Opening a bank account is subject to identity verification, which is a necessary step to obtain a PODERcard Debit account. In order for us to offer you a debit card with no hidden charges or fees, we must first verify the information you submitted as part of your application to open an account. Please find below some of the main reasons that prohibit us from opening an account.
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Identity verification fail
In order to offer you the best banking experience, we formed an alliance with Thread Bank. As part of this agreement, the Thread Bank team verifies the validity of each PODERcard Debit application it receives, in compliance with their Visa U.S.A. Inc. license. and the requirements set forth by the Federal Deposit Insurance Corporation (FDIC).
This identity verification validates your name, address, date of birth, telephone number, and other information in order to identify you. In addition, it is necessary to provide either a Social Security Number (SSN), Individual Tax Identification Number (ITIN), or a passport.
If after submitting your application you receive a notification that we were unable to open an account for you, this may be due to the fact that some of the aforementioned information did not pass Thread Bank's verification processes. This is a possible reason why we were unable to open an account for you.
ID image fail
In addition to the information mentioned previously, we may also request that you upload an image of your state-issued ID or passport for verification purposes. If the identity verification documents you uploaded are expired or the images you captured are not legible enough, this may explain why your application may have been rejected.
Failure when entering information
Sometimes, the system may ask you for personal information that must be entered in a certain way. If you enter your details but enter them incorrectly, that could also explain why it was not possible to open an account for you. For example: if you add a P.O. Box when your address is requested, instead of including the full postal address of your home address, then the system will produce a fail error.
Compliance with federal regulations
To help the government fight terrorist and money laundering activities, we are required by federal law to obtain, verify, and record information that identifies each individual who opens an account. Thus, when you request a PODERcard Debit account, we ask for your identity information as part of the enrollment process to contribute to these government efforts. Rest assured that your data is safe with us and we never share it with third parties without your prior authorization.
For more information, please review our Cardholder Agreement here
Welcome Tech dba SABEResPODER is not a bank. Banking services provided by Thread Bank, Member FDIC. The PODERcard Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. PODERcard account opening is subject to identity verification by Thread Bank.
Your deposits qualify for up to a maximum of $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://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
*See more here: https://go.thread.bank/sweepdisclosure.
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