Understanding the Application Process for Real Wallet Business Checking Account(s)

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.

Summary: KYC vs. KYB