Account Closures Additional Details
Timeline:
- May 30-31, 2023: All Sagewell members were notified about Sagewell’s upcoming closure. Members were given a 30 day warning to move their direct deposits and transfer their checking and investing funds to external accounts.
- June 30, 2023: Sagewell accounts with $0 balances in both checking and investing accounts were closed. Debit cards were deactivated.
- July 21, 2023: All remaining Sagewell accounts will be closed.
FAQ
Why is Sagewell closing?
Sagewell was founded nearly two and half years ago in order to make retirement a little easier for American retirees. We started with a retirement friendly checking account, added human support and eventually offered investment services. Over the course of that time many venture capital firms invested in our business. Late 2022 we needed to raise more money to finance the business. Unfortunately, at that time, the venture capital appetite for businesses like ours had all but vanished, making it impossible for us to raise the funds necessary to stay in business.
When will I lose access to my account?
If your checking and investing accounts had $0 balances on June 30, 2023, your account was closed then. The final date for all account closures is July 21, 2023.
You will not be able to log into your Sagewell account once your account is closed. If you need a document or have questions following your account's closure, please contact our operations team at help@sagewellfinancial.com.
What happens to my last month’s interest?
You will receive a physical check with any remaining balance and your last month’s interest. This will be sent to the address we have on file.
How do I switch my Direct Deposit?
Log into your direct deposit provider's website and input your non-Sagewell checking account’s account and routing number.
How will I receive tax information for my checking account?
In 2024, you will receive tax documents in the mail for any accrued interest or bonuses. These documents will come from our banking partner Choice Financial Group and Sagewell (if appropriate).
How will I receive tax information for my investing account?
In 2024, your tax forms will be added to our investment partner Drivewealth’s online portal. You can login and view the information at this link: https://client.drivewealth.com/login
When will I receive the check with my final account balance?
In order to allow all pending transactions to process, checks are issued 30 days after your checking account was closed. Given the large volume of checks we are processing due to our closure, this is taking longer, between 45 to 60 days. The timing is from when you received your official account closure notification via email.