New NACHA (National Automated Clearing House Association) requirements for identity check will be enforced to all banking and financial platforms, including Snap! Spend when adding a bank account for both Guardian and Program users. NACHA now requires ACH participants to implement risk‑based processes and procedures to detect entries initiated due to fraud. This check only happens once per user.
Verifying as a Guardian
- Navigate to the "Payment Methods" tab.
- Create/add a new ACH account or have an existing account
- You will see a “Verify Identity” button
- Click the "Verify Identity" button. This will trigger a pop-up that asks for Legal Name, Email, and Phone Number.
This would be the information associated with your bank account.
If the information matches, a green confirmation banner will be displayed. If the information does not match, you will see a red banner and will need to try again.
**If your bank account is not verified, an invoice payment will not go through, and you will see this error message:**
Verifying as a Group Staff or Program User:
- Add a bank account from Banking/Program tab
- After the bank account is added, you will see “Verify Identity” button below the linked bank account
- Click the "Verify Identity" button. This will trigger a pop-up that asks for Legal Name, Email, and Phone Number.
This would be the information associated with your bank account.
If the information matches, a green confirmation banner will be displayed. If the information does not match, you will see a red banner and will need to try again.
**If your bank account is not verified, any pending transfers will not go through, and you will see this error message**
Snap! Spend is a financial technology company and is not a bank. Banking services provided by Thread Bank; Member FDIC. The Snap! Spend Visa Debit is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted.
Your deposits qualify for up to a maximum of $2,500,000 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://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program.