Deposit Accounts
IC-DEPOSIT-US
Introduction
Deposit Accounts <<account_interestCheckingUS>> (also known as checking accounts) are general purpose depository accounts opened in the end users' names at Synapse's bank partners. These accounts are FDIC insured up to $250,000 and can be opened for both individuals and businesses.
Our Deposit Accounts (<<account_interestCheckingUS>>) have the capacity to offer interest (i.e. the "IC" in the node type denotes that it is "interest carrying"), and may also be referred to as interest checking accounts.
Common Use Case:
Deposit accounts are equivalent to a traditional bank's checking account and are commonly used to emulate them. They are very versatile and open a door to a variety of other features, including debit card issuance and account/routing number issuance.
Previous Steps
- Create user with KYC (recommended).
or - If user has been created already, then add required KYC.
Recommend User Creation and KYC Submission Flow
Please look at our KYC Overview for our suggested user creation and KYC addition process. Not following this process can lead to bad user experience and unnecessary efforts by the platform.
Create Account API Call: Create Interest Carrying Deposit Account
Next Steps:
Once a deposit account is opened you can make transfers to and from the account, issue a card, or create account and routing numbers for it.
KYC Requirements
KYC will vary depending on if the account is opened for an individual or a business. KYC obligations are standard because they are all full deposit accounts.
Minimum KYC Requirements for Individuals
| Minimum KYC for Individuals | |
|---|---|
| Base Documentation | Name, Date of Birth, Address, Email, Phone. |
| Virtual Documents (We would only require for you to submit the number/code of document). | Social Security Number (SSN) with W-9 Verification. |
| Physical Documents (We will require you to submit a picture of the document which we would process with our computer vision stack) | US Government Photo ID (GOVT_ID,GOVT_ID_BACK) |
Minimum KYC Requirements for Businesses
To open a business deposit account, you must supply the KYC of the table below as well as submitting a UBO form.
| Minimum KYC for Businesses | |
|---|---|
| Base Document | Business Name, Address, Entity Formation Date, Entity Type (LLC, Corp, etc), Entity Scope (Industry), Email, Phone Number of Business. |
| Virtual Documents | Taxpayer Identification Number (TIN). |
| Physical Documents | EIN Verification Letter issued by IRS (EIN_DOC), Company Bylaws (BYLAWS_DOC). Articles of Incorporation (AOI), User Due Diligence Form (REG_GG). |
Minimum KYC for Beneficial Owners
If the business has one or more beneficial owners (an individual owning 25% or more of the entity) we would require the following additional KYC for each of those persons.
| Minimum KYC for Beneficial Owners | |
|---|---|
| Base Documentation | Name, DOB, Address, Email, Phone. |
| Virtual Document | SSN with W-9 Verification |
| Physical Documents | US Government Photo ID (GOVT_ID,GOVT_ID_BACK) |
For more information on the specific documents allowed for each KYC category and our verification process please refer to KYC Documentation and Verification.
Sub-Resources
General Deposit Account APIs
[LEGACY] DEPOSIT-US Account Node
<<account_depositUS>> is our legacy deposit account node that shares all of the same account features available to <<account_interestCheckingUS>> nodes except for the capacity to provide interest. For more information please refer to this page.
Legal Disclosures
Please make sure to check our General Legal page and our Accounts Legal page.
Updated about 5 years ago