When applying for a banking account through Wayflyer we will require company, key individuals, and supporting document information. If you are also a funding client it is possible much of this information was already submitted to Wayflyer, so you may not need to complete all steps. This article outlines all the requirements and steps regardless of your current account status.
As part of the same application, your eligibility for international payments will also be reviewed — there is no separate application required for this.
Needed Information
When applying for a banking account you will need the following:
Business details:
Company registration information, including legal name, state of registration, registration number, business type, incorporation date, Tax ID (EIN/FEIN), and legal address
Business contact details, including website, phone number, and physical operating address
Business activity information, including a description of your products or services, your US presence, key countries where you have customers, partners or employees, annual revenue, and employee count
Banking information, including account purpose, source of funds, and expected monthly transaction volumes
International payments (if you intend to send payments outside the US):
Payment purpose
Main destination countries (up to 5); please know this does not limit your ability to send funds to other countries, but just should be the primary countries you intend to send money to.
Average payment value and expected monthly volumes
Key individuals:
Details for at least one authorized officer and all individuals who own 25% or more of the company
For each person: legal name, email address, and US Social Security Number (if applicable)
Note: a secure link will be sent to each individual via email to complete their identity verification — you do not need to gather identity documents on their behalf ahead of time
Documents:
Certificate of Incorporation
Proof of business (e.g. a business plan, catalogue, or marketing materials)
Proof of physical address (e.g. a recent utility bill or bank statement showing your business address)
Corporate structure (e.g. an organizational chart or ownership diagram)
Process for applying:
In your Wayflyer account, you will be able to begin the application process from the banking tab of your account. If you do not see the option to start the application, and you are eligible for a banking account, please reach out to [email protected] to enable banking for your account.
Once started you will need to complete the following steps:
MFA set up via authenticator app, or SMS text message verification
Please be sure to create an easy to access method of authentication as you will need to verify your identity for transactions in your Wayflyer banking account.
Business details
You will be guided through four sub-sections:
Legal identity: Your company's legal name, state of registration, registration number, business type, incorporation date, Tax ID (EIN/FEIN), and legal address.
Contact: Your business website, phone number, and physical operating address. Note that P.O. boxes, virtual addresses, and mail centers are not accepted.
Activity: A description of your business and typical customers, your US presence, up to 3 key countries where you have customers, partners or employees, annual revenue, and employee count.
Banking: Your account purpose, source of funds, and expected monthly transaction volumes. This section also includes an International payments toggle. If you plan to send payments outside the US, switch this on and provide your payment purpose, destination countries (up to 5), average payment value, and expected monthly volumes.
Key individuals
Add at least one authorized officer and all individuals who own 25% or more of the company. For each person you will need to provide their legal name, email address, and US Social Security Number (if they have one). A secure link will be sent to each individual by email to complete their identity verification — this includes submitting identity documents such as a passport.
Documents
Upload the following supporting documents for your business:
Certificate of Incorporation
Proof of business (a business plan, catalogue, or marketing materials)
Proof of physical address (a recent utility bill or bank statement)
Corporate structure (an organizational chart or ownership diagram)
Review and submit
Review all information provided before submitting your application.
Once your application is submitted it will be reviewed by both Wayflyer and our banking partners. Be on the lookout for emails from [email protected], as we will be reaching out if there is any additional company information or documentation required.
When your account is approved, you will receive an email informing you of the approval, and you will now be able to access your account in Wayflyer.
For support questions for the Wayflyer Banking product, please do not hesitate to reach out to [email protected].
Wayflyer is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Wayflyer 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 placed at program banks in the Thread Bank 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 [email protected] with questions on the sweep program. Pass-through insurance coverage is subject to conditions.