When you apply for a card, whether as an individual or on behalf of a business, your information goes through a verification process to ensure safety, compliance, and trust across the financial system.
Individual Cardholders: Know Your Customer (KYC)
When you apply for a card, your information is automatically reviewed through a process called Know Your Customer (KYC). This is a legal requirement that helps verify your identity for the Real Wallet card program.
KYC helps us:
- Confirm your identity
- Assess potential risk
If your application does not pass the automatic review, it will be manually reviewed by our KYC team. You may be asked to provide:
- A government-issued photo ID
- Proof of address
- Additional documentation to confirm your identity
Businesses: Know Your Business (KYB)
If you're applying for a Business Card Program, your application will go through a process called Know Your Business (KYB). This ensures the business is legitimate and in compliance with financial regulations.
KYB helps us:
- Verify the business is legally registered
- Understand the nature of the business
- Assess any associated risks
If a business application doesn’t pass the automatic KYB check, it will be sent to our Application Team for manual review. Additional documentation may be required, such as:
- Articles of incorporation or registration documents
- Business license
- Ownership details or beneficial ownership forms
Why Was I Asked for More Information?
Sometimes, more details are needed to complete your application. This doesn't necessarily mean there's an issue, just that additional verification is required to meet legal and compliance standards.
We're required by law to comply with Anti-Money Laundering (AML) regulations. These rules are in place to prevent fraud, corruption, and illegal activity within financial systems.
By providing the requested information promptly, you help ensure your application moves forward smoothly.
The Real Brokerage is a real estate technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC Insurance available for funds on deposit through Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when Thread Bank places them at program banks in its deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program. Pass-through insurance coverage is subject to conditions.