Updating Bank & Legal Information

Understand the crucial role of Know Your Customer (KYC) regulations in financial transactions. Discover how Tithely ensures compliance by collecting and verifying essential information. Learn how to update your bank and legal information seamlessly within the Tithely dashboard, ensuring your account remains verified and secure. Simplify your compliance journey with Tithely's straightforward processes. The length of time it takes to verify a new bank account depends on how fast this information is provided and if additional information is needed when updating or setting up a bank account you will be informed by email every step of the way.

Every country has its own set of rules related to verifying legal identity and paying out funds to individuals and businesses. These are usually known as “Know Your Customer” (KYC) regulations. The aim of KYC guidelines is to prevent banks and other financial institutions from being used for money laundering activities. Read full definition.

These regulations require two things:

1. Collecting information needed to properly identify new customers
2. Verifying the information provided is accurate

Tithely can perform a KYC verification of your account by collecting information such as:

• The organization's full legal name (as seen on legal documents)
• The organization's EIN/Tax ID
• The organization's legal representative Social Security Number
• A color copy of legal representative drivers license

This information is used to verify that both you and the organization you are signing up for are legitimate.

This process (KYC) of identifying and verifying our clients is extremely important as we deal with financial institutions and other peoples' money! We do our best to make signing up and doing business with Tithely as simple as possible. In some instances, we have to gather additional information in order to properly verify your account. 

Your information is protected and not used for any other purpose other than verification practices, in order to comply with KYC standards.

Collecting this information is always for your benefit. It ensures that your account will be fully verified and protected from illegitimate businesses.

How to Update Your Bank Information

1. Login to your Tithely account.
   Note: Must be an Admin or Account Owner to access the following sections.
2. Click the Global Settings button (the little person icon).
3. Select My Organization.
4. Click Locations.
5. Click Update Bank Info next to the location you want to update and edit your bank account information.
   

   Tithely Tip

   For our Canadian customers, remember that the "Institution Number" requested by Stripe must be entered as both the transit and institution number.

6. Click Submit.
7. Go back to the Giving dashboard by clicking Giving on the left-hand menu.

   Note

   Payouts will be PAUSED until Verification! You will receive an email from our Priority Team requesting documents verifying the bank change is authorized, ie bank statement. If you do not have an email from them, please reach out to priority@tithe.ly to reenable payouts.

How to Update your Legal Information

1. Login to your Tithely account.
   Note: Must be an Admin or Account Owner to access the following sections.
2. Click the Global Settings button (the little person icon).
3. Next, click My Organization.
4. Click Locations.
5. Click Update Legal Info next to the location you want to update and edit your legal information.
6. Click Submit.
7. Go back to the Giving dashboard by clicking Giving on the left-hand menu.