Why is my Market Savings application still pending?

While it is our team's goal to approve Market Savings applications as quickly as possible, there could be several reasons why your Market Savings application could be delayed in the "pending" stage. The following are a few, though, every case is different: 
 

• Documents upload pending
  To continue your application and get out of the "pending" phase, you sometimes must submit a 407 Form. Pursuant to FINRA Rule 3210, we are required to receive written permission from your affiliated firm prior to opening your account. We provide a 407 Letter that will require your Compliance Officer's consent. After downloading and filling out the 407 Letter, you may upload this letter to your account dashboard for approval. Until this consent is received, we will not be able to open your account.

  Additionally, we may need to confirm your identity by submitting documents to verify your social security number and birth date. Acceptable documents include:

  1. Your passport
  2. Social security card or Form W-2, potentially with:
     1. Your birth certificate 
     2. Government-issued ID card, like your driver's license or military ID card 
         
• Address verification
  To verify your address, please upload a picture of the front and back of your driver's license, state ID, or utility bill where your address is clearly shown.
  Your documents need the following:
  • To be in exactly the same name as your Save account.
  • It must be valid (not expired), eligible, and in color.
  • It must not be edited or censored in any way.
  • The address on your document must match the address you used to sign up.
     

• Credit freeze
  When you have a credit freeze applied, your Market Savings application gets delayed because we cannot confirm your social security number. To continue your application and get out of the "pending" phase, you must confirm your identity by submitting documents to verify your social security number and birth date. Acceptable documents include:

  1. Your passport
  2. Social security card or Form W-2 with:
     1. Your birth certificate 
     2. Government-issued ID card, like your driver's license or military ID card. 
         
• Micro-deposit verification required
  If you linked a bank account via microdeposits, then your application may be delayed because you haven't verified your bank account to initiate the ACH of funds from your external bank account to your Market Savings. Note that microdeposits expire within 30 days. If the microdeposits expire, you won't be able to add that bank account to your Save profile. 
   

If you don't believe your account falls into these scenarios, please reach out to customer support directly so we can assist you.