Wallet creation process

Wallet #

  • The wallet feature is fully powered by Dwolla.
  • A wallet is created on the background (investors should not complete additional form) once the user passes the KYC (Know Your Customer) process.
  • For individual account wallet is created on dwolla end using only personal data (used for KYC verification). For solo401k additional data are sent to dwolla - these data we collect during Solo401k profile creation https://developers.dwolla.com/docs/balance/business-verified-customer/create-a-customer#sole-propreietorship---request-and-response.
  • Each investment profile has own dwolla wallet. Exception - sdira does not have wallet.
  • Wallet is created successfully once dwolla returned `Verified`` status for the wallet.
  • Dwolla Customer ID for the dwolla wallet is built as <user_email>+<profile_type>@<user_email_domain>
  • Until KYC is passed, the wallet cannot be created, used, nor can funding sources be linked; loading and withdrawing funds is not possible.
  • Users can access their wallet under the “User Profile -> Funding” tab.
  • Each account can only have one wallet.
  • The wallet can be used for investment payments.
  • A bank account linked to the wallet can also be used for investment payments.

Unsuccessful statuses resolving #

After request for wallet creation Dwolla can return error statuses that should be resolved:

  • retry: The initial identity verification attempt failed because the information provided did not satisfy Dwolla’s verification check. User can make one additional attempt by changing some or all the attributes of the existing and by providing Full SSN.
  • document: Dwolla requires additional documentation to identify the Customer in the document status. Once a document is uploaded it will be reviewed for verification. Document types to provide for individual KYC: ID card(idCard type), passport (passport type), driver’s license(license type). Format: jpg, jpeg, png.
  • retry_sent/document_sent - pending review statuses, waiting for dwolla to review and approve.
  • suspended: The Customer is suspended and may neither send nor receive funds. For that case user can see link to contact-us form. User still can invest but can not use dwolla methods.

Dwolla wallet statuses are matched with our internal wallet statuses:

wallet status dwolla status description
created - internal status, request to create a wallet was sent
error - internal status, request to create a wallet was failed
verified - dwolla created verified wallet for the customer
error_retry retry Dwolla requires additional information
error_document document Dwolla requires additional documentation
error_pending retry_sent/document_sent Dwolla is reviewing additional data sent
error_suspended suspended Dwolla refuses to verify the wallet