How will account migration affect the AutoPay payments for my loan?
We're changing our prepaid card issuer and bank partner from Metropolitan Commercial Bank to Lead Bank. Your Revolut prepaid card account may be under maintenance during this transition which could affect your scheduled AutoPay payments. You'll be informed via email if a maintenance window could affect your ability to make AutoPay payments.
If your AutoPay is scheduled from your Revolut prepaid card during the maintenance window:
- Adding money to your Revolut prepaid card account before the maintenance window should allow your AutoPay to process as scheduled on the due date, assuming the funds are available
- If the payment isn't processed on the due date as expected, it'll be processed as soon as possible following the due date, and you won't be billed any additional interest for the delayed payment
- You won't be charged additional interest on your loan for the duration of the maintenance period
If your AutoPay is scheduled from your external bank account during the maintenance window:
- Your AutoPay won't be processed during this period, and you'll need to make your payment manually
- You may add money to your Revolut prepaid card before the maintenance window and make your payment manually using the Revolut app on your scheduled due date
- You won't be charged additional interest on your loan for the duration of the maintenance period.
Attempts to add funds to your Revolut prepaid card account during the maintenance window may be rejected.
What'll happen if I don't opt in?
As long as you consent, or 'opt in', to the new Lead Bank Cardholder Agreement, your AutoPay will continue as normal in the subsequent months. You should keep track of your upcoming payments and make sure that they're paid when they become due. The due date for your payments will remain the same and may be viewed in your Promissory Note as well as the Revolut app.
If you choose to not opt in to the new Prepaid Cardholder Agreement, you won't be able to continue making loan payments with Revolut's AutoPay service, and additional steps will be required for you to make your loan payments after migration is completed.