Dwolla Verification Process

Customer Verification

1. For customers operating as individuals we will require:
   • Name
   • Personal Address
   • Date of Birth
   • Last 4 SSN
   • System with ask about Beneficial Owners - individuals will not have a beneficial owner, users should be instructed to check box indicating that there are no beneficial owners.
2. For customers operating as a business we will require all the information above for both the Manager and the company controller (controller and manager could be and often are the same person but the info still needs to be entered twice). Also we will want the Business Address not their Personal Address. We will also require one of the forms below:
   • EIN Number
   • EIN Letter (IRS issued SS4 form) - Most common and preferred form.
   • Fictitious Name Certificate/Statement
   • Certificate of Assumed Name
   • Business License
   • Sales/Use Tax License
   • Registration of Trade Name
3. Business may also have Beneficial Owners that also need to be verified by Dwolla. Beneficial Owners are defined as someone who owns a 25% stake or greater in the Management Business. For these we will require all the same info as the manager but the FULL SSN will be required off the bat.
4. If verification fails for the Manager, Controller, or Owner we may also require their full SSN and a picture of their driver’s license, passport, or other government issued Id.
5. If their business has more than ONE Beneficial Owner (extremely rare) let Alex or Will know immediately because this will require development work to support.

Bank Account Connection

1. Bank Accounts are connected through Plaid workflow. This can be done with instant verification or micro-deposits.
   • Instant verification requires the user to enter the online banking credentials for the account. It will also require the user to enter a verification code that will be sent to a phone number or email associated with the account (code will only be valid for a limited period of time).
   • Micro-deposit verification generally takes 1-3 business days. This will require the user to enter the account and routing number for the account. Someone with access to the account will then have to verify the micro-deposits in the account and then enter them in the Rentroom backend.
   • IMPORTANT- AS OF NOW MICRO-DEPOSIT VERIFICATION WILL TAKE 1-3 BUSINESS DAYS PER ACCOUNT - If the manager needs to connect multiple owner accounts we should push hard for instant verification. If the owner is willing to give the managers the credentials to the account the owner should add their phone number to the account so verification texts can go to him instead of the owner. If they don’t have the online credentials we should suggest that the owner log into the Rentroom and connect the bank themselves.
   • Property managers can also connect one account that they control and cut checks to owners out of that account via our e-checking feature.
2. When connecting bank accounts the user should make note of the account they are connecting and add properties to that account immediately after the connection is established. (This is because if multiple accounts from the same bank are connected we cannot tell the difference between the accounts)
3. If they are only connecting one account they should mark that account as the default account after the connection is established.