How to Add and Verify Your Bank Account

Banking Verification for Deposit

The process to set up your account to collect funds is divided into three parts:

Adding a bank account

Identification document upload

KYC Survey

Note: Failure to complete all portion of bank verification will result in any funds collected being non-transferrable.

Add a bank account

1. Click Banks & Accounting on the left navigation bar

2. Select the New Bank Account button at the top right of the page
3. Enter in your account information in the following fields, which are all mandatory:

• Nickname for account - great for when you have multiple accounts
• Bank Name
• Account Type - checking or savings
• Name of Account Holder
• Routing number
• Account number

On a check, here's where you can find your routing and account numbers:

• Address and telephone number of account holder - you will have the option to use your group address if it’s already saved in your Group Info.

4. Select How you will receive funds in the Transfer Method dropdown menu
5. Select When you will receive funds with the Transfer Period dropdown menu

• You have the option to select whether this is the primary bank account into which funds should be transferred.

6. Click Save

Note: All funds collected will be held until your account has been verified.

Identification document upload

A scanned copy of a government-issued ID is required to complete banking verification.

Examples of accepted photo identification: passport, driver’s license, state-issued ID, military ID.

Expiration date must be valid. The entire document must be visible in the copy uploaded, including full name, ID number, photo, and expiration date. The document must be uploaded in color; black-and-white scans will not be accepted. Document can be uploaded in .png, .jpg, or .pdf format.

Documents must meet all noted requirements in order to be accepted for verification. Provided documents that do not meet all noted requirements will be rejected and an updated/corrected one will need to be provided to complete the verification.

1. Click Banks & Accounting on the left navigation bar
2. Click Get Started button for document upload

3. Select Upload an Image of Your Document to upload your identification documentation

4. Select Save and Close to complete the submission of your identification document

Sample of Identification Document:

Note: All funds collected will be held until your account has been verified.

Please contact support if you have any questions.

Complete KYC Survey

As part of our underwriting process for groups that process payments on Memberplanet, we are required to collect and verify information on the individual or groups receiving funds.  These are typically known as Know Your Customer (KYC) requirements.  These requirements come from our regulators and financial partners and are intended to prevent abuse of the financial system.  For example, you will need to provide:

• Information about your group (i.e. - name, address, tax ID number)
• Information about the person who owns, controls or manages the group (i.e. - name, address, date of birth, SSN)

This underwriting policy aligns with new federal regulations that are being passed down to all businesses who process or transfer payments.  The information collected will be used by the card networks to verify that an individual or group is not associated with terrorist financing or money laundering.  There will not be any background checks, credit reporting, etc. with the information provided.  This process is impacting all providers in the financial ecosystem and you should expect similar information requests from providers such as eBay, Venmo, etc.

Please complete this secure survey to provide the requested information. 

Note: All funds collected will be held until your account has been verified.

Updating bank account information:

If your bank account has already been verified and an administrative user saves any change to the account information on memberplanet, this will void your verification status. This is a standard security measure in place to prevent fraudulent activity. Transfers will be paused until the account is reverified. To reverify your bank account, please send a request to our support team and include the following:

• Your name
• Your group’s name
• Nickname for account that needs to be reverified

A team member will reach out to you with information on next steps to have your account reverified. If changes were made to the bank information, such as account number or routing number, you will need to provide updated documents to complete the verification.

When are funds transferred

 Once your group has completed all bank verification steps, transfers will occur on a weekly basis each Wednesday. A transfer will include all funds collected in the most recent collection period. Weekly collection period includes funds collected between Monday to Sunday.

 Deposits are sent on Wednesdays but typically take 3 - 4 business days to reach your account. Most groups will receive their transfers on the Friday of each week. If there is a holiday on Monday transfers will be delayed by one business day.
 

A breakdown report of your transfers are available in your transfer reporting.

• Click Reports on the left navigation bar
• You’ll be taken to the All Payments report.
• Click on the All dropdown menu
• Select Transfers from the submenu
• Select a line item transfer to view an itemized break down of an individual transfer, including refunds issued within that collection period