Nothing changes for Bluevine customers today. On September 28, 2026, Valley National Bancorp agreed to buy Bluevine for about $340 million, with closing expected in early 2027 after regulatory approval, and Bluevine’s roughly $2.1 billion in deposits are reported to move to Valley in the first half of 2027. If your business banks with Bluevine, keep using the account, but use the next few months to document your payment connections, save your statements, and check how your FDIC coverage will work once the money moves to a single bank.
Key takeaways
- Valley National Bancorp, a Morristown, NJ bank, agreed on September 28, 2026 to acquire Jersey City-based Bluevine for about $340 million, roughly 75% cash and 25% stock.
- The deal is expected to close in early 2027, and Bluevine will continue as Valley’s digital small business platform.
- Today Bluevine offers FDIC coverage up to $3 million per depositor through Coastal Community Bank and a sweep network of program banks. Ask how that changes once deposits move to Valley.
- The bookkeeping risk is in the switchover: changed account numbers, broken bank feeds and lost statement history. Prepare now and it becomes a non-event.
What did Valley announce about Bluevine?
According to the joint press release dated Monday, September 28, 2026, Valley National Bancorp will acquire Bluevine Inc. for approximately $340 million, paid about 75% in cash and 25% in Valley common stock. Bluevine brings about $2.1 billion of deposits and roughly 175,000 active small business customers as of June 2026. The companies expect to close in early 2027, subject to regulatory approvals and customary closing conditions.
Valley says it intends to keep Bluevine’s digital banking, payments, lending and financial management tools, and Bluevine co-founder and CEO Eyal Lifshitz will join Valley as Head of Small Business Banking after closing. Banking Dive reported that Bluevine’s deposits, now held through partner bank Coastal Community Bank, are expected to transfer to Valley in the first half of 2027. Valley is a $66 billion-asset bank, per the same report.
Coastal Financial, Coastal Community Bank’s parent, said in an 8-K filed the same day that about $447 million of Bluevine-related deposits sat on its own balance sheet as of September 25, 2026, with the rest placed through its sweep program. It does not expect a material effect on its liquidity.
This is part of a wider pattern of banks absorbing business fintechs. Capital One completed its purchase of Brex on April 7, 2026, and we expect more fintech account holders to face a similar switchover in the next year.
What is known and what is still open?
| Question | What the sources say (checked October 5, 2026) |
|---|---|
| Does my account change today? | No. The deal has not closed and Bluevine operates as before. |
| When does the deal close? | Expected early 2027, subject to regulatory approvals. |
| When do deposits move? | Reported for the first half of 2027. No customer-level date announced. |
| Will the Bluevine brand stay? | Yes, as Valley’s digital small business platform, per the press release. |
| FDIC coverage today | Up to $3 million per depositor through Coastal Community Bank and program banks, per Bluevine. |
| FDIC coverage after the move | Not announced. Standard coverage at one bank is $250,000 per depositor, per ownership category. |
| Will account and routing numbers change? | Not announced. Plan as if they might. |
| Will the interest rate change? | Not announced. Bluevine currently advertises 1.3% APY on its Standard plan if you meet a monthly activity goal, and up to 3.0% APY on upgraded plans. |
Is my Bluevine money still FDIC insured?
Yes. Bluevine’s business checking page states that accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC, and its program banks. Bluevine is a financial technology company, not a bank, so that coverage works by spreading your balance across several insured banks through a sweep network. The acquisition agreement does not change that today.
The question to ask is what happens after the transfer. The FDIC’s standard coverage is $250,000 per depositor, per insured bank, per ownership category. If your balances end up in a single bank without a sweep arrangement, anything above that limit would be uninsured. Valley has not said how it will structure coverage for Bluevine customers, so we would not assume either way. If you already hold accounts at Valley, your Bluevine balances could be combined with them for insurance purposes once they sit in the same bank, which is worth confirming in writing.
What should your business do now?
- Do not rush to move money. Moving accounts mid-quarter creates its own risks: missed debits, bounced payroll and a messier close. Unless your balances or risk tolerance call for it, stay put and plan.
- Map every connection to the account. List what pays in and what pulls out: Shopify, Amazon and Stripe payouts, customer ACH and wire instructions on your invoices, payroll funding, tax payments (EFTPS and state), loan and credit card autopays, and SaaS subscriptions. If account or routing numbers change, this list becomes your update checklist.
- Download your statements now. Save monthly PDF statements for 2025 and 2026 to date, plus a transaction export. Your tax CPA will need year-end statements in early 2027, right when the switchover is expected, and platform migrations can limit access to history.
- Check your coverage math. Note your typical and peak balances. If you rely on the $3 million sweep coverage, ask Bluevine in writing how coverage will work after deposits move, and decide in advance where you would place cash above $250,000 if the answer falls short.
- Plan the bank feed cutover. If the account moves to new numbers, we recommend adding it as a new bank account in QuickBooks Online or Xero, recording the balance transfer between the two, and reconciling the old account to zero on the cutover statement. Reusing the old ledger account for a new feed is how duplicate and missing transactions creep in. Bluevine’s QuickBooks integration for bills and payees may also need to be reconnected.
- Track the interest you earn. Record interest income monthly from the statement, not from the feed description, and watch for any rate change notices. If the rate changes after the transfer, it affects your cash forecast and the interest income your tax CPA will see.
- Tighten payment controls during the transition. Bank changes are a favorite cover story for fraud. Treat any email asking you to “update banking details” as suspect, confirm changes inside the Bluevine dashboard, and require a second person to approve new payees or changed vendor bank details.
How will this affect month-end close?
For most of the next six months, not at all. The risk sits in the month the deposits actually move. Expect a split month: some activity on the old account, some on the new one, and possibly a few payouts or debits that land in the wrong place while vendors and platforms catch up. Plan a close that reconciles both accounts for that month, and keep the account map from step 2 handy so you can chase anything that bounces.
If you sell on Shopify or Amazon, payout destinations are the most common thing missed. A payout returned to the platform can sit for days, which shows up as a gap between your sales report and your bank deposits. Our ecommerce accounting clients keep a payout reconciliation each month for exactly this reason. Software companies with annual prepayments landing by wire should update the bank details on invoices and in their billing system on the same day.
Frequently asked questions
Is Bluevine shutting down?
No. Valley says Bluevine will continue as its digital small business platform, and the deal is not expected to close until early 2027. Your account keeps working as usual in the meantime.
Will my Bluevine account number change?
Valley and Bluevine have not announced that yet. Deposits are reported to move to Valley in the first half of 2027, so plan as if numbers could change and keep a list of every payout, payroll and autopay link to the account.
Should I move my business cash out of Bluevine now?
For most businesses, no. Coverage today is up to $3 million through Bluevine’s program banks. The time to decide is when Valley explains how coverage and rates will work after the transfer, especially if you hold more than $250,000.
Bank and fintech changes are exactly where clean books pay off. Our outsourced bookkeeping and controller teams handle bank feed cutovers, payout reconciliations and cash controls in QuickBooks Online and Xero every month.
Switching banks without breaking your books
Book a free consultation. We will review your bank setup, map what needs to change, and keep your close on schedule through the transition.
