When applying for a banking account through Wayflyer we will require company and beneficiary 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, however, this article will outline all the requirements and steps to ensure the process is fully realized regardless of current account status.
Needed Information:
When applying for a banking account you will need the following:
Company registration information
Beneficiary information for anyone owning more than 25% of the company
Articles of incorporation for your business
Photo identification for any authorized users on the account
A web camera or mobile device with camera for identity verification
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 identity for transactions in your wayflyer banking account.Business information verification
This will include your companies articles of incorporation, business and industry information, as well as registration numbers for your business.Beneficiary owner information
This will include social security information for users, phone numbers, addresses, roles, and percentages of ownership.User verification via Stripe
Here you will need to verify your identity via government issues picture identification through your associated email address.Review details and submission
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 a bank. Banking services provided by Thread Bank, Member FDIC. 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. FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC. Pass-through insurance coverage is subject to conditions.
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.