We understand this can be a frustrating experience to find you can't withdraw from banq!
The reason for this is that you haven't submitted your ID documents for verification yet, or we are in the process of verifying the documents you have submitted. Until we finish verification, your account will be pending. We are required to do this under U.S. law (USA Patriot Act) and also for your safety, to reduce fraud.
This process will take from 30 seconds to a few days, depending on:
- If the information on your ID documents matches with the information you submitted on the app
- If you've taken clear photos of your documents.
While your account is pending, you will be able to pay people from a linked account (bank account or debit card). You can send $299/day.
When we have verified your account, you will be able to make withdrawals, hold a balance, and send higher amounts.
If you create a business account, you can send and receive higher amounts, and you get access to even more features!