Patreon uses Stripe as an option for creators to receive direct deposit. When you provide your bank account and routing numbers - Stripe stores that information and creates a "Recipient" account for you. This is how we make payments to you.
In March of 2015, Stripe's "Recipients" were deprecated and will soon be removed from the Stripe API during the first half of 2017. Basically, instead of storing your information as a "Recipient" they want to gather a little more information and store that information in what they're calling a "Managed Account."
The main difference is Stripe is now collecting a little more information (you'll see that you are now required to provide your DOB and Address) and it will help fight against fraud.
You can read as much as you'd like about Stripe right here.
What do I need to do right now?
Right now you need to go to your payment settings page and under the "How would you like to get paid?" section you'll see a blue "update" button. Once you click the "update" button you'll see this:
What is the verification doc? (If required by Stripe)
The information you are providing to us is not stored on Patreon and is securely kept with Stripe. You can learn more about how they secure and encrypt that data here: Stripe Security.
In order to continue receiving direct deposit on Patreon you will need to upload a scan or photograph of a government-issued photo ID (driver’s license or passport). You can do this right from your payment settings page.
Once you upload your verification documents it may take 3-5 business days for Stripe to verify your identity. We will send you an email confirmation as soon as you’re verified and you’ll be all set.
Be sure that you upload a clear, color photo and the file is either a .jpg or .png
If I update my bank information won't I have a 5 day payout block?
As long as you provide the same bank routing number and bank account number you will not receive a payout block when you update this information.
If you change your bank routing number or your bank account number then that is considered an "edit" to your payout method and a 5 day payout block will be placed on your account.
Patreon is required to make these changes to ensure that we are compliant with Stripe and to make sure creators receive payments safely and securely.