When you become a bank

Hi there,
Just ordered my card, and something occurred to me.
When you become a licensed bank, do people with accounts automatically get transferred over? Would there not need to be further verification and what not?

There will have to be some more verification done from a regulatory point. Other than that don’t know

They have previously said that there will be a migration process to convert your Mondo prepaid account into a real current account.

They have also said that for anyone who - for whatever reason - decides to not make that migration, they’re not currently sure what they’ll do.