Once a client submits their account application, our system initiates a Know Your Customer (KYC) process to verify their identity. This verification is performed through both Plaid and the custodial Customer Identification Protection (CIP) team.
What Happens During KYC?
The identity verification process checks the client’s personal information against trusted data sources.
- The following categories are reviewed:
- Full Legal Name
- Residential Address
- Social Security Number (SSN) or Tax ID
- Date of Birth
What Does “Suspended” or “Pending Verification” Mean?
If an account is marked as Suspended or Pending Verification, it means the application was submitted, but some portion of the client's identity did not pass the verification process
- In these cases:
- The account cannot proceed until the issue is resolved
- A Client Success team member will proactively reach out to explain the reason for the failure and provide next steps
- The most common reason for suspension is a failure to verify the client’s address
How We Resolve a Suspended Account
When an account is suspended, the Client Success team will take the following steps:
- Reach out directly to the client or the advisor (depending on the situation and communication preferences)
- Request the required documentation needed to resolve the verification issue — this could include a utility bill, government-issued ID, or other proof of address
- Submit the documentation for verification
- Once the documentation is reviewed and accepted by the KYC team, the account status will be updated and accounts will be open for funding