Before we can open an account for you with our bank partner, we need to go through the Know Your Customer (KYC) process. This means collecting your legal information, including your legal first and last name, date of birth, social security number and legal address, in order to verify your identity.
Most of the time, this 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 then 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.
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.