mentioned this time they only gave around 35 days (at least for me).  Expect Wise needs to transition from Evolve quickly due to whatever reasons....they must have had a fallen-out, problems in using Evolve, etc.  Or maybe it's as simple as Wise re-competes their contracts for partner banks every few years, awarded the new contract to CFSB, and it's just Wise that set the quick change over....not Evolve.   

 

Wise webpage talking the changing USD acct details:

https://wise.com/help/articles/2G69Jf6EEvf5TvYSlA8XjQ/were-changing-your-usd-account-details

 

Edit:  just found this SSA POMS (instruction/regulation) that takes how they handle rejected payments...open the webpage for full details...I also included a partial quote from it.  Bottomline if they see new direct deposit info in the system that replaced the old info causing the rejection they will resend to the new acct info.  Process will take 2 to 3 weeks.

 

https://secure.ssa.gov/poms.nsf/lnx/0202402100

 

 

 

Pib. you are one smart cookie...

Thank you for searching SSA and finding the POMS that list what can happen to my deposit.

 

I got this from Wise a few minutes ago....they said they were sorry.....big help that is,

 

Thanks for getting back to us

Unfortunately, there’s no way we can delay or revert the migration.

We've had an operational change which means we needed to issue you new USD account details. We’re truly sorry for any disruption or inconvenience this has caused and we understand this came about quickly.

If the sender does make the payment to your old Evolve details, the money will be returned back to the sender automatically

The refund may take the regular 3-5 work days for ACH and 5-10 work days for domestic and international wires payments to return to the sender.

Let us know if you have any other questions, we're happy to help.

Best wishes,

Val
Customer Support | Wise

 

"we're happy to help"" BS

 

Again,,Pib...thank you.

[Pib]

49 minutes ago, JohnOFphon said:

Pib. you are one smart cookie...

Thank you for searching SSA and finding the POMS that list what can happen to my deposit.

 

I got this from Wise a few minutes ago....they said they were sorry.....big help that is,

 

Thanks for getting back to us

Unfortunately, there’s no way we can delay or revert the migration.

We've had an operational change which means we needed to issue you new USD account details. We’re truly sorry for any disruption or inconvenience this has caused and we understand this came about quickly.

If the sender does make the payment to your old Evolve details, the money will be returned back to the sender automatically

The refund may take the regular 3-5 work days for ACH and 5-10 work days for domestic and international wires payments to return to the sender.

Let us know if you have any other questions, we're happy to help.

Best wishes,

Val
Customer Support | Wise

 

"we're happy to help"" BS

 

Again,,Pib...thank you.

 

Well, I'm glad Wise had such a durn explanation of why they had to change so fast it provided little to inadequate lead time for its customers.  

 

I expect Wise needed to dump Evolve fast for some reason(s)....or it was the other way around in Evolve deciding to dump Wise quickly.

 

See below 15 Oct 2023 FinTech News article where Evolve is mentioned several times in having falling-outs with several business partners to include Wise.  Even talks possible illegal transfers to Hamas-linked Gaza Now new site.  Fintech companies starting to sue each other.   

 

https://fintechbusinessweekly.substack.com/p/solid-claps-back-at-ftv-in-countersuit

 

[JohnOFphon]

Now I have an even bigger problem.

When I notified my pension fund to transfer to CFSV they told me that December would be the first deposit to the new bank.

The Nov. deposit will be rejected and my pension fund will only add it the the December transfer. Double deposit in Dec.

No pension and no SSA in the first week of Nov. means I will not have a transfer to meet the 65K I use when it comes time to extend.

I don't keep more than $500 dollars in my US bank. Not enough.

Screw Wise!!

 

[Pib]

54 minutes ago, JohnOFphon said:

Now I have an even bigger problem.

When I notified my pension fund to transfer to CFSV they told me that December would be the first deposit to the new bank.

The Nov. deposit will be rejected and my pension fund will only add it the the December transfer. Double deposit in Dec.

No pension and no SSA in the first week of Nov. means I will not have a transfer to meet the 65K I use when it comes time to extend.

I don't keep more than $500 dollars in my US bank. Not enough.

Screw Wise!!

 

You don't have any other money in a US bank you could transfer to your Wise acct in order to make a Nov transfer for 65K baht?