ACH Transaction Compliance Requirements

Overview

To maintain high security standards, Relay may require additional documentation to verify ACH transactions involving external accounts. This process is essential to confirm the legitimacy of accounts linked to your Relay account, especially for new, large, or dormant connections. We appreciate your cooperation in helping us ensure account security.

Verification Assistance

To assist us in processing your deposit, please provide one of the following:

1. Bank Statement

   • Submit a directly downloaded online statement from your bank, showing the account holder’s name and account number matching Relay transaction details, (no screenshots, masking or JPEGs)
     
     

2. Bank Verification Letter

   • If a statement is unavailable, a Bank Verification Letter with the bank’s seal and the account details can help clear the verification. 

3. If the External Account is Under Another Business Name

   • Provide the EIN or Articles of Incorporation for that organization naming you the owner.
4. If the External Account is Under a Different Individual's Name 
   • Please provide a bank statement and add the individual as a team member on the individual as a member on your Relay account: Inviting Team Members 

Reason for Verification

Verification is required for new or dormant accounts, large transactions, or accounts with name mismatches to ensure account security and prevent fraud.

Timeline for Completion

Users have up to 1 business day to complete the steps for verification.

Account Number Mismatch

Sometimes, external banks (e.g., Chase) may mask the account number on transactions to conceal details. If this occurs, please provide the account statement, and we will verify the account for you.

Concealing or Editing Bank Statements

We understand the need to protect your privacy; however, once a document has been redacted or edited, we cannot authenticate it. Please rest assured that Relay will keep your information confidential and use it solely for verification purpose.

Need for Extra Verification Despite Relay Connection

Although the account was connected through Relay, full authentication may not always be possible. For new or large transactions, we implement additional verification steps to ensure security.

Only Paper Statements Available

If only paper statements are available, please request a certified letter with an official bank stamp.

Is This a Recurring Verification Requirement?

No, this is a one-time verification process for new or dormant accounts or accounts with larger transactions.

Verification for New Accounts Without Statements

If no statements are available for a new external account, provide a Bank Verification Letter or relevant emails from the bank confirming the account details.

Canceling the Transfer

If a transfer needs to be canceled, this must be requested directly from the external bank. Once funds are clearing, they remain on hold until verification is complete.

Closing the Account and Returning Funds

Compliance must complete the review before funds can be returned. Unfortunately, the account cannot be released until the review process is cleared.

We understand that these requests may raise privacy concerns for your business. As a fintech company, however, protecting our clients and their funds is our top priority. While we work to make this process as seamless as possible, we appreciate your cooperation and understanding as we continue to strengthen our security measures.