Pricing that preserves your profits

Truly Financial is a fully online digital service. We do not operate physical branches, and we’ve designed everything we offer to be accessible via your Truly Financial online login.

Many traditional banks require customers to visit a branch for certain types of needs like opening an account, sending a wire transfer, transferring funds from one account to another account in the same bank, etcetera.

With Truly Financial you can do all of these from the comfort or home, with a fully online platform, and secured 2-factor login authentication.

Truly Financial is currently available to customers in the United States and Canada.

Truly Financial is being built as a global bank for businesses and would gradually be made available to customers in other countries including South America, Europe, and Asia. Please sign up for our newsletter to be kept updated as we launch into new geographies.

Note: The availability of certain services or features may vary by country. Truly Financial is a business banking service and requires that you apply for an account as an incorporated or registered business only.

Truly Financial is available to businesses located in the United States and in Canada, with certain exceptions.

Business owners and officers of the company can be U.S. or Canadian citizens and/or residents.

We can also accept U.S. / Canadian businesses owned by foreign residents. However, we cannot open accounts for business owners who are residents of (or have strong ties to) certain high-risk jurisdictions.

As a business owner or officer living outside the United States or Canada, you can apply by providing documents that establish your link to the company, and help to verify your ID which may include the following:

• A copy of your foreign passport.
• Government-issued document to prove your address. You must provide your foreign residential address and not the business address.

Additional supporting documents may be required once you have completed the ID verification using our online process.

For proof of address you may provide one of the following documents:

• Utility Bill issued by a public utility company. Private utility bills like cable tv, PO Box, etc are not accepted.
• Bank Statement
• Driver’s Licence
• Mortgage Statement

Note:
a) If you are a resident of the United States, you must provide your SSN number
b) If you are a citizen or resident of Canada, we do not ask for SIN number

Truly Financial does not perform a credit check when opening an account for your business and your credit score will not be affected.

We sometimes perform a “soft” credit check that verifies your details. A soft credit check is used by financial institutions to verify the identity of individuals and never impacts the credit score.

You can read more about the difference between soft inquiries (which do not affect your credit score) and hard credit checks (which will impact your credit score) in several reputed articles including this one by The Balance.

All incorporated or registered businesses in the United States must provide an EIN number. The EIN requirement is waived only if you are running a business as a freelancer and in that case, you must provide an SSN number.

In the situation where one of the shareholders of the company is another legal entity, Truly Financial requires you to list all the persons who are the ultimate controlling party either via shares they hold directly, or stake in the company via shares held by another legal entity.

For example, if Acme Inc is applying for a Truly Financial account, and Baron Inc holds 50% in Acme, there can be a few scenarios:

Scenario 1: Jack holds 20% in Baron. So this means John controls 10% of Acme (since Baron owns 50% of Acme). Since Jack’s indirect interest in Acme is below 25%, his name is not needed while applying.

Scenario 2: Jill holds 60% of Baron Inc which means she controls 30% of Acme via the 50% that is owned by Baron. In this case, Jill is required to be mentioned as a controlling party in Acme’s application for Truly Financial, stating that she controls 30% of the shares in Acme.

Congrats and welcome! We’re so excited to have you on board and can’t wait for you to start empowering your business with Truly Financial!

If you are the Admin user you can now…

1. Use your Checking account to:
   – Deposit funds by sending ACH/Wire from your other bank accounts
   – Send the account details to your customers who need to pay you
   – Link your checking account with Stripe, Paypal, etc or any payment processor that receives online payments for your business
2. Send payments to your suppliers or contractors in the United States using ACH / Fedwire, send international Express Payments that are deposited directly to their account, or by international SWIFT wire transfer.
3. Add team members for SmartSpend accounts
   – Invite Team Members for corporate spending accounts
   – Assign Visa cards to them to pay for company expenses
   – Set up spending controls and lock/unlock cards at any time
4. Invite your Accountant
   – Invite your accountant as an Accountant Admin or Accountant Viewer to manage your banking and payments
5. Cash back
   – Spend on your Visa card and earn Truly Savvy points on all spends by you and your team members
   – Claim your points as cashback rewards that are credited back as money directly into your Checking account

We welcome customers who have more than one business and the process is very simple. Simply log in to your Truly Financial account and on the left panel, click on your company name. From the dropdown, choose the option “Add another business”.

You would then be prompted to start providing the company information and ownership details. Once the details are complete, we will review the application and approve eligible accounts within 2 business days.

Note: You DO NOT need to go through ID verification again if your ID is already verified for the first company, and your ID continues to be valid.

When doing business using a trade name rather than the legal company name, we require your Doing Business As or DBA name. For example, your company’s legal name is “Acme Management and Advisory Inc.” and your business name on the website is “Acme Consultants”. Or, if you’re selling online and your company name is “Fashion Retail Inc.” and your store name is “Fashionista”. In this case, Acme Consultants or Fashionista, as the case may be, is determined to be your DBA.

