Complete the Know Your Customer Form (How-to)

The Know Your Customer Form is a requirement by our payment processor, Stripe, to remain in compliance with federal regulations whenever a new bank account is linked or a new Treasury Fund is added.

Before You Begin

To view the Know Your Customer Form (KYC), you will need to add an external bank account or a Treasury Fund. View our articles below for additional guidance:

• How do I link my organization's bank account?
• How do I set up a new Treasury account?

Once you begin KYC, be prepared to provide personal information such as your name, address, and Social Security Number. If you have questions about why this information is needed by Stripe, refer to Stripe's website below:

• Why do I need to provide sensitive information?

Getting Started

To access KYC, either select the "Verify" link in the pop-up when you log into LegFi, or access it via the Financial Accounts Tab.

1. Log into LegFi
2. Select Financial Accounts
3. Select the link under the Verification Column

Treasury Accounts Verification	External Bank Accounts Verification

Know Your Customer Form

Below are the instructions and corresponding screenshots for each step of the Know Your Customer Form:

1. Let's get started: enter your cell phone number and email address, and click Continue. 

2. Verify your phone number: A 6-digit verification code will be sent to your cell phone. Input the code to verify your phone number. 

3. Tell more about your business: Enter your organization’s phone number and website. If you do not have a website, use links to your organization’s social media page.

• IMPORTANT! Do NOT use your National Organization's website if you are an individual chapter.

You will also complete a product description, entering one or two sentences to explain your organization’s purpose and how often you charge your members. Once you complete the form, click Continue.

4. Soft Descriptor: During the setup process, you will be directed to enter your organization's "Soft Descriptor". This is what members/parents will see on their bank/card statements when the LegFi payment is processed.

• Make certain to enter a word or phrase payors will recognize.
• Use chapter- specific information first, to ensure the description is clear and apparent at first glance, or if their bank shortens the name due to character limits.
• Using a clear descriptor will help to prevent unnecessary chargebacks.

5. Verify you represent this business: Verify your legal name and contact information, as well as the job or officer title you hold for your organization. Provide your birth date, your permanent home address, your phone number, and your Social Security Number. All fields are required to verify your identity.

6. Complete the form: After completing the form, click Submit. The system will verify your identity with the information provided. If additional verification is needed, you will be asked to provide copies of identifying documents such as a Drivers License. Once your identity is confirmed, you will review all entered information and click Submit once more to finalize.  

Confirm Your Accounts are Verified

Treasury Fund

Confirm the Treasury Fund "Verification" column says "Verified".

 

External Bank Account

An external bank account will need to be verified for both Payments and Deposits. 

1. Confirm the "Verification" column says "Deposits enabled."
2. Confirm the "Verification" column also says "Verified for Payments"

Troubleshooting

• If your external bank account does not say "Deposits enabled," but there is no pop up or clickable link:
  1. Select the three dots under Actions.
  2. Click 'Make Deposit Account'.
• If you have tried to submit your KYC, and it will not go through:
  1. Select the Gear Icon in the top right corner of LegFi.
  2. Confirm your chapter's address is NOT a PO box.
  3. Update to a physical address.
  4. Reattempt submitting KYC.