Before we can open an account for you with our bank partner, BBVA, we need to go through the Know Your Customer (KYC) process. This means collecting your legal information in order to verify your identity. Here is what the KYC process looks like:
For U.S. Citizens the required legal information includes: your legal first and last name, date of birth, social security number and legal address. Most of the time, the verification process happens in a few seconds, and we're able to open your new savings account immediately.
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 from a legal form of identification like a state ID or a passport. This additional review process can be manual and take up to 5 business days to verify.
For U.S. Residents the required legal information includes: your legal first and last name, date of birth, social security number, legal address, a copy of your passport, and your U.S. visa. Processing time for these documents takes a bit longer than those for Citizens, and you should expect your new savings account to be opened within 3-5 business days.
If you're required to go through additional verification, we'll be sure to notify you once your account is active so you can start saving according to your plan.
Catch will inform you directly, if we are unable to support you as a user, due to KYC. This means we're unable to open a new savings account for you, most likely due to incorrect legal information, your response to Catch's required regulatory questions, or prior banking history.