Wyth Financial account opening procedure - my experience | Wyth Financial (formerly Concentra Bank) | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Wyth Financial account opening procedure - my experience
December 17, 2021
5:08 am
savemoresaveoften
Member
Members
Forum Posts: 2748
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

The new 1.55% rate caught my eyes so I decided to open an account there.
Some mentioned the app did not work before, but since their website recommend using the app to sign up, I did that. The below comments are based on the IOS app on an iphone 12.

The app worked fine and the flow is as follows:
1)fill in email and phone#, it then sends u time limit 6-digit code to ur email that you need to fill in to continue (this confirms ur email address)
2) choose your own password
3) the app then asked to take pictures of the front and back of your driver's license, which it uses to extract the name, address, birth date from it.
4) app took a selfie of urs, said need a photo ID with the application
5) fill in SIN and then the usual question if u are tax resident of US etc.

It then said application is under review and I will rec email within 3 business
days. It did not do the usual identity check (3 questions from transunion etc). Maybe it needs human intervention after all and why its not immediate. Or I was flagged for whatever reason haha. Also no mention of linking outside FIs either.

Took maybe 5mins total, the picture taken part does take a bit of time as after the picture is taken, it "thinks" for a bit.

December 17, 2021
7:40 am
savemoresaveoften
Member
Members
Forum Posts: 2748
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

update:
got a email 2h30mins after application saying acct now opened and ready to go.
Log in and like otherwise did, I choose the 2 micro-deposit approach to link external FI.

Overall, no hiccups at all, very user friendly. Much more efficient than Tangerine that requires going to a post office to verify ID...

December 19, 2021
9:41 am
Oscar
Member
Members
Forum Posts: 281
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

"4) app took a selfie of urs, said need a photo ID with the application"

What's a urs ?

December 19, 2021
3:46 pm
savemoresaveoften
Member
Members
Forum Posts: 2748
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Oscar said
"4) app took a selfie of urs, said need a photo ID with the application"

What's a urs ?  

Sorry I meant (selfie) picture of urself. Typed too fast 🙂

March 8, 2022
4:44 pm
piggybank
British Columbia
Member
Members
Forum Posts: 127
Member Since:
September 29, 2020
sp_UserOfflineSmall Offline

i opened a wyth account just now on the website, and i didn't have to take a pic of anything. No selfie. No ID.
i etransferred money out and i accepted an etransfer.

Please write your comments in the forum.