Note that in most jurisdictions, you do not have to be incorporated or have an LLC to have a trade name or DBA name. While it is always advisable to have a corporation or LLC for your business, an individual or freelancer can also register a business name as a solo entrepreneur or solopreneur (also known as sole proprietor). The business name registration also enables you to get a Tax ID for the business with the federal tax authorities, and indirectly helps you in obtaining a bank account in the name of the business. This also helps the bank account look more professional as opposed to having the bank account in the name of the owner if you’re a solopreneur or freelancer.

If you created a new trade name or Doing Business As (DBA) name or before you open your Truly Financial account, you must declare this while opening your account. If you applied for or received a trade name after opening your account, we require you to contact us to update your company details. Updating your company details and DBA enables you to accept transfers or payments under that trade name. If you need help to register your DBA, you can use third-party services like Legalzoom or  Wyoming Attorney in the United States or Legalshield and Goodlawyer in Canada.

To update your DBA, send us the scanned copy of your business name registration document or business name certificate issued by the relevant federal or state / provincial authority to [email protected] from your registered email id only. We can only accept scanned copies of the certificate and cannot use screenshots from any website as proof of DBA.

Once the scanned document is received, our team will respond with the status of the name update.

We need to verify your ID to ensure that there is a real person behind each account we open, and to prove that they are who they claim to be. This prevents someone from operating on your behalf without authorization or impersonating you to commit fraud.

At Truly Financial, we incorporate biometric technology to determine, in real-time, the person opening an account. We also use advanced document verification technology, so you don’t have to physically visit a branch or provide paper documentation.

Truly Financial supports most business types (like Incorporated, LLC, Partnership, and Solopreneurs), but we do have some restrictions on the industry type we may not be able to serve.

Here`s the list of businesses Truly Financial doesn’t accept as a customer. These include but are not limited to:

• Age-restricted goods or services
• Counterfeit goods and Illegal Products & Services
• Drug Paraphernalia and any equipment designed for making or using drugs, such as bongs, vaporizers etc
• Drug type substances – sale of a legal substance that provides the same effect as an illegal drug (e.g., salvia, kratom)
• Drugs and illegal substances
• Gambling
• Gaming Companies, their principals, and their payment processors and companies whose main source of revenue is derived from either the development of gambling software or hosting environments
• Law firms collecting funds for any purpose other than to pay fees owed to the firm for services provided by the firm
• Lottery & Get rich quick schemes
• Marijuana dispensaries and related businesses (such as manufacturers, dispensers, and those engaged in medical marijuana), including companies whose main source of revenue is derived from this type of activity
• Missions, embassies and consulates
• Money services businesses
• Mugshot publication or pay-to-remove sites or any other platform, site or publication which is designed to cause reputational harm
• Online pharmacies
• Political Groups
• Products and services with varying legal status on a state-by-state basis.
• Resale of government offerings without authorization or added value; businesses & sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers
• Sale of tobacco, e-cigarettes, and e-liquid
• Sale of Twitter followers, Facebook likes, YouTube views, and other forms of social media prohibited activity
• Services, pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body
• Unauthorized sale or resale of brand name or designer products or services
• Weapons, arms, munitions, military or police equipment of any kind; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials

As part of our ongoing commitment to mitigate the risk of money laundering & terrorist financing, Truly Financial has placed a number of restrictions on the type of industries, activities and countries we are able to support and service. The list of industries below is indicative and is not exhaustive, nor does it comprise a complete list of prohibited activities or industries. 

High-risk businesses or Suspicious activity

• Adult Content & Services – including adult entertainment businesses, prostitution, escort services and sexually-oriented or pornographic products and services
• Anonymous or numbered accounts or Customers seeking to maintain an account in an obviously fictitious name
• Bankruptcy lawyers
• Carbon Credits
• Charities and Not-for-profit organizations
• Collection agencies
• Countries, governments, entities and individuals subject to sanctions or included in any applicable internal lists
• Crypto Currencies
• Customers exited for financial crime concerns. In addition, customers or related parties where there is a strong suspicion or direct evidence that criminal activity has taken place, where a criminal offence has been committed and charges have been brought or where there is a suspicion of terrorist financing
• Investment opportunities or other services that promise unusually high rewards
• Multi-level marketing, Pyramid schemes & network marketing
• Pawnbrokers
• Payday lenders, their owners and principals
• Precious Metal Groups
• Sale of goods or services that are illegally imported or exported
• Sale of in-game currency unless the merchant is the operator of the virtual world
• Shell Banks
• Shell Companies
• Speculative Trading

Note: while we attempt to provide as exhaustive list of products, organizations and high-risk businesses that we cannot offer our services for, this list does not purport to be a commentary on the legality or otherwise of such businesses, and is only a disclosure of the business types that do not fall within the purview of our compliance policy and risk appetite.