Things are changing - here's what you need to know!

Here at Spiral, we often asked ourselves what we could do to create a greater, far-reaching social impact. And so rather than just offering Spiral's banking app as a solution, we realized we could simplify the process for people to make an impact using their favorite banking and financial platforms, which they already use and love!

We have decided to help banks and other financial institutions easily add social impact capabilities into their products, and shift our strategy to focus on building our social-impact- as-a-service platform to power the next generation of financial services for more than 10,000 financial institutions across the U.S.

As part of this change, we will discontinue offering consumer banking services in the next few months, and we wanted to inform you about an upcoming change to Spiral’s banking services.

Don’t worry, we’ll make sure that you will have access to your Spiral accounts until December 31, 2022. You will be able to utilize your account as normal until the date of closure.

• If you have your paycheck direct deposited into your Spiral account, we recommend you change your direct deposit to an external banking partner- contact your HR representative or payroll department to make this transition.

• If you would like to close your account before December 31, 2022, simply log into the Spiral app. Initiate a funds transfer of your remaining funds to your linked banking partner account. You can also contact us by phone or email to request your account to be closed.

• You will be able to access your funds through your debit card until December 31, 2022, the date of the account closure. Any remaining funds in your account upon closure will be sent to your linked bank account within 60 days of this notice.

• If you don’t have a linked bank account, a check will be sent to the address on file if you need to update your address, log into your Spiral account and submit the requested documents for an address change before December 31, 2022.
  

Please see below for additional FAQs: 

What’s changing?

Starting on October 3, 2022, Spiral will begin downgrading some of our services linked to your account(s) with us. We will also begin the process of closing all of our deposit accounts, including checking, savings, and giving. No need to worry, we plan to give you plenty of time to adjust. All accounts will be closed no later than December 31, 2022.

How does this affect my funds?

All of your funds will be accessible to you. If you have any remaining balance in any of your accounts on December 31, 2022, the balance will be transferred to a linked external account (if you have one), or a check will be issued to the address on file. Please make sure that your personal information with Spiral is updated and current.

When will this happen?

We will begin the downgrade of services on October 3, 2022 and finish our closing process no later than December 31, 2022.

What do I need to do?

• If you have a balance in your account(s), begin transferring it out to your linked external bank account
• Use your debit card to help decrease your balance
• Change your direct deposit if any portion of your pay is deposited to your Spiral account(s)
• Cancel any recurring transfers or donations you have setup with your Spiral account(s)

How can I move funds from Spiral, and until when?

• You can move money from Spiral to a linked external account using our mobile or web appœ
• Use your debit card to transfer money through PayPal, Venmo, or CashApp, and make purchases/ATM withdrawals up to December 15, 2022. If you have checks, you can write a check until December 31, 2022.

Can I still use Spiral’s debit card?

Yes, you can use your Spiral debit card until December 31, 2022.

Can I still use my Giving Account?

Yes, you can use your Giving Account until December 31, 2022! We will make certain to process all of your 2022 donations in a timely manner.  

What will happen to my donations?

We will process all donations as normally made through your Giving Account until December 31, 2022. You’ll also be able to access your 2022 Donation Report as soon as it's available.

Can I still invite friends via Spiral’s Referral Program?

The Spiral Customer Referral Program will terminate on September 30, 2022. Any referral bonuses earned will be credited to your account prior to December 31, 2022. All terms and conditions of the program must be met in order to receive the bonus payout. Please find the complete terms and conditions here.

Can I add Spiral’s social impact features to any of my other bank accounts?

Please let us know if you would like to add Spiral’s social impact capabilities to any of your current bank, investment/trading app, or other financial services. We’ll make sure to keep you posted!

All banking services are provided by nbkc bank, Member FDIC.