What is Blue Ridge Bank?
Blue Ridge Bank, N.A., Member FDIC is a federally chartered national bank, based in Virginia, with $2.76 billion in assets as of November 2022. The Bank’s primary regulator is the Office of the Comptroller of the Currency (“OCC”). The bank holding company, Blue Ridge Bankshares Inc., is publicly listed on the New York Stock Exchange (NYSE AMERICAN: BRBS), with SEC filings are available at https://www.sec.gov.
What will my bank account be used for?
The account will be used to deposit funds for funding or reimbursing eligible purchases or expenses by the employees enrolled in your benefit programs. Benepass helps you administer those funds to your employees by providing debit cards funded by your account and reimbursing claims by sending funds from your bank account.
How is the account at Blue Ridge Bank funded?
The account is funded by your company and remains fully owned and controlled by you. Benepass serves as a custodian on the account to manage the funds across card spending and reimbursement submission by employees.
Is one bank account established or multiple bank accounts needed?
One bank account is established.
Do I have access to the account at Blue Ridge Bank?
The account is established in your company’s name. You are able to view live account information in the Benepass admin dashboard as well as monthly account statements.
Is the account(s) FDIC insured?
Yes, the account is FDIC insured.
What is the typical balance size we expect to maintain?
Benepass recommends funding approximately 15-20% of your annual employee contribution initially. The Benepass team will monitor this account balance and recommend a funding cadence based on estimated consumption metrics.