Before we can open an account for you with our bank partner, Blue Ridge Bank N.A., we need to go through the Know Your Customer (KYC) process. KYC refers to regulated bank customer identity verification practices, which include collecting your legal information in order to verify your identity.
Here is a basic overview of KYC requirements:
Legal information is required
The required legal information includes your legal first name and legal last name, date of birth, social security number, and legal residential address. Most of the time, the verification process happens in a few seconds or minute, and we're able to open your new savings account immediately.
Additional verification may be required
Sometimes, particularly if you've entered different legal information from what is verified across multiple government databases, we're required to ask for additional information for verification. This could be identity verification questions, a legal form of identification (i.e. state ID or passport), or another way to verify you. This additional review process can be manual and take up to 5 business days.
If you're required to go through any additional verification, we'll be sure to notify you once your account is successfully opened.
Verification may not be approved
Catch will inform you directly if we are unable to support you as a user, due to KYC. This means our bank partner is unable to open a new savings account for you, most likely due to incorrect legal information or prior banking history.
If you believe there was an error in this process or you may have entered your legal information incorrectly, please login to your Catch account, visit your profile page, and review/edit any personal information that could be incorrect.
As always, please reach out to us with any questions.